Sat.Aug 31, 2024 - Fri.Sep 06, 2024

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Housing inventory falls as mortgage rates drop

Housing Wire

Have we seen the peak in housing inventory for 2024? The best part about 2024 has been that higher mortgage rates have created an inventory buffer, so if the economy gets softer and rates fall, we have many more homes to work with than we had in 2020-2023. I have consistently written that with mortgage rates above 7%, inventory should grow between 11,000-17,000 and this year it has happened six times perfectly in the channel.

Inventory 538
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Where Are Home Prices Heading Over the Next 24 Months?

Appraisal Buzz

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Bro, is 5 months of supply really balanced?

Sacramento Appraisal Blog

I hear it all the time. “Five months of supply is a balanced housing market.” Is that really true though? Let’s unpack this today and digest the importance of narratives and national vs local stats. I know this sounds like geeky stuff, but it’s so important (see action steps). Any thoughts? I’VE BEEN GONE FOR […] The post Bro, is 5 months of supply really balanced?

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Why the market is primed for a mini-rally this fall

Real Estate News

More choices and lower mortgage rates may bring out late-season buyers, and they could have an advantage over those who wait until spring.

Marketing 306
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Is the Fed behind the curve with this labor market?

Housing Wire

In 2022, I argued that the Federal Reserve won’t pivot until the labor market breaks. This means that the Fed will need to create such a slowdown in the labor market that nobody will question their action when they pivot. This is what I call the “cover cuts” policy. After today’s jobs report and the negative revision to this report and the previous ones, it is safe to say nobody outside of crazy people who want to see America go into a recession will question the Fed rate cut that will happen th

Marketing 514
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Doug Duncan to Step Down as Fannie Mae Chief Economist

Appraisal Buzz

Douglas G. Duncan Douglas G. Duncan , current SVP and Chief Economist at Fannie Mae, has officially announced his retirement via a LinkedIn post late Friday afternoon. Duncan’s post on his LinkedIn page ended speculation of an impending retirement and exit from the GSE. “I noticed someone ran a story about me retiring, so I thought I had better do it,” said Duncan in his post.

More Trending

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NAR to consumers: Agents must put client interests first

Real Estate News

With new industry rules now in effect, the association has released additional resources for buyers and sellers that focus on ethics and steering.

Clients 306
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Lower mortgage rates are bringing more borrowers out of the woodwork

Housing Wire

With the calendar shifting to September and the next meeting of Federal Reserve policymakers only two weeks out, mortgage rates continue to recede and evidence suggests that borrowers are reacting to more favorable housing market conditions. At HousingWire ‘s Mortgage Rates Center on Tuesday, the 30-year rate for conforming loans averaged 6.60%, down from 6.64% one week ago.

Mortgage 501
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At-Risk Counties Experiencing Higher Unemployment Rates, Foreclosures, And More 

Appraisal Buzz

In Q2 of 2024, ATTOM produced a Special Housing Risk Report that highlights county-level housing markets across the country that are more or less susceptible to falls based on home affordability, underwater mortgages, and other metrics. According to the analysis, the most at-risk markets in the nation are—once again—concentrated in California, New Jersey, and Illinois, with some of the largest clusters located in inland California as well as the New York City and Chicago regions.

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Compass recruits Douglas Elliman agent, industry vet to Palm Beach

Inman

At Compass, Thor Brown will serve as director of luxury sales, while Sam Fingold will take on the role of luxury real estate advisor, according to South Florida Agent Magazine. Both will operate out of Compass’ Palm Beach Island office at 150 Worth Avenue.

Agents 201
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More Realtors expect an uptick in buyers this fall

Real Estate News

NAR’s latest confidence survey also suggests that buyers gained some leverage this summer, but overall sales were down.

Buyers 306
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Mortgage rates falling to 5% would get a swath of buyers back in the market

Housing Wire

Declining mortgage rates have yet to break the dam on the stalled housing market, but the sweet spot on rates that would get the market moving again is about 5%. That’s according to a new survey from Mphasis Digital Risk, which revealed that 42% of prospective buyers said a 5% rate would get them back in the market. An additional 27% said they’re targeting a 4% rate, while 20% say it’s 6%.

Buyers 493
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Housing Market Slows as Buyers and Sellers Wait For Rates to Drop

Appraisal Buzz

With the total number of homes on the market at its greatest point since May 2020 and interest rates about to start declining, buyers will have more options this autumn. The Realtor.com August Housing Trends Report shows that the number of homes actively for sale increased by 35.8% in August, marking the tenth consecutive month of growth in this number of properties.

Sellers 397
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Properly position homebuyers with this winning 5-part offer strategy

Inman

Jimmy Burgess and Andrew Undem share strategies for writing a compelling offer on behalf of buyers, closing more deals and building lifelong client relationships.

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How low will the Fed go?

Real Estate News

A mixed August jobs report has economists speculating about how deep of an interest rate cut the Federal Reserve might make on Sept. 18.

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UWM debuts new 75-bps incentive on refis

Housing Wire

United Wholesale Mortgage (UWM) is rolling out a new 75 basis-point incentive program for conforming conventional and government-backed rate-and-term refinances. The program, dubbed “Refi75,” effectively replaces and expands on “Govy 125,” a 125-bps incentive that ended Tuesday for Interest Rate Reduction Refinance Loans (IRRRLs) through the U.S.

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What’s Holding Back Condo Sales? 

Appraisal Buzz

According to a new study from Redfin , condo prices are falling in major Florida and Texas metros, as inventory piles up and buyers back off, as high HOA fees and insurance costs are making condos a tough sell in this current marketplace. In Tampa, the number of condos for sale soared 57.2% from a year earlier in July 2024, pending sales dropped 18.9% and the median sale price fell 4.9%.

HOA 397
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Navigating economic turbulence to elevate your real estate career

Inman

Amid the current economic turmoil, including fears of a potential recession and recent significant stock market declines, real estate professionals must remain vigilant and adaptable, Victoria Kennedy writes.

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Florida brokerage the latest to settle in commissions case

Real Estate News

The Keyes Company has reached an agreement in the Gibson lawsuit as the settlement fund nears $1 billion.

Brokerage 297
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Mortgage rates haven’t budged after the jobs report 

Housing Wire

Mortgage rates remained flat following a jobs report on Friday that continued to show a cooling labor market. Mortgage rate pricing for homebuyers hasn’t changed significantly as lenders have already priced in a Federal Reserve rate cut of 25 basis points (bps) that is expected later this month, loan originators told HousingWire. Kevin Leibowitz, president of Grayton Mortgage , said he was quoting 6.125% for a 30-year conventional mortgage of $400,000 on Friday with no discount points.

Mortgage 475
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Examining Escalating Rental Prices Post-2019

Appraisal Buzz

Renting, traditionally seen as a more affordable option compared to homeownership, has become increasingly expensive in many of the nation’s largest cities. A recent analysis by LendingTree , using data from the U.S. Department of Housing and Urban Development (HUD) , paints a stark picture of how Fair Market Rents (FMRs) for one- and two-bedroom units have surged across the country over the five-year span of 2019-2024.

Landlords 395
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Are you coachable? 6 questions to ask yourself before taking the leap

Inman

Getting ready to be coached isn't just about wanting to change, coaches Melanie Klein and Emily Bossert write. It's about being prepared to do the work it will take to change.

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Brokerage Beat: News from Corcoran, @properties, E&V, more

Real Estate News

Corcoran Icon adds Silicon Valley office; @properties IND grows; E&V expands in Costa Rica; CB nabs $1B team; C21 adds two firms; Realty ONE hits milestone.

Brokerage 298
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Investing in tomorrow: Steven Katz is bullish on the build-to-rent market

Housing Wire

In this executive conversation, Steven Katz, Executive Vice President and Chief Investment Officer of Residential Financing at Arbor Realty Trust, shares his thoughts on the burgeoning build-to-rent (BTR) market. Katz discusses the contributing factors leading to higher occupancy rates in BTR properties, the advantages of BTR financing solutions for investors, and their long-term growth potential.

Tenants 473
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Study Highlights the Benefits of Mortgage Brokers 

Appraisal Buzz

A recent study has brought to light the financial advantages of working with Independent Mortgage Brokers, underscoring the significant savings and inclusive support they offer to a diverse range of homebuyers. The study, conducted by Polygon Research and backed by Willow Canyon Advisors and United Wholesale Mortgage (UWM) , analyzed 2023 data, and found that consumers who choose Mortgage Brokers over nonbank retail lenders can save an average of $10,662 over the life of their loan.

Retail 397
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Better pay and more time off: What agents really want this Labor Day

Inman

Do we still want to work like it's 1999? No, that's why agents need to ask themselves what they really want their work, life and compensation to look like moving forward, Rachael Hite writes.

Agents 199
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NYC and Chicago remain most vulnerable markets

Real Estate News

A new report from ATTOM indicates that select counties in California, New Jersey and Illinois are most at risk of a housing market downturn.

Marketing 290
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The yo-yo ride for reverse mortgage volume continued in August

Housing Wire

The reverse mortgage industry is pressing ahead with a chance at lower interest rates later this month. While there were signs of weakness in performance metrics in August, there are also commensurate signs of encouragement, according to industry experts. Home Equity Conversion Mortgage (HECM) endorsements fell by 3.3% from July to August, with the total of 2,200 falling reasonably in line with Federal Housing Administration (FHA) HECM case numbers that posted their own gains in July.

Mortgage 470
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Sluggish Home Sales Remain Despite Descending Mortgage Rates

Appraisal Buzz

In the four weeks that ended on August 25, pending home sales dropped 6.9%, marking the worst annual loss in almost a year, according to a new study from Redfin. This is true even as the weekly average mortgage rate drops to its lowest point in 15 months and the median monthly home payment in the U.S. reaches its lowest point since February. Key Indicators of Homebuying Demand & Activity: The daily average 30-year fixed mortgage rate was 6.37% (as of August 28), nearing the lowest level sinc

Mortgage 397
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Unlock set to expand product set, footprint with $30M Series B

Inman

Strategic partnership with D2 Asset Management will help shared equity pioneer go nationwide, after signing home equity agreements with more than 10,000 homeowners in 16 states.

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How about a 0.3% mortgage? A world of difference in Japan

Real Estate News

The “free” ride may not last as officials seek solutions for a deflationary economy and a glut of homes — the mirror image of what the U.S. is dealing with.

Mortgage 290
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Consumer advocate says policy changes are needed to help FHA buyers compete

Housing Wire

The Consumer Federation of America (CFA) is calling for policy changes that would help alleviate the difficulties for homebuyers using Federal Housing Administration (FHA) loans when competing in tight markets. Buyers using FHA loans often face stigmas and cannot use many of the competitive strategies commonly utilized by conventional borrowers and cash buyers, according to a recent report from the CFA. “As first-time homebuyers and homebuyers of color disproportionately rely on FHA, the

Buyers 470
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Mortgage Application Payments Take a Dip 

Appraisal Buzz

Homebuyer affordability improved in July, with the national median payment applied for by purchase applicants decreasing to $2,140 from $2,167 in June. This is according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI), using data from MBA’s Weekly Applications Survey (WAS). “Homebuyer affordability conditions improved for the third consecutive month as rates below 7 percent and rising housing inventory continue to bode well for prospective homebuyers,”,” s

Mortgage 395
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Tether RE ties agents to safety measures: Tech Review

Inman

Tether RE is a mobile app for helping real estate agents stay safe conducting showings, open houses and other activities with strangers.

Agents 195