Only 40% of homes sold include an accurate appraisal
Housing Wire
JULY 17, 2024
Sat.Jul 13, 2024 - Fri.Jul 19, 2024
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Average Housing Payments Dip Below Record Highs
Appraisal Buzz
JULY 19, 2024
Great news for buyers: the latest Consumer Price Index report showed that inflation is cooling—which is good—but that news came alongside a report from Redfin that monthly housing payments have also eased back from record highs hit a few months ago, making it that much sweeter for buyers. According to Redfin, the typical monthly housing payment was $2,722 mid-July, $115 lower than the all-time high which occurred in April.
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Trending Sources
Mortgage rates tumble; time for buyers to ‘get serious’
Real Estate News
JULY 18, 2024
Despite falling rates, homebuyer demand remains weak. Now could be a chance to make offers before inventory tightens and prices rise further, one expert says.
Ed Zorn: Why mandatory buyer contracts are a ‘big consumer win’
Inman
JULY 17, 2024
California Regional MLS's general counsel talks offers of compensation, seller concessions, steering and buyer agency agreements ahead of his appearance at Inman Connect Las Vegas.
Unlock The Blueprint: How To Construct A Better Payment Workflow
Speaker: Timothy Allsopp
Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.
Mortgage rates head lower, helped by better mortgage spreads
Housing Wire
JULY 13, 2024
In 2023, following the collapse of Silicon Valley Bank , the spreads between the 30-year mortgage and 10-year yield were at their worst, leading to new cycle highs. This meant mortgage rates were significantly higher than average. However, this year, we’re seeing a different trend with the spreads: they’re improving, and mortgage rates are trending better as a result, even with the 10-year yield still above 4%.
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More Trending
A brokerage built to last with ‘passion, stamina, grit’
Real Estate News
JULY 13, 2024
Michael Saunders has always been driven, building her brokerage into a multibillion-dollar company with the goal of making a difference.
Who You Know or What You Know? Pt 1
George Dell
JULY 17, 2024
Who you knew was important when I was a trainee. What you knew was simple: compare comps. Find some comps. Make adjustments. Or — avoid adjustments. (My expert MAI trainer said “if you make adjustments, then the other attorney will ask you how you got the number.” “Just say better, worse, or similar!) Finding comps […] The post Who You Know or What You Know?
Opinion: Brokers should consider a new model for post-Burnett world
Housing Wire
JULY 17, 2024
There is no escaping the reality that the recent NAR/Sitzer/Burnett settlements is already changing the real estate world as we know it. Amongst the most substantial terms of that agreement is a blanket ban on the requirement that agents subscribe to MLSs to offer or accept compensation for their work. There has been quite a bit of discussion already about how this will impact the traditional residential purchase.
Commercial Foreclosures Jump Nearly 50%
Appraisal Buzz
JULY 18, 2024
ATTOM has released its updated monthly report on U.S. Commercial Foreclosures , revealing a continued increase in commercial foreclosures over the years, from a low of 141 in May 2020, to the current figure of 647 in June 2024. Since January 2014, ATTOM has been analyzing data, a period marked by the nation’s emergence from economic uncertainty, with commercial foreclosures numbering 740 nationwide.
Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!
Advertiser: Trellis
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
Agents Decoded: Finding opportunities in change
Real Estate News
JULY 19, 2024
The industry has weathered many storms, and through it all, has grown and thrived. So can agents. Jay Thompson shares 4 ways to leverage the changes ahead.
Yes, you can talk politics on social media. Here’s how
Inman
JULY 18, 2024
Is it still impolite to talk about politics? Maybe not, and social media expert Jessi Healey says talking about it might gain you more followers than you think.
What happens to the housing market when mortgage rates finally come down?
Housing Wire
JULY 15, 2024
Is it darkest before the dawn? If we look at the housing market right now, sales are down, new listings are down and prices are decelerating. But if we look at the data right now, things look the most bullish they’ve been all year. Good inflation data came in last week, the bond market rallied and mortgage rates took a notable dip below 7% for the first time in months.
Housing Demand and Supply Inch Closer Together
Appraisal Buzz
JULY 18, 2024
According to Fannie Mae’s most recent Home Price Index (HPI), single-family home prices increased 6.9% year-over-year during the second quarter, a pullback from the first quarter’s growth rate of 7.3%. On a quarterly basis, home prices rose a seasonally adjusted 1.3% in the first quarter of 2024, down from the revised 2.0% growth during the first quarter of 2024.
United, HomeSmart reach deals in commissions case
Real Estate News
JULY 15, 2024
The two brokerages announced settlements in the Gibson/Umpa case on Monday, while several other firms filed motions to dismiss.
Elevated mortgage rates drive homebuilder confidence downward
Inman
JULY 16, 2024
Homebuilders exhibited little optimism as the housing market showed little improvement month-to-month, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today.
Biden unveils housing proposal that includes nationwide cap on rent increases
Housing Wire
JULY 16, 2024
President Joe Biden released a legislative proposal on Tuesday that’s rankling the real estate industry — nationwide rent control. Biden’s new plan would cap annual rent hikes at 5% for two years for landlords who manage 50 or more rental units, which the administration said would cover 20 million units, or roughly half of all rental units in the country.
Forecasting Remodeling Spending Through First Half of 2025
Appraisal Buzz
JULY 19, 2024
According to the most recent Leading Indicator of Remodeling Activity (LIRA) from the Joint Center for Housing Studies (JCHS) , homeowner spending on upgrades and repairs is anticipated to increase through the first half of 2025 following a slight decline. According to the LIRA, through the second quarter of 2025, the yearly drop in spending on owner-occupied home maintenance and improvements is projected to only slide -0.5%.
Arizona Realtors unveils new forms that are ‘to the point’
Real Estate News
JULY 15, 2024
The state association is rolling out buyer agreements and other forms that it believes offer a balance of simplicity and agent protections.
How to break down the pros and cons of buying down interest rates
Inman
JULY 17, 2024
Interest rate buydowns involve a trade-off between upfront costs and long-term affordability. Clever CEO Luke Babich offers strategies to help clients make the choice.
Biden to propose national rent hike cap of 5%
Housing Wire
JULY 15, 2024
President Joe Biden will propose on Tuesday a nationwide cap on rent hikes of 5% per year, according to The Washington Post, which cites “three people familiar with the matter.” The proposal will rescind unspecified tax breaks to landlords who raise rents by more than 5%, although it would only apply to landlords who own more than 50 rental units. This would cover roughly half of all rental units in the country, according to Post sources.
Exploring Opportunities in Manufactured Housing
Appraisal Buzz
JULY 16, 2024
This piece originally appeared in the July 2024 edition of MortgagePoint magazine, online now. The popularity of manufactured housing has ebbed and flowed over the last several decades, after striking an all-time high on shipments in the early 1970s. Since taking a dip in 2009, there has been a slow, but steady climb with more than 100,000 manufactured homes shipped in 2021, and a post-recession high reached in 2022 with 112,000 manufactured homes shipped, according to a 2023 report by the Joi
Will a fall rate cut kick-start home sales?
Real Estate News
JULY 16, 2024
The Fed is expected to cut rates in September, which may spur buyer activity — but after Canada’s central bank cut rates for the first time in June, sales fell.
You can’t ‘fake it ’til you make it’ when it comes to gratitude
Inman
JULY 13, 2024
Authenticity and genuine gratitude offer profound benefits for personal and professional relationships and well-being, broker and coach Aaron Hendon writes.
Texas housing inventory jumps 40%, but prices stay flat
Housing Wire
JULY 19, 2024
They say everything is bigger in Texas — and apparently that includes housing inventory growth. While available homes for sale are growing all over the country , it’s happening at a dramatic scale in Texas. According to a second-quarter 2024 report from Texas Realtors, the number of active listings from April to June of this year were up 40.8% compared to the same period last year.
U.S. Housing Stock on the Rise
Appraisal Buzz
JULY 16, 2024
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Foreign purchases of U.S. homes falls to the lowest level on record
Real Estate News
JULY 18, 2024
A new report shows major drops in international purchases of U.S. real estate, at a time when legal efforts to restrict buyers from certain countries ramped up.
Housing inventory is climbing back. So why are leads still lagging?
Inman
JULY 15, 2024
Inventory is rising again, but agents are still scrounging for new listings. Hundreds of brokers and agents shared what's working in still-tight markets in new responses from the Intel Index survey.
Secondary market for construction financing could help spur multifamily developments
Housing Wire
JULY 19, 2024
“A national secondary market for construction financing could allow lenders, like state housing finance agencies and banks, to provide the investment capital needed to get multifamily housing projects built and keys in families’ hands.” This is the conclusion of a new report published by the Center for Public Enterprise , a nonprofit organization that promotes the expansion of public sector projects.
Study: Financial Literacy Gaps Hurting House-Hungry Consumers
Appraisal Buzz
JULY 16, 2024
Updating a survey that was previously conducted in 2015, 2018, and 2023, Fannie Mae released the results of a consumer survey that uncovered opportunities to close knowledge gaps around mortgage qualifications and underscored the need to continue to improve education around the mortgage buying process. While knowledge of the mortgage process is a mixed-bag amongst most consumers, Fannie Mae—and the industry at large—can help close that knowledge gap by making the mortgage process more intuitive
Housing Market Decoded: Why are home prices still rising?
Real Estate News
JULY 17, 2024
High mortgage rates, which increase the cost of buying, should push prices down — right? But the relationship between rates and home prices isn’t that simple.
Despite declines, rents are still $305 higher than pre-2020 trends
Inman
JULY 18, 2024
Despite 11 months of declines, Realtor.com said the typical renter is paying $305 more monthly for an apartment compared to 2019. The greatest rent increases are in Florida and the Midwest.
Real estate investor optimism is rising: RCN Capital
Housing Wire
JULY 17, 2024
Real estate investor sentiment rose 16% from the prior quarter and 60% of surveyed investors view the current housing market more favorably than a year ago. That was the key conclusion of the Summer 2024 Investor Sentiment Survey released Wednesday by Connecticut-based mortgage lender RCN Capital and conducted by business advisory firm CJ Patrick Co.
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