Housing Wire

SEPTEMBER 18, 2024

The Federal Reserve lowered its benchmark interest rate on Wednesday by 50 basis points (bps) to a range of 4.75% to 5%, turning an important corner in the central bank’s fight against inflation. The cut is the first since March 2020 after the Fed raised interest rates to a 23-year high point to cool the economy and quell inflation. With both inflation and the labor market cooling, economists and housing professionals alike had expected the Fed to cut borrowing costs in September, with the

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Appraisal Buzz

SEPTEMBER 18, 2024

For the first time in four years, the Federal Reserve has slashed its benchmark interest rate, a move that will force lower borrowing costs for consumers and businesses. The rate cut of a full half-point to a new range of 4.75% to 5.0% was announced by Federal Reserve Chair Jerome H. Powell at the conclusion of today’s Federal Open Market Committee (FOMC) meeting.

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Sacramento Appraisal Blog

SEPTEMBER 18, 2024

We’ve been waiting for the Fed to cut rates, and it FINALLY happened today. That’s positive news, but let’s unpack what that means. Also, let’s talk about the problem of days on market. Any thoughts? UPCOMING SPEAKING GIGS: 10/18/24 Prime Real Estate (private) 10/23/24 SAFE Credit Union (details TBA) 10/29/24 Orangevale MLS Meeting 11/19/24 Downtown […] The post Rates cuts & you might not be the problem first appeared on Sacramento Appraisal Blog.

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Real Estate Appraisal Marketing Housing Market 292

Real Estate News

SEPTEMBER 20, 2024

A new guide explains the types of compensation allowed (not an “open-ended amount or a range”), how buyers can ask sellers to pay and when it’s OK to walk away.

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Housing Wire

SEPTEMBER 15, 2024

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s review the data together. Purchase application data First, purchase apps is the fastest way to look for positive or negative data at higher or lower mortgage rates.

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Appraisal Buzz

SEPTEMBER 20, 2024

The U.S. housing market is experiencing significant variability, with some cities seeing homes fly off the market while others are witnessing prolonged delays. As of July 2024, the average home spends 35 days on the market, but this figure varies widely depending on the location. Using Redfin data on over 47,000 homes sold in the 100 largest U.S. cities, Joybird examined where homes are selling the fastest—and the slowest.

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Real Estate News

SEPTEMBER 19, 2024

Alabama Realtors wants members to have “greater flexibility” with their dues dollars. Without it, NAR faces legal risk and could “lose these members forever.

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Housing Wire

SEPTEMBER 19, 2024

Real estate agents have white-knuckled their way through more than two years of suffocatingly high mortgage rates that have stymied sales, choked off inventory and pushed home prices to new all-time highs. So what was the reaction from agents when the Federal Reserve surprised everyone by cutting rates by 50 basis points rather than the 25 that was taken as a given?

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Real Estate Agent Real Estate Agents Buyers 448

Appraisal Buzz

SEPTEMBER 17, 2024

According to a new Zillow Home Loans analysis , monthly mortgage payments have grown less expensive than rent prices in 22 of the 50 largest U.S. metros. Recent dips in mortgage rates, which have fallen to the lowest level since early 2023, have significantly reduced monthly payments. According to the latest Primary Mortgage Market Survey (PMMS) from Freddie Mac, the 30-year fixed-rate mortgage (FRM) dropped last week to its lowest level since February 2023, coming in at 6.20%.

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Inman

SEPTEMBER 18, 2024

Clelia Warburg Peters, Era Ventures' founder, is the first woman to raise an initial fund of this size in the real estate category. The fund will distribute capital across various stages of innovation.

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Real Estate 181

Real Estate News

SEPTEMBER 18, 2024

The board took an aggressive approach with its 50-basis point cut, and signaled that two more cuts are coming this year.

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Housing Wire

SEPTEMBER 19, 2024

Vetted by HousingWire | Our editors independently review the products we recommend. When you buy through our links, we may earn a commission. In this article, we’ll show you exactly how to convert unrepresented sellers into listings and sales with our proven FSBO scripts. These scripts come from our experience — not just coaching agents but as experienced brokers with long real estate careers.

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Agents Real Estate Agent Real Estate Sellers 375

Appraisal Buzz

SEPTEMBER 16, 2024

Across America, baby boomers continue to make their mark, and their decisions on homeownership are significantly affecting the housing market. Born between 1946 and 1964, this generation has shaped the nation’s economy and culture. Now, as they age, their decision to hold onto their homes is impacting housing availability. A new survey from Clever Real Estate shows that 61% of boomers currently own homes, and 54% of those homeowners intend to stay in their homes for life.

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Inman

SEPTEMBER 20, 2024

The Department of Housing and Urban Development has partnered with Zillow for "Let's Make Home the Goal," a campaign aimed at connecting minority communities with HUD pre-housing counseling services.

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Real Estate News

SEPTEMBER 16, 2024

Using the “one-third” formula, the plaintiffs’ lawyers are asking for more than $225 million from the two commissions settlements, plus other expenses.

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Housing Wire

SEPTEMBER 19, 2024

Like the traditional forward space, the reverse mortgage industry has been operating in an elevated interest rate environment for some time. While news of the Federal Reserve lowering its benchmark interest rate by 50 basis points (bps) to a range of 4.75% to 5% will have wider economic ramifications in the government’s ongoing efforts to fight inflation, there are expected benefits to the reverse mortgage business as well as the demographic it serves: seniors on a fixed income.

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Appraisal Buzz

SEPTEMBER 16, 2024

According to Zillow’s most recent market report , reduced mortgage rates and more inventory are providing house buyers with a window of opportunity at an uncommon time of year. For those looking to purchase a home, affordability has significantly increased, and rather than decreasing as is usually the case at this time of year, competition among them may continue into the fall.

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Eyes on Housing

SEPTEMBER 16, 2024

Over the first seven months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 599,308. On a year-over-year (YoY) basis, this is an increase of 13.7% over the July 2023 level of 527,158. Year-to-date ending in July, single-family permits were up in all four regions. The range of permit increases spanned.

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Real Estate News

SEPTEMBER 14, 2024

Leaders from eXp and two indie firms announce Realty of America; Compass loses Florida agents to The Agency and Elliman; Christie's, E&V, Corcoran expand.

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Housing Wire

SEPTEMBER 15, 2024

In what has become a familiar fall ritual, mortgage lenders are increasing their conforming loan limits months ahead of the FHFA’s official announcement. On Friday, Rocket Pro TPO and Pennymac both announced an increase in their conforming loan limits to $802,650 — before the expected increase by the FHFA in November. Rocket’s increase was effective Friday and Pennymac’s increase will be effective for new broker locks on Monday, Sept. 16.

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Mortgage 469

Appraisal Buzz

SEPTEMBER 16, 2024

The Five Star Conference 2024 , set for Tuesday-Thursday, September 24-26 at the OMNI Hotel in Dallas, is just days away, and the list of scheduled speakers, educational offerings, and networking opportunities continues to grow, offering something for all in the mortgage space. Tuesday, September 24 at 11:30 a.m., the Five Star Conference officially kicks off with the Keys for Life Opening Luncheon , where attendees will learn about the current State of the Industry, celebrate the 2024 Lifetime

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Eyes on Housing

SEPTEMBER 18, 2024

After its first post-COVID rate hike enacted more than two years ago, the Fed’s Federal Open Market Committee (FOMC) announced at the conclusion of its September meeting a significant reduction for the short-term federal funds rate. Tight monetary policy was undertaken to fight the worst bout of inflation in four decades. Today’s policy action marks.

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Marketing 165

Real Estate News

SEPTEMBER 19, 2024

A home’s layout and natural light are important, but a new survey reveals what people refuse to give up — and how many of them can stick to their budgets.

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Housing Wire

SEPTEMBER 18, 2024

For those of us in the mortgage world, the spring and summer market may be showing some signs of slowing down, and what a ride this market has been. If the past few years have taught us anything, even the veterans must find ways to adapt, and anything can happen in our industry. You deserve a pat on the back if you are still standing because it has been a wild ride.

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Appraisal Buzz

SEPTEMBER 19, 2024

It’s a tough market for first-time home buyers, but they can still find ways to make their dream come true, according to NerdWallet’s Q2 First-Time Home Buyer Affordability Report. It’s not easy being a first-time home buyer. Traditionally, first-timers have lower incomes and less established credit than repeat buyers, and make smaller down payments (8% for first-timers, on average, versus 19% for repeat buyers).

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Inman

SEPTEMBER 18, 2024

Central bank policymakers drop short-term rates by 1/2 percentage point and signal more cuts ahead, but much of the impact may already be priced in to mortgage rates.

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Real Estate News

SEPTEMBER 17, 2024

While a rate cut — which could further drive down mortgage rates — would help homebuyers, there are other headwinds at play in the final months of 2024.

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Mortgage 244

Housing Wire

SEPTEMBER 19, 2024

The Alabama Association of Realtors (AAR) is asking the National Association of Realtors (NAR) to provide greater flexibility by allowing members to decide which levels of Realtor associations they would like to join. AAR made the request in a letter sent Monday to NAR CEO Nykia Wright. AAR CEO Jeremy Walker and President Senia Johnson signed the letter.

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Appraisal Buzz

SEPTEMBER 18, 2024

The September 2024 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group states that existing home sales are not expected to pick up significantly through the remainder of 2024, with the annual pace now forecast to be the slowest since 1995, despite a significant decline in mortgage rates and improved supply in some parts of the country.

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Development Insurance Mortgage Inventory 361

Inman

SEPTEMBER 17, 2024

Mortgage rates have dropped to their lowest levels since 2023 in 22 of the 50 largest U.S. metros — even as rent prices continue to rise, according to a new analysis from Zillow released on Monday.

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Real Estate News

SEPTEMBER 15, 2024

In an effort to curb money laundering and other crimes, a federal agency has adopted rules for brokers and others involved in non-financed transactions.

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Finance 253

Housing Wire

SEPTEMBER 20, 2024

The Homebuyers Privacy Protection Act of 2024, a U.S. Senate bill introduced this past December that targets mortgage trigger leads, has been incorporated into the fiscal year 2025 National Defense Authorization Act (NDAA). This is a bill that Congress must pass each year, since it refers to laws that specify the annual budget for the U.S. Department of Defense (DOD).

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Appraisal Buzz

SEPTEMBER 16, 2024

Imagine completing your appraisals in less time, with twice the accuracy, and opening doors to new lucrative markets—that’s the power of AI in the appraisal industry. But are you truly ready to harness this transformative power, or will you be left behind as the industry evolves? Artificial intelligence is revolutionizing the appraisal industry, dramatically enhancing productivity, accuracy, and revenue streams.

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Inman

SEPTEMBER 19, 2024

"It is time to allow members the ability to choose where they allocate their membership and dues dollars between the local, state and national levels," Alabama Realtors wrote to NAR on Tuesday.

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