Appraisal Buzz

JULY 26, 2024

Though home prices have plateaued in many areas, they remain near record highs across the United States. According to the opinions of LendingTree staff writer Jacob Channel, with steep housing costs, some Americans may recall the dramatic price surges of the early to mid-2000s, which preceded the Great Recession of 2007-2009. This historical comparison might incite panic, as the Great Recession led to significant home value declines and numerous foreclosures.

Housing Market 448

Housing Market Marketing Home Value Mortgage 448

Housing Wire

JULY 25, 2024

Mr. Cooper Group has struck a deal to acquire a third-party origination (TPO) platform and $356 billion in mortgage servicing rights (MSRs), advances and subservicing contracts from Flagstar Bank , owned by New York Community Bancorp (NYCB). As part of the deal, the Dallas-based servicer and lender will pay $1.4 billion in cash, funded via available cash and drawdowns of existing MSR lines.

Business 473

Business Retail Contracts Mortgage 473

Real Estate News

JULY 24, 2024

Upward of 56,000 home purchase contracts — nearly 15% of all such contracts from June — were canceled, a new report found, largely due to affordability issues.

Contracts 334

Contracts Buyers Marketing 334

Eyes on Housing

JULY 25, 2024

In the second quarter of 2024, the U.S. economy grew twice as fast as it did in the first quarter, supported by consumer spending and private inventory investment. Furthermore, the data from the GDP report suggests that inflation is cooling. The GDP price index rose 2.3% for the second quarter, down from a 3.1% increase.

Inventory 184

Inventory Investing 184

Appraisal Buzz

JULY 26, 2024

The national median payment applied for by purchase applicants in June decreased to $2,167, down from $2,219 in May, according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI), which measures homebuyer affordability. “Homebuyer affordability conditions improved for the second straight month as declining mortgage rates continue to increase purchasing power and is enticing some borrowers back into the housing market,” says Edward Seiler, associate vice preside

Housing Market 397

Housing Market Mortgage Appraisal Marketing 397

Housing Wire

JULY 23, 2024

Sinking sales, rapidly rising inventory and prices at all-time highs — this is the state of the market for existing homes. That’s according to June’s existing-home sales data from the National Association of Realtors (NAR), which reflect the problems that have hampered housing markets since mortgage rates began to rise in 2022. Sales of existing homes in June fell 5.4% year over year and month over month to a seasonally adjusted rate of 3.89 million.

Inventory 496

Inventory Buyers Sellers Inspection 496

Inman

JULY 22, 2024

The company celebrated during a live "growth call" with leaders from more than 1,000 franchisees in the U.S. and Canada. Nearly 150 KW agents have earned more than $1 million in lifetime profit share.

Agents 196

Agents Brokerage 196

Appraisal Buzz

JULY 22, 2024

RentCafe has analyzed the nation’s rental market for the first half of 2024, ranking the most sought-after markets for rentals. With high home prices and limited housing options making renting a preferred choice for many, RentCafe took a deeper look at which cities have received the most attention from renters in the first half of 2024. Claiming the top spot for the fifth time in the past six months was Minneapolis which attracted the highest online engagement on RentCafe.com.

Marketing 397

Marketing Transportation Development Modernization 397

Housing Wire

JULY 26, 2024

Secure payment provider Payload is launching a new payment and billing tool specifically geared to buyer agents , according to an announcement on Thursday. In a release, Payload said it created the solution in response to the terms of the National Association of Realtors’ nationwide commission lawsu it settlement agreement , and the potential changes to buyer agent compensation.

Tools 432

Tools Buyers Agents Realtors 432

Real Estate News

JULY 22, 2024

A letter to the state’s Realtor association also calls out consumer complaints about being “ensnared in contracts with brokers” they don’t want to work with.

Buyers 315

Buyers Contracts Realtors 315

Inman

JULY 23, 2024

NextHome CEO James Dwiggins shares his thoughts on agents who use websites designed to advertise offers of compensation from listings after the NAR settlement takes effect next month.

Advertising 189

Advertising Design Agents Brokerage 189

Appraisal Buzz

JULY 26, 2024

According to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI) , homebuyer affordability improved in June, with the national median payment applied for by purchase applicants decreasing to $2,167 in June 2024 from $2,219 in May 2024, down $52. MBA’s PAPI measures how new monthly mortgage payments vary across time–relative to income–using data from MBA’s Weekly Applications Survey (WAS).

Mortgage 397

Mortgage Housing Market Buyers Appraisal 397

Housing Wire

JULY 24, 2024

While there is no doubt that the Florida housing market has slowed since the height of the post-pandemic homebuying boom, the state’s condominium market has been especially hard hit, according to local agents. “It has definitely slowed,” said Cyndee Haydon , a Seminole-based agent for Future Home Realty. “Inventory has gone from a three-month supply a year ago to at least six months, so really we are into a buyers’ market now.

Insurance 466

Insurance Inspection Marketing HOA 466

Real Estate News

JULY 22, 2024

Former eXp Chief Growth Officer Michael Valdes will spearhead the international expansion of LPT Realty, which he says is perfecting the model eXp pioneered.

Brokerage 276

Brokerage Realty 276

Inman

JULY 23, 2024

Rising home prices and mortgage rates, and sticker shock from surprise housing costs, pushed buyers to cancel 56,000 home-purchase agreements in June, according to Redfin.

Buyers 196

Buyers Mortgage Real Estate Marketing 196

Appraisal Buzz

JULY 24, 2024

Nearly two-thirds (64.7%) of homes on the market in June had been listed for at least 30 days without going under contract, according to a new report from Redfin, a technology-powered real estate brokerage. This marks an increase from 59.6% year-over-year, the largest annual rise in a year and the highest share for any June since 2020. June marked the fourth consecutive month in which the proportion of homes lingering on the market for at least a month increased year-over-year.

Inventory 433

Inventory Marketing HOA Contracts 433

Housing Wire

JULY 23, 2024

Today’s existing home sales report shows that the existing home market is now almost balanced. That might sound strange, but like most things I do, I have a model for it. We are very close to getting this balance nationally and in some markets we’re already there. I have often discussed four months of supply and active inventory between 1.52 and 1.93 million as a balanced market, but this equation has a second variable tied to today’s housing economics: affordability.

Marketing 473

Marketing Inventory Housing Market Buyers 473

Real Estate News

JULY 23, 2024

There’s “going to be a point at which it doesn't make sense to belong” to small, local MLSs, one broker-owner — and member of 7 MLSs — told Real Estate News.

Real Estate 252

Real Estate 252

Eyes on Housing

JULY 26, 2024

Personal income inched up 0.2% in June, down from a 0.4% increase in the prior month, according to the most recent data release from the Bureau of Economic Analysis (BEA). Gains in personal income are largely driven by increases in wages and salaries. As spending outpaced personal income growth, the personal savings rate decreased to.

170

170

Appraisal Buzz

JULY 24, 2024

Matic has published its mid-year premium trends study , which examines trends in homeownership from 2024’s first half. The report highlights significant challenges faced by homeowners, mortgage entities, and the housing market as a whole due to record premium increases, ongoing new business restrictions, and carrier exits. It draws from a dataset of 36 million quote requests, 10 million properties, and external quoting engines.

Insurance 370

Insurance Buyers Marketing Business 370

Housing Wire

JULY 25, 2024

If closed as expected, the acquisition of Flagstar Bank ‘s servicing businesses has the potential to make the mortgage servicing rights (MSR) portfolios of Mr. Cooper Group reach the $1.56 trillion mark in unpaid principal balance (UPB), consolidating the company into the top mortgage servicer in the country. Mr. Cooper executives are deploying the strategy of increasing their servicing book to take advantage of an extensive customer base that is likely to refinance their mortgages when i

Business 450

Business Mortgage Finance Marketing 450

Real Estate News

JULY 25, 2024

Mortgage rates remained nearly flat as the market awaits the Fed’s next move. Meanwhile, inventory is still growing — but “sellers are pulling back.

Buyers 250

Buyers Inventory Sellers Mortgage 250

Inman

JULY 22, 2024

After four years at eXp Realty, Michael Valdes is moving to LPT Realty. After surpassing 10,000 agents in the U.S., the Florida-based brokerage is ready to expand internationally, executives told Inman.

Realty 186

Realty Brokerage Agents Sellers 186

Appraisal Buzz

JULY 24, 2024

One of the few good things to come from the 2020 COVID-19 pandemic was ultra-low mortgage rates that hovered around 3%, in part due to the Federal Reserve slashing interest rates to 0% in order to keep the economy afloat. But those low rates, considered a great deal at the time, has caused unintended and unexpected consequences. The main consequence of these low rates is something called the “lock-in effect” caused by homeowners with those pandemic-era 3% interest rates making the choice to sta

Mortgage 396

Mortgage Sellers Finance Appraisal 396

Housing Wire

JULY 26, 2024

The HousingWire Pulse Survey for Q3 2024 provides a detailed snapshot of current housing market sentiments and challenges faced by real estate agents, brokers, and mortgage professionals. The survey reveals a generally cautious optimism among these sectors, despite varied expectations regarding market trends over the next three months. Real estate agents have mixed outlook Agents exhibit a mixed but hopeful outlook, with nearly 29% anticipating a rise in home sales and 18% expecting a decline, l

Housing Market 458

Housing Market Real Estate Agent Marketing Training 458

Real Estate News

JULY 23, 2024

At $426,900, the median sale price for existing homes set another record in June, but inventory also rose, suggesting a “slow shift” to a buyer’s market.

Inventory 248

Inventory Marketing 248

Inman

JULY 24, 2024

A much-discussed listing agreement update reflects upcoming NAR rules, but doesn't bar sellers from offering compensation to buyers' agents.

Sellers 196

Sellers Agents Buyers Realty 196

Appraisal Buzz

JULY 22, 2024

It’s 3:30 pm and I promised my client I would have it delivered by 5:00 pm. However, I’ve run into a little bit of a quandary. You see, over the past several weeks, I have had three conditions on prior appraisals because of the following: “strong”, “school district” and “close proximity”. The latter was simply a reference to the property’s location near the ocean, which is relatively common where I operate , but each term was innocuous and routine — unless of course you take them out of cont

Appraisal 370

Appraisal Real Estate Clients Marketing 370

Housing Wire

JULY 25, 2024

As the numbers of seniors carrying mortgage debt in retirement has increased, so too has the potential financial burden of a regular monthly mortgage payment. Increases in inflation and the cost of living can overwhelm those living on a fixed income, according to an article published this week in USA Today. “Retirement researchers warn that mortgage debt in retirement can be a trap,” the article explained.

Mortgage 450

Mortgage Home Value Finance Buyers 450

Real Estate News

JULY 22, 2024

The profit-share program, which made headlines last year after the company proposed changes, hit a new milestone with the multibillion-dollar figure.

247

247

Inman

JULY 24, 2024

T3 Sixty plans to release "The Opportunity Report" as a follow up to its "DANGER Report" in early 2025. it says the new document will be comparable in its impactful earlier analysis of the industry.

Realtors 192

Realtors Brokerage Agents Marketing 192

Appraisal Buzz

JULY 23, 2024

Zillow, along with Thumbtack, a listing service that helps people find qualified professionals to complete home maintenance and improvement projects, has released a list of projects flippers and homeowners alike can complete to garner more attention from prospective buyers. Not all homeowners or property managers are willing to take a deep dive into home renovations, whether it be the cost or the time involved to complete the project—fortunately, certain select features are proven to be highly

Renovations 370

Renovations Buyers Decorating Architecture 370

Housing Wire

JULY 26, 2024

Richard Blumenthal, the senior U.S. senator from Connecticut , sent a letter last week to Acting U.S. Department of Housing and Urban Development (HUD) Secretary Adrianne Todman asking why what he describes as a “backlog” of housing discrimination complaints has yet to be addressed. The letter, first reported by local Connecticut outlet CT Insider , describes the lag in investigations related to such complaints that impact prospective homeowners and renters both within the state and nationwide,

Tenants 441

Tenants Law Design Development 441

Real Estate News

JULY 21, 2024

A leading MLS lawyer breaks down the settlement that removes offers of compensation from MLSs and requires more robust buyer agreements starting August 17.

Buyers 235

Buyers 235