Housing Wire
JULY 20, 2024
We finally have six weeks of numbers that hit my housing inventory growth model perfectly in 2024. Last year, with higher mortgage rates , we had zero weeks at this level so I am now giving 2024 inventory growth a grade of A. Low inventory has plagued the housing market since the pandemic, plummeting to all-time lows in March of 2022 when we only had 240,000 single-family homes available for sale.
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.
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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.
Inman
JULY 20, 2024
Ed Zorn, Anthony Lamacchia and others weigh in on buyer agreements, commission sharing and everything you need to know about the new forms.
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Housing Wire
JULY 23, 2024
Mortgage rates continue to move lower this week even as higher borrowing costs have kept activity subdued across many areas of the housing market. According to data at HousingWire ’s Mortgage Rates Center , the average rate for 30-year conforming loans was at 7.01% on Tuesday, down 5 basis points from one week ago and 10 basis points lower than two weeks ago.
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Real Estate News
JULY 24, 2024
A sequel to the industry-challenging assessment is expected in early 2025 and will focus on the future. “The time is now for the industry to transform itself.
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.
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.
Appraisal Buzz
JULY 25, 2024
Flagstar Bank , the bank subsidiary of New York Community Bancorp (NYCB) , has entered into a definitive agreement to sell its residential mortgage servicing business, including mortgage servicing rights (MSRs) and the third-party origination (TPO) platform to non-bank mortgage originator and servicer Mr. Cooper for approximately $1.4 billion. The deal is expected to close during Q4 of 2024.
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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.
Inman
JULY 25, 2024
California is home to nearly half of all cities where it costs at least $1 million to buy a starter home. Nationwide, 237 cities are now "million-dollar" cities.
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.
Appraisal Buzz
JULY 25, 2024
According to ATTOM’s second-quarter 2024 U.S. Home Sales Report , typical single-family home and condo sales in the U.S. during Q2 yielded a profit margin of 55.8% for home sellers. This number remained essentially unchanged from Q1 of 2024, increasing by roughly one percentage point, but declining by one point from the second quarter of the previous year.
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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.
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.
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.
Appraisal Buzz
JULY 22, 2024
DocMagic Founder, President and CEO Dominic Iannitti DocMagic has issued a release announcing the passing of its Founder, President and CEO Dominic Iannitti , who passed away unexpectedly last Thursday morning due to complications from pneumonia. An innovator and prominent figure within the mortgage industry, Iannitti founded DocMagic Inc. in 1987, with a vision to streamline the mortgage process and eliminate the reliance on.
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.
Inman
JULY 26, 2024
The Games have not drawn as much international traffic as Paris anticipated, but the city's visibility may draw luxury clients hopping on the 'quiet luxury' trend that's swept real estate.
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.
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
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.
Inman
JULY 25, 2024
New reports from "The New York Times" and "The Wall Street Journal" suggest that executives at Douglas Elliman and Side had heard about sexual assault allegations made against the Alexander brothers while they worked for their firms.
Housing Wire
JULY 24, 2024
Will the Federal Reserve pivot in time to save construction workers? We have discussed this topic for some time now because, for the first time in a while, single-family permits are falling and 5-unit permits are already in recession. This is key because, traditionally, residential construction workers are the first to lose their jobs before every recession since higher mortgage rates hit housing first.
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).
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.
Inman
JULY 24, 2024
Artificial intelligence software company Restb.ai has released a report on the effectiveness of floor plans on days on market.
Housing Wire
JULY 22, 2024
Mortgage rates have come down with recent positive inflation news. However, they are still higher than they were six months ago. I think rates are on the verge of going lower. Will consumers respond? I expect that mortgage rates under 6.75% and moving towards 6.5% will shake homebuyers into action, but we certainly can’t see it in the data yet. New pendings this week came in significantly below last year at this time.
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
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.
George Dell
JULY 24, 2024
The word bias brings up personal feelings in almost everyone. Even anger. Even a desire to strike back. Grrrr. This makes sense. Bias, and concepts of bias are personal. It’s about me. Or about THEM! Those people! They should just see things my way. The more writing I do, the more I […] The post Is Bias Personal? appeared first on George Dell, SRA, MAI, ASA, CRE.
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