Housing Wire
MAY 8, 2024
Housing credit channels directly impact housing inventory channels. What does that mean? Home prices escalated out of control after 2020 and when we look at why that happened, we can see that housing credit mattered more to inventory data than most people realize. Let’s see how this has played out in different stages of the economy. On March 18, 2020, purchase application data broke out to pre-cycle highs in demand.
Appraisal Buzz
MAY 8, 2024
On today’s episode of the Appraisal Buzzcast, host Hal Humphreys speaks with Jason Feifer, Editor in Chief of Entrepreneur Magazine and our keynote Speaker this year at Valuation Expo. He is also the bestselling author of Build for Tomorrow: An Action Plan for Embracing Change, Adapting Fast, and Future-Proofing Your Career. The valuation space is going through a lot of change right now, through technology as well as other factors.
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Appraisal Buzz
MAY 6, 2024
Does the cost of homeowners insurance affect the price of a home? In some markets, the answer is increasingly yes. In recent years, insurance companies have pulled out of some markets altogether after sustaining massive losses due to wildfires, flooding, and other climate-related disasters. Add to this rising replacement costs and legal fees, increased government regulation, inflation, and fraud, and companies are bleeding about a billion dollars every three weeks.
Sacramento Appraisal Blog
MAY 2, 2024
Consumers are feeling economic pain, and we need to talk about some of the things that are brewing. Today, I want to look at growing debt, distressed sales, and unemployment. I have both national and local stats. Sounds like a happy post, right? Look, some people really hype this topic and use it to magnify […] The post Some red flags for the housing market first appeared on Sacramento Appraisal Blog.
Real Estate News
MAY 4, 2024
Andy Florance discusses the “transformative technology” and his plans to rapidly expand the company while rolling out generative AI features later this year.
George Dell
MAY 8, 2024
A better ROV! Please reconsider the direction of your boat. Try this this bigger oar. And use it only on the right side of the boat. Appraisers have long been asked to “reconsider” their opinion. Now we have a more official “standardized process” which affects appraisers, lenders, AMCs, GSEs, and of course, the borrower. This […] The post Row Row ROV?
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Inman
MAY 8, 2024
The plaintiffs in a suit known as Batton 1 have filed for a temporary restraining order preventing the final approval of the Keller Williams, Anywhere and RE/MAX settlements.
Real Estate News
MAY 8, 2024
Anywhere, RE/MAX and KW deals at risk after new documents reveal a plan to include immunity from buy-side lawsuits, plaintiffs in the Batton case allege.
Eyes on Housing
MAY 8, 2024
According to the latest press release from Freddie Mac, the average rate on a 30-year fixed-rate mortgage has now risen to approximately 7.25%. As the data posted on NAHB’s priced-out web page shows, at this rate only about 27.5 million (out of a total of 134.7 million) U.S. households could afford to buy a median-priced.
Housing Wire
MAY 4, 2024
My model for inventory growth with higher mortgage rates came crashing down last week. After two weeks of significant increases , inventory growth slowed dramatically and is far from my 11,000-17,000 growth model with mortgage rates over 7.25%. Did the recent dip in mortgage rates play a role here or is this the average choppy weekly data we have seen in past years?
Appraisal Buzz
MAY 6, 2024
The progress that was made in providing mortgages to to a higher percentage of low-income homebuyers during the pandemic years has been reversed in the past two years due to higher mortgage rates and rising home prices, a report from Redfin shows. “There was a sweet spot in 2020 when mortgage rates were ultra low and home prices had yet to skyrocket, allowing some lower-income Americans to break into the housing market,” says Elijah de la Campa, senior economist for Redfin, in the report.
Inman
MAY 8, 2024
At the Realtors Legislative Meetings earlier this week, MLS executives were told they would be responsible for making sure real estate agents and brokers follow the new commission rules.
Real Estate News
MAY 8, 2024
Buy-side plaintiffs who claim the Anywhere, RE/MAX and KW deals go too far will still get their chance to make that argument in court May 9.
Eyes on Housing
MAY 6, 2024
NAHB’s latest study on consumer preferences—What Home Buyers Really Want Study*— asked about the features and amenities buyers want in the home, but also about the type of community where they would like to live. The question is important because the home that successfully appeals to buyers doesn’t exist in a vacuum—it sits inside a.
Housing Wire
MAY 6, 2024
Rocket Companies , the parent of Rocket Mortgage , announced on Monday that it has hired Shawn Malhotra, a former Thomson Reuters and Intel executive, as the first chief technology officer (CTO) in the company’s history. Malhotra will oversee, among other areas, the firm’s artificial intelligence (AI) development, data science, product engineering, technology operations and information security.
Appraisal Buzz
MAY 8, 2024
Mortgage lock volume increased 1.87% in April compared with March, according to Mortgage Capital Trading , which offers mortgage capital markets technology. Amidst an environment of increasing rates, the increase in mortgage lock volume over the previous month illustrates a possible shift in public perception. Potential homebuyers appear to be adapting to the 7% interest rate, viewing it as a new normal.
Inman
MAY 8, 2024
Although it may seem righteous to dismantle the institution that NAR has built, brokerage founder Sean Frank writes, the collapse of NAR would equate to the collapse of the modern real estate market as we know it.
Real Estate News
MAY 6, 2024
Mortgage assumptions aren’t new, but they’re about to get a lot more popular because the math works for both sides of the closing table.
Eyes on Housing
MAY 8, 2024
Per the Mortgage Bankers Association’s (MBA) survey through the week ending May 3rd, total mortgage activity increased 2.6% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate fell 11 basis points to 7.18%. The 30-year FRM has risen 17 basis points over the past month as rates remained at around seven percent.
Housing Wire
MAY 3, 2024
The U.S. economy added 175,000 jobs in April, less than in March and below what economists had expected. April’s rate also fell below the average monthly gain of 242,000 over the prior 12 months. Meanwhile, the change in total nonfarm payroll employment for March was revised up by 12,000, from 303,000 to 315,000, according to data released by the B ureau of Labor Statistics on Friday.
Appraisal Buzz
MAY 7, 2024
In the current economic climate, borrowers and lenders alike are afflicted by rising inflation, elevated interest rates and changing employment patterns. Just as borrowers need to adapt to unpredictable circumstances, lenders must continue to assess risk prudently and tailor their offerings to meet the evolving needs of borrowers. As of November 2023, 62% of Americans lived paycheck to paycheck.
Inman
MAY 8, 2024
The real estate brokerage also managed to trim losses and achieved positive free cash flow for the first time ever in a first quarter, according to an earnings call Wednesday.
Real Estate News
MAY 3, 2024
The organization has revised its MLS handbook and beefed up its FAQ to help explain what’s changing, while giving NAR members until Aug. 17 to comply.
Riverfront Appraisals
MAY 4, 2024
It’s reassessment season for most folks in our area. Homeowners all across Southwestern Indiana and Western Kentucky where we appraise have recently been the unfortunate recipients of a reassessment letter from the local PVA or Tax Assessor. While taxes are part of living in this great Nation (remember what Ben Franklin said?), that doesn’t mean […] The post Property Taxes Just Went Up?
Housing Wire
MAY 3, 2024
The business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement ,will go into effect on Aug. 17, 2024, according to a letter sent to members on Friday by NAR chief legal officer Katie Johnson. Originally, the trade group had said the practice changes would go into effect in mid-July.
Appraisal Buzz
MAY 7, 2024
Steven Winokur has joined Carrington Mortgage Services as vice president, marketing, third-party origination. Winokur has established a reputation as a non-QM virtuoso. Previously, he was with non-QM lender Angel Oak Lending, where he served as chief marketing officer. Winokur’s significant expertise in marketing strategy, brand development, marketing communications and digital marketing is expected to quickly build on existing marketplace momentum for Carrington’s diverse non-QM offerings.
Inman
MAY 3, 2024
The massive trade organization promised in March to make various policy changes as part of a landmark settlement. The rules will now roll out slightly later than expected.
Real Estate News
MAY 8, 2024
In a conversation with Real Estate News, Realtor.com CEO Damian Eales discussed NAR, the benefits of major rule changes and the role of home search sites.
Appraiserblogs
MAY 2, 2024
At a recent appraisal event, a GSE executive, after a few drinks, privately told his nearby colleagues that we suck as an industry. Last year, Phil Crawford and I reported on GSE efforts to send unsigned complaints to state boards at scale. Appraisers had no recourse but to defend themselves from the state boards without knowing who their accusers were.
Housing Wire
MAY 8, 2024
A former top executive at Better.com has voluntarily dismissed with prejudice a lawsuit filed about two years ago against the company and its leadership, including founder Vishal Garg , that accuses the defendants of violating labor and securities laws when pursuing the firm’s goal to go public. Attorneys for Sarah Pierce — Better’s former executive vice president for customer experience, sales and operations — and the defendants sent a stipulation of voluntary dismissal with pre
Appraisal Buzz
MAY 7, 2024
Monterra Credit Union a full-service financial institution serving members throughout San Mateo County, Calif., the City of Palo Alto and the San Francisco Bay Area, has selected the Empower loan origination system (LOS) from Dark Matter Technologies for mortgage loan, home-equity loan and home-equity line of credit (HELOC) originations. One of California’s top 50 credit union lenders by mortgage loan volume, Monterra CU attributed its selection of the Empower LOS to the origination system’s sel
Inman
MAY 4, 2024
Real estate professionals have survived upheaval and change in the past, and we'll do so again, broker-owner Teresa Boardman writes, even if we don't yet know quite how.
Real Estate News
MAY 2, 2024
Once new rules go into effect — between July and September — agents will need to embrace “the new regime” to avoid liability, and to ensure they get paid.
Appraiserblogs
MAY 3, 2024
The implication that if the VALUE is too low, then there must be “material deficiencies” present, is deeply troubling! Up until recently, there has never been a standardized policy for mortgage loan related Reconsideration of Value (ROV) requests after an appraisal has been submitted. Now there is, per the attached PDF HUD/FHA mortgage letter. The GSE’s have similar policies.
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