Wed.May 24, 2023

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Mortgage apps decline as rates hit the 7% mark

Housing Wire

Last week, the U.S. debt ceiling impasse and the resilient economy led mortgage rates to climb to the highest level in two months. Some indexes show the 30-year fixed rate has reached the 7% mark, which has reduced borrowers’ appetite for home loans. The latest MBA data published on Wednesday morning shows that mortgage loan applications decreased 4.6% for the week ending May 19 compared to one week earlier.

Mortgage 384
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CoStar CEO's 'super simple business concept': Support agents

Real Estate News

“You do not want to think you're smarter than your customers,” Florance said on CoStar’s strategy of building Homes.com as a platform for agents and consumers.

Agents 276
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DataDigest: In the nation’s hottest housing market, flood insurance premiums soar

Housing Wire

When FEMA released its Risk Rating 2.0 methodology in October 2021, thousands of homeowners in low-elevation coastal areas of the United States braced for federal flood insurance hikes. Recently released data from the agency shows that annual flood insurance premiums will eventually double or even triple for homeowners in some U.S. zip codes, though most homeowners with flood insurance in America will pay less than they currently do.

Insurance 384
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Big ups, big downs widen the home price gap across the U.S.

Real Estate News

A new Redfin report found that the difference in home price growth (or declines) among metro areas is nearly the largest it's been in three decades.

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Experts weigh in on the shifting MBS market

Housing Wire

The Federal Reserve ‘s monetary tightening policy and the recent banking crisis have the potential to change the mortgage-backed securities (MBS) market’s dynamics more than anything seen over the last two decades, according to secondary market experts. The Fed and U.S. banks, which glommed onto these assets in the wake of the Global Financial Crisis, are expected to play a smaller role in the years to come.

Marketing 384
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How Do I Move to EBV? Part II

George Dell

Evidence Based Valuation – EBV © is the future for valuation professionals. It requires the appraiser’s experience, judgment, and knowledge. It is not hard, just new. It gives better results faster. EBV generates more than a point value opinion. Therefore it requires competence beyond old legacy appraisal “procedures.” This new competency is a merger of […] The post How Do I Move to EBV?

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Multifamily Missing Middle Flat at Start of 2023

Eyes on Housing

The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the first quarter of 2023, there were just 4,000 2- to 4-unit housing unit construction starts.

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Mike Simonsen is bringing housing data to HW Annual

Housing Wire

At HousingWire Annual 2023, we aren’t vibe-checking the housing market. We’re bringing all the cutting-edge housing knowledge that today’s professionals need based on data. And who better to present that data than the president and founder of Altos Research , Mike Simonsen? Register today to catch Simonsen on stage as he answers the question, “How’s the market?

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Mike DelPrete: Zillow and Redfin’s AI tools aren’t that big a deal — yet

Inman

In an interview with Intel, real estate tech strategist Mike DelPrete laid out how artificial intelligence might change the industry, including real estate search portals, and why we're not there yet.

Tools 157
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A Day in the Life of an Appraiser Trainee

McKissock

There is no such thing as a typical day in the life of an appraiser trainee. Some days you’re in the office doing research and analysis (aka. “paperwork days”), and some days you’re out in the field looking at properties (aka. “inspection days”). We asked appraiser trainee Lindsay Onuffer what a “typical” day in the life of an appraisal trainee is like.

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Auction.io acquires Doorsey

Inman

Doorsey uses a publicly available bidding website on which buyers can see competitive offers and submit formal "bids" above the last. Founder Jordan Allen was happy to see the deal go through.

Buyers 143
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Valuing Market-Resistant Properties

National Association of Realtors

Real estate professionals need to consider both the complexities of the market and the different valuation methods when measuring the effect of a harmful property condition or stigma.

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Introducing Inman’s Mortgage & Finance Forum alongside Connect Las Vegas

Inman

Recognizing a need for deeper conversation in the mortgage and lending industry, Inman introduces the Mortgage & Finance Forum, Aug. 9 at the Aria in Las Vegas. Attendance is free for qualified professionals.

Finance 141
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Institutional Homebuyers are Pulling Out of the Market in Droves—What Do They See That You Don’t?

BiggerPockets

Institutional homebuyers are withdrawing from the real estate market. Find out how this will impact small, mom-and-pop investors.

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Iconic Flatiron Building auctioned after original high-bidder vanished

Inman

New York developer Jeffrey Gural won the right to buy the iconic Manhattan office building months after the original high-bidder failed to come up with the deposit for the building.

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Appraisal or Inspection: Which Do You Need?

East Coast Appraisal

While trying to buy a home, you may have found out that some lenders require their borrowers to have an appraisal and/or an inspection completed. Some lenders may only require an appraisal and leave the decision about an inspection up to you. Because of this, it is important to know the differences between the two.  Home Appraisals Home appraisals are often required by a lender for the initial purchase or refinancing of a home.

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‘Unlivable shack’ that ‘must be demolished’ sells for $1.1M

Inman

The home has three bedrooms but isn't livable, because it has been left abandoned for some time and has become derelict and dangerous. It attracted five bidders after originally listing for AU$1.2 million.

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Freddie Mac outlines specifics of ACE+ PDR loans

Valuation Review

Freddie Mac executive outlines ACE + PDR loan program.

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The portal wars: Can any challenger seize the throne from Zillow?

Inman

Zillow has the most traffic, according to an analysis by Intel, but at least one rival is growing rapidly in what one observer compared to a Game of Thrones-style gauntlet run.

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Remembering Sam Zell, Legendary Investor & Entrepreneur

BiggerPockets

A legend in the real estate investing community has passed away. We look back at the life and success of Sam Zell.

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One of California’s biggest ghost towns sells for $22.6M

Inman

Eagle Mountain, which operated an iron mine for over three decades and has largely been abandoned since the late '80s, has been sold to a mysterious company for unknown future use.

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Retirement Accounts Collecting Dust? Use Them to Buy Real Estate!

BiggerPockets

Did you know you can invest in real estate using funds you’ve probably forgotten about?

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Why stop there? Here are 13 more safety fields NAR could add

Inman

While NAR plans to add new checkboxes for agent safety, they're leaving out some of the most common (and messy) hazards that agents face, writes broker Teresa Boardman.

Agents 139
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CMHC: Canadian household debt levels highest in G7

Mortgagebroker News

The debt-to-GDP ratio has increased "inexorably" over the past few years, Crown corporation says

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3 keys for turning Instagram into a sales funnel

Inman

You can increase brand awareness and make genuine connections when you use Instagram to generate and nurture leads, writes Michelle Berman-Mickel. Here's how to put its power to work for your real estate business.

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Agencies issue joint statement on discrimination, bias in automated systems

Valuation Review

Agencies file statement regarding discrimination, bias in automated systems.

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Doug Brown joins Barton Barrett Marshall Team at Douglas Elliman

Inman

Doug Brown brings nearly seven years of experience as vice president and senior vice president of Douglas Elliman Development Marketing to his new role in the team as new development specialist.

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Zillow: Housing market firmly in sellers' favor

Valuation Review

Zillow says housing market has 'tilted' back in favor of sellers.

Sellers 60
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Homebuyers flinch as mortgage rates ascend toward 2023 highs

Inman

Purchase loan applications fell by a seasonally adjusted 4 percent last week as mortgage rates surged on debt ceiling and inflation worries.

Mortgage 143
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How can first-time homebuyers navigate the current market?

Mortgagebroker News

Affordability challenges are growing as home prices tick upwards again

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Economist explains that controversial FHFA fee change

Inman

There's been a lot of talk about the FHFA's fee increase, but economist Matthew Gardner thinks that, for the most part, it's much ado about nothing.

Finance 127
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Reggora launches appraisal fulfillment solution

Valuation Review

Reggora recently launched its appraisal fulfillment solution.

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‘I wouldn’t want you to live here’: 9 fair housing violations to avoid

Inman

Prevent being canceled, fined or jailed by understanding fair housing laws and regulations and avoiding violations. Dr. Lee Davenport helps you check yourself.

Law 112
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ATTOM breaks down best times to sell a home

Valuation Review

ATTOM releases annual analysis for best time to sell a home.

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