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.
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.
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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 3, 2024
Usherpa , which offers a customer relationship engagement platform (REP), is now a preferred partner with The Mortgage Collaborative (TMC), a mortgage cooperative. TMC’s growing network of mortgage lenders account for approximately 10% of the mortgage volume originated in the U.S. “We are very excited to be added as a preferred partner and looking forward to serving TMC member lenders,” says Chris Harrington, CEO and co-founder of Usherpa, in a release.
Housing Wire
MAY 3, 2024
The tri-state area of New York , New Jersey and Connecticut may face a housing gap of 920,000 units by 2035, a new report published by the Regional Plan Association (RPA) found. The analysis, conducted by McKinsey & Co. , highlights a current shortage of 540,000 housing units in the region. To address this looming crisis, the pace of construction will need to increase significantly, the report states.
Appraisal Buzz
MAY 3, 2024
Patelco Credit Union is now using the Empower LOS from Dark Matter Technologies to streamline and bolster home loan and home-equity origination. Patelco is California’s fourth-largest credit union mortgage lender by number of loans closed annually. The credit union’s 214 loan officers will use the Empower LOS to originate retail home loans, home-equity loans and home-equity lines of credit (HELOCs).
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Appraisal Buzz
MAY 3, 2024
Freddie Mac recently announced the sale of 20 deeply delinquent non-performing residential first lien loans (NPLs) from its mortgage-related investments portfolio to GITSIT Solutions. The loans, with a balance of approximately $5.7 million, are currently serviced by Specialized Loan Servicing and NewRez, d/b/a Shellpoint Mortgage Servicing. The sale is part of Freddie Mac’s Extended Timeline Pool Offering (EXPO) and the transaction is expected to settle in June.
Housing Wire
MAY 3, 2024
Proptech company RealReports is partnering with New England-based PrimeMLS , the companies announced on Thursday. As a result, PrimeMLS’s 12,000 member agents will have access to RealReports’s wealth of property data. RealReports is a real estate platform that gathers property data — including permits, climate risk, rental rates, flood insurance costs, internet providers and speeds, crime statistics, solar potential, liens, zoning details, remodel potential and valuation — in one place.
Appraisal Buzz
MAY 3, 2024
The U.S. economy added 175,000 jobs in April – lower than expectations – while the unemployment rate increased to 3.9%, according to the U.S. Bureau of Labor Statistics. Job gains occurred in health care, in social assistance, and in transportation and warehousing – but it appears the labor market is losing velocity. The number of unemployed people was basically flat at 6.5 million.
Housing Wire
MAY 3, 2024
Thanks to high mortgage rates , mortgage refinance rates, and even higher home prices , the vibe among homebuyers has been fairly bleak these past couple months. In Fannie Mae ‘s most recent National Housing Survey, only 17% of consumers said they think it’s a good time to buy a home. To that I say, timing is everything in real estate. And right now, prospective homebuyers find themselves in a unique window of opportunity.
Appraisal Buzz
MAY 3, 2024
CubiCasa , which offers interior property data mapping through smartphone scanning, has launched new features that extend the company’s products beyond floor plans. From the same five-minute scan that CubiCasa’s worldwide user base is already familiar with, users can now generate detailed property data via The Home Report, and helpful imagery for property documentation purposes via Snapshots.
Housing Wire
MAY 3, 2024
RE/MAX executives were not shy about acknowledging the uncertainty that is currently plaguing the real estate industry during the firm’s first-quarter 2024 earnings call with analysts and investors Friday morning. But despite the uncertainty and the soon-to-beimplemented business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement , RE/MAX leaders are confident in the brokerage’s ability to succeed in this changing environment.
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.
Housing Wire
MAY 3, 2024
The dismal 2024 mortgage market has one very silver lining: $32 trillion in home equity. Jim Deitch, co-founder and CEO at Teraverde , sees a golden opportunity for lenders who are prepared to serve homeowners with innovative options. “The biggest year of mortgage production , from 2021-2022, generated $4.5 trillion. Compare that with $30 trillion in financeable equity — it dwarfs it.
Inman
MAY 3, 2024
As we move forward together, eXp's Kendall Bonner writes, demonstrating a higher level of knowledge and expertise is essential for conveying your worth to potential clients.
Housing Wire
MAY 3, 2024
eXp Realty has acquired Broker’s LLC , a 500-agent independent brokerage based in South Florida and founded by Claudia Serna, eXp announced on Thursday. “Claudia’s impressive track record and the entrepreneurial spirit of Broker’s LLC align perfectly with our values and vision,” Leo Pareja , CEO of eXp Realty, said in a statement. “Claudia personifies determination, having immigrated from Colombia with less than $500 and a dream to start her own business so that she could lead with her values of
Inman
MAY 3, 2024
Rising population rates and a shrinking racial wealth gap have led to a rise in new mortgage applications among homebuyers of color, according to Redfin's latest report.
Housing Wire
MAY 3, 2024
Earlier this week, Zillow launched a new “touring agreement,” a nonexclusive contract for buyers and agents to use for home tours. The real estate giant was prompted to do this by the terms of National Association of Realtors’ (NAR) commission lawsuit settlement agreement which requires agents to have a written agreement with a client in order to work with them as a buyer broker.
Inman
MAY 3, 2024
Supra One is “all-new” and fully integrated with the company’s home showing system, a product that allows for simple online home tour scheduling, access details, collaboration features, ongoing showing insights, agent name and concise calendar management.
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.
Inman
MAY 3, 2024
Real estate coach Jonathan Lack shares insights for what agents can do in the next 30, 60 and 90 days to perform at a higher level in the wake of commission lawsuit settlements.
Eyes on Housing
MAY 3, 2024
Job growth slowed in April, and the unemployment rate increased to 3.9%, suggesting a cooling labor market after a strong start to the year. Additionally, wage growth continued to slow. In April, wages grew at a 3.9% year-over-year (YOY) growth rate, down 0.7 percentage points from a year ago. It marks the lowest YOY wage.
Inman
MAY 3, 2024
Nearly two months after beta testing, Seattle-based brokerage Redfin has launched its artificial intelligence-powered home search assistant, Ask Redfin, nationwide. Homebuyers using Redfin's Apple iOS app will automatically see Ask Redfin on a home's listing page after completing a quick update.
BiggerPockets
MAY 3, 2024
After the National Association of Realtors agreed to pay $418 million and eliminate the 6% commission to settle the lawsuit against it, attention in some quarters is now being turned to the mortgage interest deduction.
Inman
MAY 3, 2024
Nominations for luxury's most prestigious award close on May 17. But there are plenty of ways to ensure your name is synonymous with quality and unmatched expertise. Submit nominees today.
BiggerPockets
MAY 3, 2024
What were you doing on the morning of Jan. 17, 2020?
Inman
MAY 3, 2024
This week we got our first glimpse into some of the practical, procedural changes that we'll see in the aftermath of NAR's commission lawsuit settlement.
BiggerPockets
MAY 3, 2024
Gearing up for your first rehab?
Inman
MAY 3, 2024
Now more than ever, real estate needs innovators like you. Nominations for the 27th annual Inman Innovator Awards close May 17. Don't let the industry's next great idea fall through the cracks.
Mortgagebroker News
MAY 3, 2024
Find out who won the top prizes on a memorable night in Toronto
Inman
MAY 3, 2024
Rates have been in retreat as bond market investors who fund most mortgage loans react to the latest economic news and scaleback in tightening by Fed policymakers.
Mortgagebroker News
MAY 3, 2024
It's no easy feat – but priorities and clear focus are essential
Inman
MAY 3, 2024
Caballero sold 7,012 homes totaling $3.638 billion in volume at an average of more than 19 individual homes every day of the year.
Mortgagebroker News
MAY 3, 2024
Statistics indicate a correlation between parents' housing wealth and property values of their children
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