Housing Wire

FEBRUARY 24, 2023

New home sales started off 2023 on a positive note, rising 7.2% January marked a surge of people signing contracts to buy new homes. from December to a seasonally adjusted annual pace of 670,000 homes, according to data published by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD) on Friday.

Construction 432

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Inman

MARCH 24, 2023

1 large team nationwide in the 2023 Ellie Awards. Terms of the contract were not disclosed. The team closed the priciest sale in Orange County last year with a $55 million property in Crystal Cove and was named the No.

Contracts 170

Contracts Brokerage Agents 170

Housing Wire

MAY 4, 2023

Sales and new pending contracts are below pre-pandemic levels. What can we expect in 2023? At the same time, there are some key trends I think will characterize the housing market in 2023. Home shoppers who are waiting to score a deal are going to be disappointed in 2023. Buyer disappointment. Mortgage rate fatigue.

Housing Market 408

Housing Market Marketing Inventory Buyers 408

Housing Wire

DECEMBER 16, 2022

After the series wraps, join us on February 6 for the HW+ Virtual 2023 Forecast Event. The market has now faced a contraction in existing-homes sales for nine consecutive months, while home prices and rates rise. One projection for 2023 is an easier buying market for first-time buyers.

Buyers 477

Buyers Realtors Inventory Sellers 477

Housing Wire

DECEMBER 13, 2023

As 2023 winds to a close, so too does a brutal year for the housing market, a year marked by rising rates , steep home prices , scarce inventory and anemic mortgage originations, compared with the boom years of 2020 and 2021. percentage points in early December, when historically that spread has ranged between 1 to 2 percentage points.

Mortgage 354

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Housing Wire

JANUARY 5, 2023

residential mortgage-backed securities (RMBS) market continues to look bleak for 2023. This year, RMBS issuance volumes are expected to contract further from 2022 due to the impact from elevated rates, high inflation and recession possibilities. . RMBS at DBRS Morningstar said in a report.

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Marketing Investors Mortgage Contracts 426

Housing Wire

DECEMBER 20, 2022

Economists believe that if the trend continues, the market will be able to improve in the second half of 2023. . “The latest data on the housing market show that homebuilders are pulling back the pace of new construction in response to low levels of traffic, and we expect this weakness in demand will persist in 2023, as the U.S.

Mortgage 410

Mortgage Housing Market Retail Contracts 410

Housing Wire

DECEMBER 20, 2022

The housing market will continue to slow down in 2023 , even though mortgage rates have declined recently. That’s the takeaway from a group of economists at Fannie Mae , who slashed their forecast for 2023 this week. . in 2023, a slight improvement from the previous forecast, which predicted a 0.6% in 2022 and drop 0.5%

Housing Market 347

Housing Market Marketing Contracts Mortgage 347

Housing Wire

DECEMBER 13, 2022

As brokers and LOs close out a challenging year and set their sights on 2023, it could be tempting to take a pessimistic view. However, there are actionable steps and strategies they can take to ensure 2023 is as profitable as possible. Most industry observers expect 2023 to be much more consistent.

Clients 384

Clients Technology Real Estate Agent Business 384

Housing Wire

DECEMBER 4, 2020

More importantly, he said the current environment may even holdup into 2023. “We However, Nothaft expects that mortgages originated today, with a contract rate of 3% or lower, are more likely to have a relatively long life and lenders will not see them coming into refinance anytime soon. “That’s a lot of mortgages.

Mortgage 512

Mortgage Contracts Construction Inventory 512

Housing Wire

APRIL 17, 2024

In a writ of certiorari filed in early February, HomeServices told the Supreme Court that each of its client contracts state that the “signatories can arbitrate any claim or dispute arising out of the contract.” There is no dispute that the plaintiffs agreed to contracts that include mandatory arbitration provisions.

Contracts 385

Contracts Brokerage Law Real Estate Agent 385

Inman

JANUARY 18, 2024

When it was first listed in early 2023, the unit asked $175 million. The duplex at Central Park Tower marks one of the rare deals in New York City that has commanded nine figures in recent years.

Contracts 158

Contracts Development Marketing 158

Housing Wire

FEBRUARY 21, 2023

Existing home sales started 2023 right where they left off at the end of 2022, dropping for the 12 th consecutive month. January sales reflect purchase contracts made in November or December, and there is evidence that in many markets, the housing market has bottomed out and buyers are beginning to return to the market.” in January.

Inventory 357

Inventory Buyers Housing Market Contracts 357

Housing Wire

MARCH 18, 2024

million plus interest, granted as an interim award in November 2023, to $150.2 million in its financial results for the fourth quarter of 2023, paid the amount in full on Feb. million in damages related to a breach of contract claim, plus interest and attorneys fees. million in net income in 2023, down from $475.5

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Legal Contracts Technology Development 356

Housing Wire

MARCH 28, 2023

2023 began as 2022 had ended, with U.S. Because most home sales take several months from contract to closing, the data likely includes some deals struck in September and October. The annual growth rate in December was 4.4%. The index came in at a reading of 292.71 in January. On a month-over-month basis, the U.S.

Buyers 379

Buyers Inventory Contracts Finance 379

Housing Wire

MARCH 13, 2024

The DOJ’s statement was in relation to the settlement agreement reached between the Nosalek plaintiffs and MLS PIN in July 2023. Since the initial filing, the plaintiffs and MLS PIN have filed two amended agreements in order to appease the DOJ, which first became involved in the suit in early October 2023.

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Housing Wire

OCTOBER 25, 2022

The MBA forecasts a recession in the first half of 2023, with the unemployment rate at 5.5% trillion in 2023, compared to $2.26 However, other industry forecasters believe that the MBA’s projections, which anticipate a 9% production decline in 2023, are actually rather “rosy.” million in 2023. .

Mortgage 318

Mortgage Contracts Insurance Business 318

Housing Wire

APRIL 24, 2024

million it incurred in fourth-quarter 2023. million in Q4 2023 but up from a pretax loss of $19.6 million in Q1 2023. Meanwhile, the revenue growth compared to Q1 2023 was largely due to higher overall origination volumes and margins. billion on March 31, up 3% from the end of Q4 2023 and up 18% from the end of Q1 2023.

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Lending Legal Contracts Mortgage 395

Housing Wire

JANUARY 26, 2024

For comparison, the index is benchmarked at a reading of 100 based on 2001 contract activity. New home sales , another measure of contract signings, rose 8% in December on the back of declining mortgage rates. The trade organization projects a 13% increase in existing home sales between 2023 and 2024 for an annualized pace of 4.62

Contracts 457

Contracts Housing Market Construction Inventory 457

Housing Wire

FEBRUARY 5, 2024

In late October 2023, a Missouri jury found HomeServices of America, as well as Keller Williams and the National Association of Realtors , liable for colluding to artificially inflate real estate agent commissions. There is no dispute that the plaintiffs agreed to contracts that include mandatory arbitration provisions.

Contracts 391

Contracts Brokerage Law Real Estate Agent 391

Housing Wire

MARCH 27, 2024

At that time, outgoing president Dave Bunton informed the foundation that he would be retiring at the end of his current contract. The foundation’s board of trustees formed a CEO search committee in the summer of 2023 and initially considered internal candidates for the position, the foundation said.

Appraisal 378

Appraisal Contracts Real Estate Valuation 378

Housing Wire

MARCH 28, 2024

In November 2023, Wood indicated that the trial would take place in the fourth quarter of 2024 , but the status report findings appear to change the timeline. The suit obtained class certification in March 2023. The appeals court said that this was because the contracts signed by the sellers were not directly signed by HomeServices.

Real Estate Agent 361

Real Estate Agent Realtors Real Estate Sellers 361

Housing Wire

JANUARY 29, 2024

The lawsuit states that Atlantic Trust signed a wholesale broker agreement with UWM in January 2018 but agreed to amend the contract to add the “All-In Initiative” in December 2022. Therefore, we will follow the agreed upon contract and win damages.” UWM on Thursday when filed a lawsuit in a U.S.

Contracts 433

Contracts Loan Officers Lending Retail 433

Housing Wire

FEBRUARY 28, 2024

As brokerages across the country have begun implementing buyer agency contracts into their business practices in the wake of the Sitzer/Burnett commission lawsuit verdict, the Consumer Federation of America is warning consumers that they may be filled with “unfair provisions” that primarily protect agents and brokers.

Buyers 372

Buyers Contracts Agents Realtors 372

Housing Wire

OCTOBER 26, 2023

Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years,” Lawrence Yun, NAR chief economist said in a statement. in 2023, reaching an annual rate of 670,000. in 2023, to $430,800, and increase by 3.5% in 2023, reaching an annual rate of 4.15

Inventory 380

Inventory Contracts Housing Market Realtors 380

Housing Wire

FEBRUARY 15, 2024

For iBuyer Opendoor , 2023 was all about moderation. “We We are excited about how we are set up for 2024 and beyond,” CEO Carrie Wheeler told investors and analysts listening to the firm’s Q4 2023 earnings call on Thursday evening. This strategy paid off for the firm, as its net loss of $275 million for 2023 is markedly smaller.

Business 346

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Housing Wire

JANUARY 13, 2023

This article is part of our 2022 – 2023 Housing Market Update series. After the series wraps, join us on February 6 for the HW+ Virtual 2023 Housing Market Update. of builders showed profitability with $1 million plus contracts on average. This number is expected to increase to 72% in 2023. Homebuilding Contract Values.

Marketing 459

Marketing Contracts Supply Chain Project Management 459

Housing Wire

MARCH 26, 2024

Allegations include breach of contract and unjust enrichment, with damages sought at $250 million. But in August 2023 , during KW’s Mega Agent Camp event in Austin, the company’s International Associate Leadership Council (IALC) voted to revise the profit-sharing distribution policy.

Brokerage 499

Brokerage Legal Agents Realty 499

Housing Wire

JANUARY 26, 2024

If lenders’ losses come in as expected during fourth-quarter 2023 and first-quarter 2024, it will represent eight consecutive quarters of losses for more than 350 independent mortgage bankers, said Jim Cameron, senior partner at Stratmor. million as of Q3 2023.

Mortgage 433

Mortgage Contracts Business 433

Eyes on Housing

DECEMBER 6, 2023

Real gross domestic product (GDP) increased in 44 states and the District of Columbia in the second quarter of 2023. Economic activity contracted in six states. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP increased ranged from 8.7 percent in Wyoming to -1.9 percent in Vermont.

Contracts 97

Contracts Marketing 97

Housing Wire

JANUARY 3, 2024

Deran Pennington, a former Movement Mortgage top sales executive sued for poaching by the lender, filed a counterclaim alleging that Movement breached the contract by failing and refusing to pay his due compensation. million and liquidated damages for the company’s breach of contract. In total, he asks for about $13 million.

Contracts 376

Contracts Legal Mortgage 376

Housing Wire

JANUARY 18, 2024

According to the complaint, Myers resigned from her position at Qualia in May 2023, after she “secretly” interviewed for an accepted the position at Settlor. 1, 2023, to remind her of her agreement to keep any confidential information and trade secrets private, which it says she ignored. 1, 2023, in an effort to resolve matter.

Contracts 397

Contracts Government Business Marketing 397

Housing Wire

DECEMBER 26, 2022

Here are three keys to help mortgage pros and their businesses survive while the mortgage industry contracts. In order to maintain and even prosper during these tough times, it is important to follow some tips outlined in this article. Stay in the know. It is important to be aware of industry changes so you can stay ahead of your competition.

Mortgage 382

Mortgage Investing Contracts Business 382

Housing Wire

FEBRUARY 12, 2024

In 2023, The Home Squad closed $86 million in sales volume, according to the release. In April of 2023, SERHANT. In April of 2023, SERHANT. in violation of their contract. A core focus for The Home Squad has always been agent development and empowerment, and we believe this mutual philosophy that we share with SERHANT.

Real Estate 397

Real Estate Marketing Brokerage Realty 397

Inman

JANUARY 18, 2023

The all-online brokerage saw its growth finally slow amid a broader market contraction. CEO Glenn Sanford eyes the challenges ahead for 2023.

Brokerage 132

Brokerage Contracts Marketing Realty 132

Housing Wire

APRIL 9, 2024

Their complaint challenges adjustments made to Keller Williams’ profit-sharing program and includes charges of breach of contract, declaratory judgment and unjust enrichment. In February 2020 , KW introduced a more restrictive policy to its profit-sharing program. But that policy did not impact agents who joined before April 1, 2020.

Brokerage 424

Brokerage Agents Legal Real Estate 424

Housing Wire

APRIL 1, 2024

Allegations against KW include breach of contract, declaratory judgment and unjust enrichment. But in August 2023 , during KW’s Mega Agent Camp event in Austin, the company’s International Associate Leadership Council (IALC) voted to revise the profit-sharing distribution policy.

Legal 417

Legal Brokerage Agents Real Estate 417