Housing Wire
JUNE 7, 2024
Following a few days of declining bond yields and mortgage rates this week, the trajectory took a significant turn on Friday with the release of favorable labor data , sparking a notable increase in the 10-year yield, a key indicator for those in housing. The BLS jobs report shows the honey badger labor market woke up and once again chose violence this morning.
Appraisal Buzz
JUNE 5, 2024
FinanceBuzz recently surveyed homeowners to find out what home maintenance tasks they are putting off, and the average cost of these delayed maintenance tasks and repairs. FinanceBuzz’s Josh Koebert analyzed data from 1,000 surveyed U.S. homeowners, aged 18 or older from April and May 2024. Of those surveyed, a majority of homeowners (three out of every five) or 60% are putting off some kind of necessary repair or maintenance project around the house.
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Housing Wire
JUNE 5, 2024
The U.S. Department of Housing and Urban Development (HUD) this week announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA). The Manufactured Home Community loan product will “will help entities to preserve, stabilize, and revitalize these vital sources of affordable housing,” the department explained.
Sacramento Appraisal Blog
JUNE 6, 2024
Cash buyers are really showing up. They are the X factor this year to explain the bump in volume we’ve seen compared to last year. Today, I have some really cool stats to unpack what is happening in nine local counties. If you’re not in Sacramento, is this happening in your area too? UPCOMING SPEAKING […] The post Cash buyers are the X factor in 2024 first appeared on Sacramento Appraisal Blog.
Real Estate News
JUNE 6, 2024
Watch the conversation with industry news leader Mitch Robinson as he offers advice for working with local news outlets to “tell your story in a proactive way.
Miller Samuel
JUNE 6, 2024
I walked a few blocks from our Manhattan office to the Wall Street Journal to be interviewed for their digital piece on how to think about renovations in a home and their contribution to value. The home was located in Coeur d’Alene, Idaho. I get to provide sage advice from an appraiser’s perspective. The post [WSJ Digital] The Total Renovations Behind This Home’s $1.8M Listing Price first appeared on Miller Samuel Real Estate Appraisers & Consultants.
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George Dell
JUNE 5, 2024
How did this “official” ROV process happen? We used to just swim, now we have a rowboat and an oar! Editor’s Note: To read the entire Row, Row, ROV series, and a few more posts on Reconsideration of Value, click here. ROV (Reconsideration of Value) is ostensibly motivated by bias issues, as well as other […] The post Row Row ROV? Pt 3 appeared first on George Dell, SRA, MAI, ASA, CRE.
Real Estate News
JUNE 3, 2024
MLSs will no longer display offers of compensation, but some online startups say they have workarounds that comply with new rules. The DOJ may disagree.
Inman
JUNE 7, 2024
Four days after Bing Real Estate came under fire for its alleged co-opting of listing data from Zillow, Redfin and Realtor.com, Microsoft has removed for-sale listing data from its site.
Housing Wire
JUNE 5, 2024
A report released Wednesday by Realtor.com shows that a key measurement of U.S. home values is growing faster that the more commonly viewed metric of listing price. The analysis revealed that, across the 50 largest U.S. metro areas, price per square foot rose by 52.7% during the five-year period ending in May 2024. By comparison, the national median list price for a home jumped 37.5% during the same period to its current level of $442,500.
Appraisal Buzz
JUNE 4, 2024
The Consumer Financial Protection Bureau (CFPB) has issued “ CFPB Circular 2024-03: Unlawful and Unenforceable Contract Terms and Conditions ,” warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. According to CFPB Circular 2024-03 , companies use fine print tactics to try to trick consumers into believing they have given up certain legal rights or protections.
Eyes on Housing
JUNE 5, 2024
The Market Composite Index, a measure of mortgage loan application volume by Mortgage Bankers Association’s (MBA) weekly survey, has been hovering around 200 since October 2022 as higher mortgage rates and low resale inventory continue to hamper potential buyers. On a week-over-week change, total mortgage, purchasing, and refinancing activities decreased 5.2%, 4.4% and 6.
Real Estate News
JUNE 7, 2024
Industry leaders began sounding the alarm last week after seeing unlicensed data on a portal-like section of Microsoft’s search engine.
Inman
JUNE 4, 2024
Some believe more buyers will come to the table without agents. That could lead to fertile breeding grounds for the polarizing practice sometimes known as "double ending.
Housing Wire
JUNE 7, 2024
Consumer attitudes toward the purchase of a home fell “markedly” in May, while the percentage of consumers who said it was a “bad” time to buy a home grew month over month from 79% to 86%, according to new survey data from government-sponsored enterprise (GSE) Fannie Mae. The Fannie Mae Home Purchase Sentiment Index (HPSI) decreased 2.5 points in May to 69.4, marking an all-time low in the measurement of consumer sentiment toward homebuying.
Appraisal Buzz
JUNE 3, 2024
CoreLogic has issued its 2024 Hurricane Risk Report , offering an analysis of hurricane risk in the U.S., shedding insight for property owners, insurers, and policymakers. This upcoming hurricane season, the National Oceanic and Atmospheric Administration (NOAA) anticipates a return to La Niña conditions in the Pacific Ocean, with North Atlantic Ocean sea surface temperatures already warmer than any previous year on record.
Appraiserblogs
JUNE 5, 2024
Bureau is currently investigating various fees associated with obtaining a loan, with the goal of identifying any that may be particularly burdensome or concerning for borrowers. As we all know many AMCs are not paying Customary & Reasonable fee as required by TILA. They have consistently pushed down the pay of Appraisers while making undisclosed profit off consumers and prioritizing cheapest and fastest over quality and competency.
Real Estate News
JUNE 6, 2024
Several commissions-related milestones are coming up, starting with the NAR settlement opt-in deadline in less than two weeks.
Inman
JUNE 4, 2024
Industry watchers are sounding the alarm about Microsoft's Bing Real Estate, a site that for several months has been reposting listings from Zillow, Realtor.com and Redfin without explanation.
Housing Wire
JUNE 7, 2024
Home equity continued to rise in the first quarter of 2024 as residential properties with mortgages collectively gained $1.5 trillion in equity over the past year, according to a CoreLogic report released Friday. The average U.S. homeowner with a mortgage added $28,000 in equity during the year ending in March 2024 — the highest year-over-year increase since late 2022.
Appraisal Buzz
JUNE 4, 2024
According to Realtor.com May housing data , median list prices have grown 37.5% from May 2019, yet inventory has decreased 34.2% compared to normal 2017 to 2019 levels, indicating that the market remains seller-friendly. “In addition to higher median list prices and fewer homes for sale versus 2019, the increase in median price-per-square foot suggests that the typical home on the market today is worth 52.7% more than before the pandemic, more than double the roughly 23% increase in consumer pri
Appraiserblogs
JUNE 3, 2024
Picasso answered “$5,000 madam.” “But it only took you five minutes.” “No, madam, it took me my whole life.” The Appraisal Institute has been a source of frustration and criticism within the appraisal profession for quite some time. I must admit that I have also expressed my dissatisfaction with them. Nevertheless, I must acknowledge that the new CEO, Cindy Chance, appears to be a positive change and is making some valuable points about our profession from her new position.
Real Estate News
JUNE 4, 2024
The Austin-based MLS will roll out mandatory changes a few days early to help its members “own the moment” in August and beyond.
Inman
JUNE 7, 2024
Employers added 272,000 jobs in May, far exceeding the consensus view among economists that payrolls would rise by 180,000 and the average of 232,000 over the past year.
Housing Wire
JUNE 6, 2024
The Real Brokerage announced Thursday the addition of several new teams across the U.S. last month as the publicly traded company pushed its agent count above 19,000. The newly released 2024 RealTrends Verified rankings , based on 2023 data, showed that Real was the sixth-largest brokerage in the country for sides (48,905) and ranked No. 10 for sales volume ($21.2 billion).
Appraisal Buzz
JUNE 5, 2024
In another new article toasting National Homeownership Month, the National Association of Home Builders (NAHB) conducted a survey entitled “What Home Buyers Really Want, 2024 Edition” which overall found that due to high interest/mortgage rates and the recent double-digit increase in home prices, buyers are compromising their lot and home size requirements just to have a shot at getting into a home.
Eyes on Housing
JUNE 7, 2024
Despite high interest rates, job growth accelerated in May, but the unemployment rate increased to 4.0%. Overall, the labor market remains strong, but there are signs of slowing, which signals monetary policy easing in the months ahead. Additionally, wage growth accelerated for the first time in four months. In May, wages grew at a 4.1%.
Real Estate News
JUNE 6, 2024
Despite an increase in supply, affordability continues to keep many buyers on the sidelines, and rates aren’t expected to fall significantly this year.
Inman
JUNE 7, 2024
Not sure what challenges and opportunities are coming your way? Coach Darryl Davis provides the numbers to crunch so that you always know what's going on in your real estate business.
Housing Wire
JUNE 7, 2024
Engel & Volkers Atlanta , a luxury real estate brokerage, announced Thursday that Christopher Burell is joining the firm as its new chief growth officer. Burell has 20 years of prior experience in the metro Atlanta real estate scene. He previously served in executive and broker roles for several leading firms in the area. In announcing the hire, Engel & Volkers said that Burell has “earned an esteemed reputation as a real estate industry leader, combining his dynamic leadership style and
Appraisal Buzz
JUNE 3, 2024
According to a new report from Intercontinental Exchange, Inc (ICE) covering June 2024, data shows that annual home price gains continued to cool in April, marking the second month of pullbacks. Gains of +6.1% year over year in February slowed to a revised +5.7% in March before easing to +5.1% as of April. As ICE’s VP of Enterprise Research Strategy Andy Walden explains, the cooling is apparent from both seasonally adjusted and unadjusted perspectives.
Eyes on Housing
JUNE 7, 2024
According to Freddie Mac, the average 30-year fixed-rate mortgage increased by 7 basis points (bps) in May 2024, reaching 7.06%, up from 6.99% the previous month. This represents a 64 bps increase from the previous year, when it stood at 6.34%.
Real Estate News
JUNE 7, 2024
According to a new CoreLogic report, the typical homeowner saw their home equity increase by $28,000 over the past year.
Inman
JUNE 7, 2024
Vicky Yu closed more than $63 million in sales last year. Her move to Coldwell Banker comes as brokerages continue an intense competition for top talent.
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