Sat.May 06, 2023 - Fri.May 12, 2023

article thumbnail

The housing market went from an ice bath to a bloodbath

Sacramento Appraisal Blog

The housing market went from an ice bath to a bloodbath. That’s a good way to describe it as the contrast between the dull fall season and the spring has been striking. In today’s post I want to highlight national vs local stats, a dead cat bounce, and dive deeply into local trends. I hope […] The post The housing market went from an ice bath to a bloodbath first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

article thumbnail

CPI report is good news for mortgage rates

Housing Wire

The massive inflation and double-digit mortgage rates of the 1970s and early 1980s seem to haunt the Federal Reserve , which wants to cool the economy and even provoke a job-loss recession to avoid that scenario. But the latest Consumer Price Index inflation report shows how the fear of 1970s-style inflation is wildly overblown. Today’s numbers don’t look like the 1970s at all, when rent, wages, and oil shocks sent inflation running hotter than anything we have seen in recent modern-day hi

Mortgage 535
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Why RE/MAX's CEO isn’t worried about the market (but hates a cluttered inbox)

Real Estate News

President and CEO Nick Bailey — a 30-year industry veteran — takes a long-term perspective on real estate, and he already sees positive shifts.

article thumbnail

The Law of Averages and You

The Appraiser Coach

Averages rule the universe. You may be more familiar with this statement as the law of averages. Let me give you an example as a.

Law 195
article thumbnail

5 things agents should look for in a real estate photographer

Inman

It can be hard to know which type of photographer will show up at your property. Here are some best practices to ensure your listing (and your client) are set up for success.

article thumbnail

Housing Market Tracker: Spring inventory falls

Housing Wire

Just when I thought it was safe to say we were getting more traditional spring housing inventory , we hit a snag last week, as active inventory and new listings declined. Hopefully, this is just a blip, which can occur from time to time with weekly data. We had a lot of drama over the week between Federal Reserve meetings and banking stress, and mortgage rates and purchase applications both fell.

Inventory 491

More Trending

article thumbnail

Resistance to Change?

George Dell

Personal change is difficult. I like my old comfy chair. A new chair must be broken in. Uncomfortable! But the new chair does stuff. New stuff. It has automatic, adjustable features. It has memory foam, a heating pad, and hot and cold cup holders. And a remote control with 27 buttons which can control room […] The post Resistance to Change?

Appraisal 150
article thumbnail

How to answer buyers’ top 10 most-asked mortgage questions

Inman

Agents should be prepared to answer their buyer's mortgage questions, including types of mortgages, lender guidelines, preapproval vs. prequalification and the closing process in the area.

Buyers 185
article thumbnail

NewRez now offers Freddie Mac’s revamped downpayment assistance program

Housing Wire

Mortgage lender and servicer NewRez on Monday launched a special purpose credit program through Freddie Mac that will provide $3,000 or more in closing cost assistance to qualifying first-time homebuyers. Freddie Mac’s BorrowSmart Access program will be available to NewRez borrowers through Caliber Home Loans ‘ national network of branches.

Finance 410
article thumbnail

Real defies the odds, reports strong annual revenue gains

Real Estate News

The Real Brokerage more than doubled its agent count vs. last year, with chairman and CEO Tamir Poleg crediting its technology and “agent attraction model.

Brokerage 258
article thumbnail

Inflation Falls Below 5% For First Time in Two Years

Eyes on Housing

Consumer prices in April saw the smallest year-over-year gain since April 2021. This marked the tenth consecutive month of deceleration and the first time the rate has fallen below 5% in two years. While the shelter index (housing inflation) experienced its smallest monthly gain since January 2022, it continued to be the largest contributor to the total increase, accounting for.

Inventory 184
article thumbnail

NAR votes to raise membership dues in alignment with inflation

Inman

The National Association of Realtors voted Thursday to tie annual membership dues to the Consumer Price Index. Its board separately voted to increase annual dues by 4 percent to $156 next year.

Realtors 165
article thumbnail

Argyle grows consumer verifications, adds new mortgage customers

Housing Wire

Payroll connectivity platform Argyle announced this week that it has grown the number of its consumer verifications 100% year over year and has welcomed over 35 new customers so far in 2023. The company offers direct-source data portability tools for mortgage, lending, banking, background and tenant screening, and other use cases. “We’ve packaged five years of learning and innovation into our next-gen platform to continue automating critical workflows, reducing business risk, and pro

Mortgage 406
article thumbnail

Compass loses $150 million, but finds reasons for optimism

Real Estate News

With the rollout underway for its end-to-end transaction platform, and agent count up, Compass projects that it will be cash-flow positive next quarter.

Agents 246
article thumbnail

Building Materials Prices Decline in April Despite Increased Lumber Costs

Eyes on Housing

According to the latest Producer Price Index report, the prices of inputs to residential construction less energy (i.e., building materials) decreased 0.2% in April 2023 (not seasonally adjusted). The index has gained 0.5%, year-to-date, which is the smallest April YTD increase since it climbed 0.3% over the first four months of 2020. The PPI for goods inputs to residential construction, including.

article thumbnail

Compass to launch network aimed at relocating medical professionals

Inman

Moving Medicine Partners will launch as a national network of agents later this month with St. Louis relocation specialist Zoe Cangas leading the new initiative, Inman has learned exclusively.

Agents 161
article thumbnail

Mr. Cooper to acquire Home Point Capital for $324M in cash

Housing Wire

Dallas, Texas-based Mr. Cooper Group has entered into an agreement to acquire struggling Home Point Capital for $324 million in cash, the companies announced on Wednesday. The transaction will ultimately result in the seller shutting down operations. Rumors that Mr. Cooper was interested in Ann Arbor, Michigan-based Home Point spread prior to the latter selling its wholesale origination business to The Loan Store on April 7 and were amplified after.

Legal 397
article thumbnail

Brokerage Beat: News from Corcoran, RE/MAX, Real, C21, more

Real Estate News

Corcoran expands in NJ; RE/MAX snags SoCal firm; Real opens in Manitoba; C21 grows in Green Bay; AZ indie joins KW; The Agency opens in Boise; eXp woos teams.

Brokerage 236
article thumbnail

Highest Paid Occupations in Construction in 2022

Eyes on Housing

According to the latest May 2022 Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) and analysis by the National Association of Home Builders (NAHB), half of payroll workers in construction earn more than $54,540 and the top 25% make at least $77,030. In comparison, the U.S. median wage is $46,310, while the top quartile (top 25%) makes at.

article thumbnail

Fair housing training for agents will be mandatory under NAR proposal 

Inman

The National Association of Realtors' Board of Directors will vote Thursday on requiring its 1.5 million members to complete two hours of fair housing training every three years beginning in 2025.

Training 161
article thumbnail

Mortgage rates continue recent sideways trend: Freddie Mac 

Housing Wire

This week’s mortgage rates declined slightly, continuing a recent “sideways trend” at the low 6% mark. Rates reflected a moderation in inflation and the banking crisis, and the consequent expectation that the Federal Reserve ( Fed ) is done hiking the federal funds rate. Per Freddie Mac ‘s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 6.35% as of May 11, down four basis points from last week’s 6.39%.

Mortgage 397
article thumbnail

FHFA decides to scrap new debt-to-income ratio fees

Real Estate News

The fees, which were scheduled to go into effect on Aug. 1, were opposed by industry groups including NAR and the Mortgage Bankers Association.

Mortgage 234
article thumbnail

Mortgage Activity Increases Despite Affordability Issues

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending May 5th, total mortgage activity increased 6.3% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell two basis points to 6.48%. The FRM rate has risen 18 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose.

Mortgage 165
article thumbnail

EasyKnock acquires Ribbon in bid to launch national marketplace

Inman

The sale-leaseback platform plans to launch a marketplace later this year designed to serve homesellers and buyers, both individuals and investors, EasyKnock revealed to Inman exclusively.

Design 161
article thumbnail

Mortgage payments rose in April, but so did incomes

Housing Wire

With mortgage rates still in the mid 6% range, borrowers who received mortgages in April 2023 paid an average of $2,343 a month, up 28% from a year prior. That’s according to the latest origination data from mortgage tech firm Candor Technology. Per data from Candor’s underwriting engine, the average buyer in April 2023 received a loan worth about $366,000 at an average APR of 6.5%.

Mortgage 397
article thumbnail

Mortgage rates inch down, continuing a ‘sideways trend’

Real Estate News

Interest rates dipped slightly to 6.35% this week, and mortgage applications were up — but limited inventory is keeping the market “subdued.

Mortgage 234
article thumbnail

Lending Standards Tighten for Residential and Commercial Real Estate Loans in Q1 2023

Eyes on Housing

According to the Federal Reserve Board’s April 2023 Senior Loan Officer Opinion Survey (SLOOS)—conducted for bank lending activity over the first quarter of 2023—banks reported that lending standards tightened for most residential real estate (RRE) and commercial real estate (CRE) loan categories. Demand for RRE and CRE loans weakened across all categories over the quarter.

Lending 162
article thumbnail

‘AI terrifies me’: Tips for Realtors on how to avoid the new tech’s pitfalls

Inman

At NAR's midyear conference, Senior Counsel Chloe Hecht offered best practices to help navigate artificial intelligence without running afoul of copyright law or the Realtor Code of Ethics.

Realtors 160
article thumbnail

loanDepot delivers another loss in Q1 but shows signs of improvement

Housing Wire

California-based lender loanDepot was in the red again in the first quarter of 2023. However, margins and revenues improved in the period, according to documents filed with the Securities and Exchange Commission on Tuesday. The lender recorded a loss of $60.2 million in non-GAAP adjusted net income from January to March, compared to a negative $110.7 million in the previous quarter.

Investors 393
article thumbnail

NAR move could raise dues 4%

Real Estate News

If approved Thursday, NAR’s proposal would increase dues based on the inflation rate. This would increase 2024 dues to $156 (from $150).

237
237
article thumbnail

Grab Bars Remain the Most Common Aging-in-Place Remodel

Eyes on Housing

The NAHB’s Remodeling Market Index (RMI) survey has asked questions about Aging-in-Place (AIP) periodically, beginning in 2004. According to results from the Q1 2023 survey, 63 percent of professional remodelers undertake projects designed to allow homeowners to Age-in-Place, down from 77 percent in Q4 2018. This is the lowest percentage since the Q2 2006 survey (60 percent).

Design 156
article thumbnail

The agent’s guide to testimonials and reviews

Inman

Word of mouth (the digital kind) comes from online feedback in the form of reviews and testimonials. Find out how to gather and use good words from your past clients to attract your next ones.

Clients 158
article thumbnail

Home Point, soon to be defunct, delivers $28M loss in Q1

Housing Wire

Home Point Capital reported another quarterly loss on Friday morning, just two days after announcing that it is being sold to Mr. Cooper Group for $324 million in cash. The transaction will result in the company shutting down in the coming months. In the first quarter, Home Point’s origination and servicing businesses were in the red amid declining production volumes and a negative change in the fair value of its mortgage servicing rights (MSR).

Buyers 384
article thumbnail

How tech is making buying easier — and where it needs to go

Real Estate News

Is it possible to create an end-to-end buying and selling solution? Should we give iBuying a second look? Tech leaders discuss these questions and more.

221
221