Thu.Jun 08, 2023

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Survey: High mortgage rates are keeping many Americans from buying a home

Housing Wire

Homebuyers these days are facing much higher costs of ownership compared to a year ago, pushing most to the sidelines. Mortgage rates and home prices are high and inventory is paltry, resulting in a largely frozen housing market. Nearly two-thirds of Americans say they are waiting for mortgage rates to drop before entering the market, according to a survey released this week by BMO Financial Group , the eight-largest bank in North America.

Mortgage 384
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Homeowner equity ticks down but is still riding high

Real Estate News

Home equity dipped last quarter for the first time in a decade, but big gains in recent years have kept most homeowners squarely in the black.

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Improving your bottom line at HW Annual

Housing Wire

In this tight market cycle, strategic operational decisions can be the difference between success and failure. An aligned team of operational leaders can transition your business into the future, but first, you need the tools to get there. How are you driving your LOs to up their game? At HousingWire Annual 2023, attendees will get the inside scoop on the strategies that operational leaders, like Sarah Gonzalez, rely on to grow their businesses in any market.

Retail 384
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Mortgage rates finally inch down, but buyers aren’t pouncing

Real Estate News

The 30-year fixed-rate mortgage averaged 6.71% this week, the first drop in nearly a month.

Buyers 269
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Home equity levels decline 0.7% year over year: CoreLogic

Housing Wire

Home equity levels have been on the decline over the last year, new data shows. Homeowners with mortgage loans saw their home equity levels decline by an average of 0.7% between the Q1 2022 and Q1 2023, the first decline recorded since early 2012, according to CoreLogic ’s Homeowner Equity Report (HER). Homes with mortgages account for roughly 63% of all U.S. properties.

Mortgage 370
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Zillow unveils its latest ShowingTime+ agent product

Real Estate News

An enhanced, feature-rich Appointment Center offers several new efficiency-oriented tools for agent users.

Agents 204

More Trending

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Housing Affordability Posts Solid Gain but Still Much Lower from a Year Ago

Eyes on Housing

Solid nominal wage gains (unadjusted for inflation) combined with lower mortgage rates and home prices helped to boost housing affordability in the first quarter of 2023, but ongoing building material supply chain issues and expected cooling of wage growth signal ongoing concerns for affordability conditions in the year ahead. According to the NAHB/Wells Fargo Housing Opportunity Index (HOI), 45.6% of.

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Mauricio Umansky knows a thing or 2 about leveraging media coverage

Inman

No matter how many years of real estate experience you have, thoughtfully embracing and leveraging media coverage can be a highly impactful way to amplify your brand, expand your business and gain new clients.

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Home Sales Forecast and Returning to a 1990s Housing Market

BiggerPockets

Home sales have been falling fast since interest rates rose last year. After a spree of house shopping and record-low mortgage rates, homeowners sit comfortably in 2023.

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New scheduling, market reporting tools boost ShowingTime+

Inman

While Zillow remains centered on consumer search and lead generation, offspring ShowingTime+ is becoming the "super app" the industry giant promised, according to the company.

Tools 153
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ClearCast Podcast E36 — Parker89 Managing Director, Nate Levin

Clear Capital

Follow ClearCast on LinkedIn , Twitter , Facebook , and Instagram. EPISODE SUMMARY ClearCast kicks off its second season! Your co-hosts, Kenon Chen and Jeff Allen, sit down with Nate Levin , Managing Director at Parker89. The trio discuss Parker89’s recent work, startups revolutionizing fintech, how AI may impact the industry, and Nate’s favorite historical tidbit.

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Inman proudly announces the Inman Ambassadors for ICLV

Inman

This diverse group of successful real estate agents and brokers from across the U.S. and Canada will be sharing real-time knowledge from the best and brightest from the stage, dishing highlights, and relaying the action straight from the front row of sessions and masterminds.

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Fannie Mae is Bearish on Housing and is Projecting a “Mild” Recession

BiggerPockets

Despite reports about the market bottoming, Fannie Mae thinks more pain will come. Here's what they said.

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California’s loathed ‘Mansion Tax’ falls flat in first full month in effect

Inman

Implemented in April on properties over $5 million, the ULA Tax was intended to bring in an average of $56 million in revenue per month to the city of L.A. During its first month, it brought in just $3.6 million.

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What Is Escrow and How Does It Work?

BiggerPockets

Escrow is a key part of real estate transactions and mortgage agreements, but many homebuyers aren't familiar with escrow and how it works.

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5 game-changing ways to harness AI for real estate marketing

Inman

Harnessing the power of AI in your marketing plan doesn't mean you're abdicating control, writes Chris Pollinger. Instead, it means you're arming yourself with a powerful ally that can help you navigate the complex world of real estate marketing with more clarity, precision, and insight.

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More Bank of Canada hikes could be on the way, says CIBC's Tal

Mortgagebroker News

"If you give them a choice – a recession versus inflation rising – they will go with a recession any day"

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What is the meaning of full service?

Inman

Does "full-service real estate" really mean anything, or is it just something brokerages say to charge higher fees? Teresa Boardman looks at the service-shortfalls of so-called full-service brokerages and teams.

Brokerage 145
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Is the sinking housing market finally at the bottom?

Housing Wire

It’s been a brutal 15-month period for the housing market since the Federal Reserve began escalating its benchmark interest rate in March 2022 to combat rising inflation. Since then, the Fed has bumped rates 10 times, effectively putting the brakes on what had been a hot housing market. As the June 13-14 meeting of the central bank’s Federal Open Market Committee (FOMC) approaches, the housing industry remains prepared for yet another jolt of rate shock.

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Happy Grasshopper eyes closing gift fix with Marigold & Grey deal

Inman

Happy Grasshopper, a content marketing solution, is adding gift-giving to its services thanks to a partnership with Maryland-based Marigold & Grey, a full-service artisan gifting company.

Marketing 143
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Can the Canadian economy escape a recession this year?

Mortgagebroker News

Elevated inflation rates are "proving stubborn" despite increasingly stringent central bank policy, BMO says

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Better.com lays off in-house real estate agents nationwide

Inman

Troubled mortgage lender had touted Better Real Estate as a crucial component of its plans to build out an integrated end-to-end technology platform.

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Report: Missed payments a growing concern among mortgage borrowers

Mortgagebroker News

The trend was mainly impelled by sustained economic volatility, according to Equifax Canada

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Mastering delegation: What to do when you can’t do it all

Inman

Mastering the art of delegation is a critical skill for leaders ascending the ranks in the real estate industry, writes The Agency's Rainy Hake Austin.

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What's next for mortgage holders after rates rise again?

Mortgagebroker News

The central bank’s policy rate has reached its highest level in more than two decades

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Robert Reffkin: Sub-4% mortgages are ‘handcuffs’ for home inventory

Inman

In a Bloomberg Markets TV appearance, the top boss at Compass said homeowners are treating a 3 percent mortgage rate "as a financial asset" — at least for now.

Inventory 139
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Another rate hike could be on the way, say analysts

Mortgagebroker News

The central bank's next policy rate announcement is scheduled for July

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Your best year ever! 3 areas of focus and 21 strategies that pay

Inman

Great agents do daily what good agents do occasionally. Let Jimmy Burgess walk you through 21 best marketing practices to grow your business.

Agents 146
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RBC on how unexpected the latest Bank of Canada hike really was

Mortgagebroker News

The central bank caught some analysts off guard with its latest 25-basis-point move

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Homeowners lose equity for 1st time in over a decade: Report

Inman

The typical U.S. homeowner with a mortgage lost about $5,400 in equity in the first quarter of 2023 compared to a year earlier, CoreLogic said.

Mortgage 144
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Finance Friday: Barely Breaking Even? Here’s How You Can STILL Invest

BiggerPockets

Side income streams are your way out of breaking even every month.

Finance 70
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And the trending interior design colors for 2023 are …

Inman

Everything’s coming up roses in the design world, with many interior tastemakers leaning into corals, reds and berries to reflect their emphasis on bold colors inspired by nature.

Design 119
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Bank of Canada rate increase: Will it end Canada's housing market revival?

Mortgagebroker News

Economist on what's next for housing after rates jump again

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Zillow must pay VHT $2M for listing photos, appeals court affirms

Inman

Unless the companies decide to take their case to the U.S. Supreme Court and the court opts to take it, this is the end of the road for a legal saga that began eight years ago over the fate of sold listing photos.

Legal 113