Housing Wire
AUGUST 10, 2023
The 30-year fixed mortgage rate continued its upward trajectory for the third consecutive week, rising to 6.96%, according to Freddie Mac. Since the last FOMC meeting in July, all eyes have been fixed on Thursday’s Consumer Price Index release. Another rate hike in September would move the target federal funds rate to its highest level since March 2001.
Real Estate News
AUGUST 10, 2023
Average rates reached 6.96% again after rising three weeks in a row, and after falling last month, inflation crept back up.
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Housing Wire
AUGUST 10, 2023
Wells Fargo rolled out a down payment grant program that will offer $10,000 to eligible buyers or homeowners who currently live in or are purchasing homes in underserved communities in eight metropolitan areas. The Homebuyer Access grant program is available to those who have a combined 120% or less of the area median income (AMI). The grant funds can only be used toward the down payment on a Wells Fargo fixed-rate conventional loan secured by a property that will be the purchaser’s primar
Real Estate News
AUGUST 10, 2023
Many of the biggest annual price gains were in the Midwest, with Fond du Lac, Wisconsin, leading the way with a 25.3% gain.
Housing Wire
AUGUST 10, 2023
loanDepot has agreed to settle a securities class action lawsuit filed by shareholders that alleged the company, its executives and investment banks made false or misleading disclosures before and after the lender’s initial public offering in 2021. According to court filings, the parties agreed to settle and release all claims against the defendants in exchange for a cash payment of $3.5 million.
Real Estate News
AUGUST 10, 2023
A more ‘judicious’ and partner-focused Opendoor will help the company succeed in the wake of significant losses and layoffs.
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Inman
AUGUST 10, 2023
Brokerages need agents and their personal brands, more than agents need the backing of brokerage brands Baker argued at Inman Connect on Thursday. "My name is Glennda Baker, and I am a brand.
Housing Wire
AUGUST 10, 2023
The share of distressed property auction buyers who say they are owner-occupants nearly doubled over the last year, boosted by a game-changing government policy that took effect last August. The increasing share of owner-occupant buyers is also evidence that extremely tight housing inventory is prompting more retail buyers to take on the additional challenges that come with buying a distressed property at auction.
Eyes on Housing
AUGUST 10, 2023
Consumer prices showed a slight uptick in July, with core inflation remained sticky, ending a streak of 12 consecutive months of steady declines. Despite a slowdown compared to the previous month, the shelter index (housing inflation) continued to be the largest contributor to both headline and core inflation, accounting for over 90% of the increase in headline inflation.
Housing Wire
AUGUST 10, 2023
Mortgage tech firm Blend Labs narrowed its financial losses in the second quarter on the strength of its platform business as well as cost-cutting measures. Blend, whose white-label software processes billions in mortgage transactions for lenders, reaffirmed its goal of reaching profitability by 2024. The San Francisco, California-based company reported a non-GAAP net loss of $22.7 million in the second quarter, compared to $35.6 million in Q1 and $45.1 million in Q2 2022.
Inman
AUGUST 10, 2023
Carl Westcott, 83, claims his judgment was impaired when the contract with Perry and Bloom was signed, due to opiates he was prescribed following an extensive surgery to treat Huntington's disease, according to reports.
Housing Wire
AUGUST 10, 2023
Increasing wildfire risk resulting from climate change is a growing problem for insurers and homebuyers in affected areas, particularly California, according to a new report from data provider CoreLogic. With more than 1.2 million California homes at moderate or high risk of wildfire damage, CoreLogic estimates a total reconstruction cost of $760 billion for at-risk homes in the state.
Inman
AUGUST 10, 2023
Redfin Senior Director of Brokerage Operations Joe Rath and NextHome CEO James Dwiggins said during an Inman Connect panel that pocket listings have proliferated since Clear Cooperation.
Housing Wire
AUGUST 10, 2023
The Consumer Price Index climbed 3.2% in the year through July, the first acceleration in 13 months. But that figure requires a closer examination. Inflation soared in June 2022 and was slightly slower the following month. When this year’s figures were measured against last year’s readings, June looked lower and July appeared higher. After recording a 3.0% annual increase in June , the CPI rose just 3.2% year over year in July, before seasonal adjustment, according to data released Thurs
Inman
AUGUST 10, 2023
Artificial Intelligence could make lending more efficient, though the most radical developments may still be decades away, two tech leaders said Wednesday at Inman Connect Las Vegas.
Housing Wire
AUGUST 10, 2023
Has the recent inflation data given the Federal Reserve a pathway for a 2024 pivot? The Fed has whispered about what can happen if the inflation growth rate falls more into 2024 and it’s a positive take. Some have thought the Fed would need to keep the fed funds rate elevated for years until they see 2% core PCE data. However, I believe there could be another path for 2024.
Inman
AUGUST 10, 2023
The Los Angeles agent told the crowd at Inman Connect Las Vegas on Thursday that he owes his success to mastering the listing interview. "There's no second choice to this," Jordan Cohen said.
Housing Wire
AUGUST 10, 2023
A little over a month after filing an agreement in one of the ongoing buyer broker commission lawsuits, New England’s largest multiple listing service (MLS), MLS Property Information Network (MLS PIN)’s attempt to settle the Nosalek case, has hit a snag. Originally filed in December 2020, the Nosalek lawsuit alleges that the broker-owned MLS PIN is not directly required to abide by the National Association of Realtors (NAR) rules.
Inman
AUGUST 10, 2023
Greg Robertson, Joshua Coleman, Amy Gorce and Gene Millman debated whether the relationship between MLSs and brokers has improved over the past decade during a session at Inman Connect Las Vegas.
Empire Appraisal Group
AUGUST 10, 2023
NEWS & MEDIA Henrik Sorensen, Getty Images Source: [link] When to Buy? It’s Not Just an Investment Decision By Terry Savage People need a roof over their heads, making “home” a life necessity – and also, on the side, a good investment. As a result, buying sooner is better than later. DAVENPORT, Iowa – For the vast majority of Americans, their home is their greatest lifetime investment.
Inman
AUGUST 10, 2023
NYC-based Real Brokerage's second-quarter revenue increased 65 percent year over year to $185.3 million. Despite raising fees in the first quarter, its agent count ballooned 105 percent year over year to 11,500, according to an earnings report.
Eyes on Housing
AUGUST 10, 2023
Rising home prices and interest rates coupled with elevated construction costs, low existing inventory and solid demand resulted in a significant decline in housing affordability during the second quarter of 2023. According to the NAHB/Wells Fargo Housing Opportunity Index (HOI), 40.5% of new and existing homes sold between the beginning of April and end of June were affordable to families.
Inman
AUGUST 10, 2023
Marketing dynamos from Anywhere, The Agency and Collabra Technology shared how companies can wield artificial intelligence and market data to help agents stand out in a competitive market.
BiggerPockets
AUGUST 10, 2023
The BRRRR method is still one of the best strategies to deploy in real estate investing. What are your financing options? And do DSCR loans come in handy for BRRRR projects?
Inman
AUGUST 10, 2023
The Real Brokerage founder Tamir Poleg and his executive team walked away with Inman Innovator Award's highest honor, thanks to their amazing strides in tech and recruiting.
Mortgagebroker News
AUGUST 10, 2023
The pandemic mortgage boom has subsided – but there’s still plenty of competition at play
Inman
AUGUST 10, 2023
Nine months after temporarily shuttering its services and three months after being acquired by EasyKnock, Ribbon is now offering cash backing to buyers in Atlanta and Charlotte once again.
Mortgagebroker News
AUGUST 10, 2023
The average priced Canadian home is roughly 32% more expensive than the borrowing capacity of median-income households
Inman
AUGUST 10, 2023
Price declines were bigger in the spring than in the late winter, according to quarterly home sales data issued Thursday by NAR. But to real estate agents in most U.S. markets, it didn't feel that way.
BiggerPockets
AUGUST 10, 2023
Looking for a high-cash-flow real estate market? Well, you’ll need low home prices to make that happen.
Inman
AUGUST 10, 2023
"I want our industry to look more at the rental market not as something that's completely separate and distinct from the homebuying market," Michael Lucarelli said Wednesday at Inman Connect Las Vegas.
Mortgagebroker News
AUGUST 10, 2023
The best technological tools are only as good as the mortgage professionals that use them
Inman
AUGUST 10, 2023
The Consumer Price Index increased 0.2 percent in July and rose 3.2 percent annually, according to data released Thursday by the Bureau of Labor Statistics that suggests inflation is still cooling.
Mortgagebroker News
AUGUST 10, 2023
Affordability challenges continue to stem from rate increases and elevated construction costs
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