Mon.Jun 10, 2024

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Boomers, millennials locked in ‘showdown’ over housing: Fortune

Housing Wire

As baby boomers increasingly seek to age in place in their own homes — a scenario supported by both the preferences of older homeowners and the realities brought on by elevated mortgage rates — this is clashing with the desires of millennials who wish to enter the housing market, as the combination of limited inventory and high costs are keeping these buyers on the sidelines of the mortgage market.

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Seller Concessions Adjustments Revisited

Appraisal Buzz

There seems to be continued debate among appraisers, reviewers, and underwriters regarding seller concessions. A particular point of contention in this debate is whether or not it is appropriate to adjust seller concessions on a dollar-for-dollar basis. I must admit, that point of contention is somewhat understandable, as the ‘Sales or Financing Concessions’ portion of the Fannie Mae Selling Guide has always appeared to be a little contradictory (see B4-1.3-09, Adjustments to Comparable Sales

Sellers 418
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Two parties appeal final approval of RE/MAX, Keller Williams and Anywhere settlement agreements

Housing Wire

The path forward for the settlement agreements reached by Anywhere , RE/MAX and Keller Williams with the home seller plaintiffs in the commission lawsuits has become a bit murkier. Last week, two parties filed appeals with the Eighth Circuit Court of Appeals that seek to overturn Judge Stephen R. Bough’s May 9 decision to grant final approval of the three settlement agreements.

Sellers 450
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Near-Record Housing Costs Pushing Homebuyers Away

Appraisal Buzz

Home sale prices are falling year-over-year in four major U.S. metros, according to a new Redfin report, three of which are in Texas: Austin (-2.9%), San Antonio (-1.2%), and Fort Worth (-1.2%), followed by Portland, Oregon (-0.9%). Home prices jumped 4.4% nationwide from a year ago, reaching an all-time high in the four weeks ending June 2. However, the report finds that there are early indications that nationwide price increases could slow soon, as an estimated 6.4% of US home sellers reduced

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Mortgage veteran Joe Tyrrell named CEO of Optimal Blue

Housing Wire

Mortgage veteran Joe Tyrrell will succeed Scott Smith as CEO of Optimal Blue , the company announced Monday. Tyrrell has more than 25 years of experience in mortgage, finance and technology, serving as president of ICE Mortgage Technology for three years after ICE bought Ellie Mae in 2020. For the past 18 months he has served as the CEO of Medallia , a customer and employee experience company.

Mortgage 419
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Renters’ Best and Worst Cities

Appraisal Buzz

According to a new survey from Forbes Advisor, renting, not buying, is now cheaper in America’s 50 largest metro areas. But with home prices across the country now up 6.1% as of April 2024 compared to the same time last year based on reports from 2,000 renters. Even more surprising, 34% of these surveyed renters have no plans to buy a home in the future.

Finance 354

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Consumer Sentiment Toward Housing Market Continued to Sour in May

Appraisal Buzz

Consumers continued to have a mostly negative view of the housing market in May, with only 14% saying it’s a good time to buy a home, down from 20% in April, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI). What’s more, the percentage of survey respondents who say it is a good time to sell a home decreased to 64%, down from from 67% in April, while the percentage who say it is a bad time to sell increased to 35%, up from from 32% the previous month.

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Top Bay Area agent joins Coldwell Banker Realty

Housing Wire

Coldwell Banker Realty is adding another top-producing agent to its roster. The firm announced Monday that it has welcomed Vicky Yu to its Redwood City-San Carlos office in Northern California. Yu was most recently affiliated with Compass , operating out of its Burlingame office. ”Vicky is a highly regarded agent in the Bay Area and we are thrilled that she has chosen to affiliate with the Redwood City-San Carlos office,” Jennifer Lind, the Western regional president of Coldwell Banker Realty, s

Realty 417
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Ginnie Mae MBS Issuance Grows in May

Appraisal Buzz

According to the latest data from Ginnie Mae , its mortgage-backed securities (MBS) portfolio outstanding grew to $2.59 trillion in May 2024, including $36.9 billion of total MBS issuance, resulting in $14.3 billion in net growth. May’s new MBS issuance supports the financing of more than 116,000 households, including more than 58,000 first-time homebuyers.

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Real estate broker Oren Alexander and brother accused of rape in New York

Housing Wire

Oren Alexander, a top real estate broker and co-founder of the Side-brokered firm Official Partners , along with his twin brother, Alon Alexander, have been accused of raping at least two women in New York. The two lawsuits were filed in March 2024 and were first reported by The Real Deal. The lawsuits filed by Rebecca Mandel and Kate Whiteman claim that the brothers assaulted, battered and raped them in separate incidents in 2010 and 2012, respectively.

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Optimal Blue Adds New CEO

Appraisal Buzz

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KW tackles commissions questions, tries to calm agent fears

Real Estate News

At a town hall event, Keller Williams leadership addressed agents’ concerns, acknowledged that “change is not comfortable.

Agents 268
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ATTOM: Mortgage Originations Dropped 6.8 Percent in Q1 to Lowest Level Since 2000

Appraisal Buzz

Roughly 1.28 million mortgages secured by residential property (1 to 4 units) were issued during the first quarter, a 6.8% decrease compared with the fourth quarter and down 4.8% compared with a year earlier, according to ATTOM’s U.S. Residential Property Mortgage Origination Report. As of the end of the first quarter, mortgage origination volume had fallen in 11 of the previous 12 quarters, to the lowest level since 2000.

Mortgage 195
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MLS PIN to DOJ: Stay out of our settlement

Real Estate News

Attorneys argue that if the federal agency wants to make policy changes, it should do so through the legislature, not an antitrust settlement.

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Optimal Blue Names Joe Tyrrell CEO

Appraisal Buzz

Joe Tyrrell is the new CEO for Optimal Blue , a provider of secondary marketing software. Tyrrell succeeds interim CEO Scott Smith of Optimal Blue’s parent company, Constellation Software Inc. Tyrrell has more than 25 years of experience in the mortgage, finance, and technology industries. This includes serving as president of ICE Mortgage Technology, as well as in various leadership roles at Ellie Mae, including chief operating officer, prior to its acquisition in 2020.

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Using AI to enhance your client relationships

Real Estate News

Don’t get lost in a sea of tech products. Leveraging AI can solve multiple problems, boost efficiency and improve client experiences, experts say.

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MLSs remain valuable tools after the NAR settlement

Inman

As compliance becomes even more top of mind for the industry, Realtracs CEO Stuart White writes, MLSs have an enhanced role as a reliable resource to support professionals in following developing processes and procedures.

Tools 196
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Texas, California, and Florida Lead in Hiring Female Construction Workers

Eyes on Housing

In 2022, around 1.29 million women worked in construction in the United States, accounting for 10.97% of the industry, according to the 2022 American Community Survey. Within the construction industry, women are more likely to be found in such occupations as office and administrative support, management, business, and financial operations. Only 2.8% of women in.

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Agents have complicated feelings about NAR, new Intel survey finds

Inman

Agents who rely on NAR primarily to protect their public image are less certain the trade group — which still enjoys broad approval — is a net positive for the industry, according to Intel poll results.

Agents 173
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How GoFormz Can Modernize Oil & Gas Industry Processes

GoForrmz

Unlocking efficiency and safety with the power of digital forms The oil and gas industry faces unique challenges that demand precise data collection, streamlined processes, and stringent safety protocols. Traditional paper forms often fall short of these requirements, leading to inefficiencies and errors. GoFormz offers an innovative solution for reshaping how companies operate by digitizing their existing paper forms.

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Lesson Learned: Take your fiduciary responsibility seriously

Inman

Find out how "consummate student" and San Francisco agent Chris Jurach keeps challenging himself to "learn new things, read and listen to books, and gather fresh ideas.

Agents 171
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You Are Prone to Errors—Avoid These 5 Scientifically Proven Mental Traps When Making Investment Decisions

BiggerPockets

A standard economics textbook depicts humans as rational beings who always employ careful analysis to make the most advantageous decisions based on the costs and benefits of the available options.

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Jackson Hole agents brace for impact as key road collapses

Inman

A portion of Teton Pass connecting workers who live in Idaho with the tony tourist town of Jackson, Wyoming, collapsed over the weekend.

Agents 180
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14 Cities With the Highest Risk of Storm Damage This Hurricane Season—How Can You Protect Your Property?

BiggerPockets

Hurricane season has started, and forecasts are not looking good. According to analytics company CoreLogic, more than 32.

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Real estate is changing — 3 things you need to focus on today

Inman

Feeling uncertain about buyer agency agreements? It’s natural. Here’s what to expect when presenting one to a new client.

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The 5 Most Expensive Investment Property Losses—Plus Damage Estimates and Mitigation Tips

BiggerPockets

According to the Insurance Information Institute, about one in 20 insured homes file a claim each year. And while some perils that cause the costliest damage are unavoidable, such as hurricanes, many can be mitigated through proactive measures.

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Oren Alexander accused of sexual assault and rape in NY lawsuits

Inman

The luxury broker and his twin brother, Alon Alexander, have been named in two separate lawsuits filed in New York County Supreme Court. The suits are regarding acts that allegedly took place in 2010 and 2012.

Agents 147
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US outlook a major factor in BoC's approach to future cuts: CIBC’s Tal

Mortgagebroker News

Bank of Canada will be closely watching how the Fed acts in the coming months, says economist

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Zillow, Redfin, Better seek to grow their mortgage businesses

Inman

Even in a down market, companies can uncover key insights to grow market share, Mike DelPrete writes, as long as they have the cash to invest.

Business 163
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Canada prepares for capital gains tax hike

Mortgagebroker News

Increase on the horizon as Liberals to begin legislative process

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Avenue 8 co-CEO on brokerage end: ‘We’re going all-in on Sidekick’

Inman

San Francisco's Avenue 8, long a tech-minded independent brokerage, will stop working as a real estate company to focus on its AI brokerage productivity solution, Sidekick.

Brokerage 107
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RBC: Housing market in limbo as Canadians await cheaper mortgages

Mortgagebroker News

Bank's report shows sales slump in May as prospective homeowners sit on sidelines

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5 Steps to a Successful Property Tax Appeal

BiggerPockets

Investors use a property tax appeal to challenge the assessed value of their rentals. Here is the step-by-step process you should follow.

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Housing group pushes for 15-year plan to expand social housing in Quebec

Mortgagebroker News

Plan highlights urgent need for increased social housing

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