Tue.May 23, 2023

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Is the spring housing market about to rebound?

Housing Wire

In my last market outlook for HousingWire, published in January , I offered two predictions for the early 2023 retail housing market based on forward-looking Auction.com bidding behavior from the fourth quarter of 2022: A home price correction nationwide and in the majority of major markets Home sales volume bottoming out While both predictions have played out in large part (more on that below), bidder behavior on Auction.com in the first quarter turned a sharp corner, indicating a robust reboun

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Graduation for the spring housing market

Sacramento Appraisal Blog

It’s graduation season for school, and it’s also that time of year where the spring housing market crests or graduates for the year so to speak. Let’s talk about the signs of a peak, the weirdness of today’s market, and bro rating. UPCOMING (PUBLIC) SPEAKING GIGS: 6/1/23 Thrive in Real Estate (register here) 6/07/23 SAFE […] The post Graduation for the spring housing market first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Loan-repurchase risk threatens future M&A deals

Housing Wire

The growing wave of loan-repurchase requests from Fannie Mae and Freddie Mac has yet another major wrinkle, industry sources reveal, and this new problem, if accurate as alleged, threatens to disrupt future merger and acquisition (M&A) activity in the mortgage-finance industry. This new development is being propelled by an alleged Fannie Mae “request” that, according to industry sources, was made recently of several lenders active as buyers in M&A deals.

Buyers 397
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Newly built homes a hot commodity for spring buyers

Real Estate News

As existing home listings have fallen, the inventory of new homes has increased — and prices have dropped — making them an attractive option.

Buyers 280
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Blend launches soft credit pull function for lenders

Housing Wire

Mortgage tech company Blend has launched a soft credit inquiry function for lenders at a time when the industry is facing higher credit report fees. Credit bureaus and Fair Isaac Corp. (FICO) upped the cost of pulling a hard credit file starting in 2023. In some cases, the costs have increased by four to five times what they were previously. “With Blend’s soft credit functionality, lenders can expect to save about $50 per file for borrowers at this high-attrition stage of the process,” the comp

Finance 384
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The Importance of Integrity

The Appraiser Coach

Many of us hear about integrity often, but what does integrity even mean? What are we actually talking about here? A good explanation of integrity that I’ve heard is that integrity is what you do and how you act when no one is watching. It is your true, basic self. Integrity, really, is the foundation of your soul. It is the thing upon which every other part of your life is built.

Business 195

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The Importance of Integrity

The Appraiser Coach

Many of us hear about integrity often, but what does integrity even mean? What are we actually talking about here? A good explanation of integrity that I’ve heard is that.

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How top mortgage broker Mark Cohen stays on top of the SoCal market

Housing Wire

The lack of housing inventory – a major pain point for real estate agents and loan officers – is an issue that Mark Cohen, principal owner of Cohen Financial Group , also sees in the upper end of the Southern California market. The $1 million to $4 million homes market is very competitive, and qualified borrowers are having a hard time finding homes.

Marketing 384
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Small investors continue to scoop up homes

Real Estate News

Seeking steady rent growth and affordable price points, investors were drawn to cities in the Midwest and Southeast.

Investors 247
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Civil rights lawsuit over NYC housing lottery can go to trial, judge rules

Housing Wire

A federal judge in the Southern District Court of New York is allowing a lawsuit over an affordable housing policy, known as “community preference,” to progress to trial, according to a report by the New York Times. The lawsuit , first brought in 2015, takes issue with a policy that has been in place within New York City since 1988 and reserves 50% of the units in most subsidized affordable housing developments for residents of the local community district.

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Multifamily Built-for-Rent Share Remains Elevated

Eyes on Housing

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the first quarter of 2023. For the first quarter, 127,000 multifamily residences started construction. Of this total, 123,000 were built-for-rental use. The market share of rental units of multifamily construction starts stood at an elevated 96% for the first quarter as the.

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WFG acquires West Coast retail title operations from Doma

Housing Wire

Williston Financial Group (WFG) and Doma Holdings, Inc. announced on Tuesday the completion of an agreement for WFG to acquire certain branches of Doma’s West Coast local retail title operations. The deal includes multiple retail title locations and operations centers in the Northern and Central California regions. The acquisition aligns with Doma’s mission-driven strategy and its focus on core underwriting and technology business, according to the company. “Our West Coast oper

Retail 370
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AI on the go: The new ChatGPT iOS app is finally here

Inman

According to social media expert Katie Lance, OpenAI has unveiled its official iOS application for ChatGPT, the company's AI chatbot, allowing you to create content while you're out and about.

Agents 148
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VA Appraisal Request Form at Heart of AIR Violation Class Action

Appraiserblogs

While the statute doesn’t explicitly mention that providing a loan amount is an AIR violation… When a mortgage lender seeks to make a Veterans Administration-backed home loan, the lender requests an appraisal from the VA’s appraiser panel by using a form entitled Request for Determination of Reasonable Value. For many years, until it was revised in July 2022, this form had a box labelled “Refinancing-Amount of Proposed Loan.

Appraisal 124
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Majority of buyers lean on agents, not banks, for financing info: Poll

Inman

A new survey conducted by Zillow suggests there are opportunities for real estate agents and companies that provide information and make lending more user friendly.

Agents 148
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What’s New in Appraisal Membership: May 2023

McKissock

McKissock’s Unlimited Learning Members enjoy 24/7 access to a wide variety of online appraisal classes, webinars, videos, podcasts, checklists, job aids, and other resources. Plus, we’re adding to our library each month so that you get the most current and relevant info to grow your real estate appraisal career. Do you already have an Unlimited Learning Membership?

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JPMorgan CEO: Real estate is going to be a big problem for some banks

Inman

Not every bank is at risk, JPMorgan CEO Jamie Dimon said Monday during an investor conference. But for lenders with more exposure to commercial properties, the months ahead could be tough.

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Airbnb vs. VRBO: Which is Better for Investors?

BiggerPockets

There are a few different factors to consider when deciding between Airbnb and VRBO for your short-term rental property.

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Massive metro-to-metro home price gaps reach 13-year highs

Inman

Agents often say "real estate is local" when speaking to clients, potential leads, and family and friends in need of some sound buying and selling advice. While that phrase has become somewhat cliché, Redfin's latest data report published on Tuesday proves consumers should take it to heart as metro-to-metro home-price variations reached Great Recession-era highs.

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$11,000/Month with One VERY Unique Rental Property

BiggerPockets

A glamping site might sound like a fun real estate investment idea, but how feasible is it? Does it offer enough cash flow potential as a short-term rental property?

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Realtor.com’s AI integration is a case of ‘garbage in, garbage out’

Inman

Digital marketing specialist Joshua Jarvis offers his feedback on Realtor.com's new AI tool. While he applauds the attempt, he says it's a swing and a miss.

Tools 156
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What to Know About Home Renovations in 2023

Lamacchia Realty

WHAT TO KNOW ABOUT HOME RENOVATIONS IN 2023 In recent years, the world has undergone a multitude of changes, and the home renovation industry is no different. Factors such as supply chain disruptions, project delays, and increasing costs have greatly impacted both new construction and ongoing renovation projects. If you are planning to embark on a home renovation this year, it’s crucial to stay up-to-date with the current status of the industry.

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Lake Homes Realty launches Beach Homes Realty

Inman

The new company's website will help homebuyers and sellers find beachfront, beach-view and beach-access homes easier with more than 68,000 coastal properties across 14 states from Texas to New Hampshire, according to the company.

Realty 148
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Growing number of economists predicting another imminent BoC rate jump

Mortgagebroker News

Housing market growth and persistent inflation challenges are hardening expectations of an increase

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Minimize vacancies and maximize revenue: 5 tips to boost your rental

Inman

Manual tasks can take up a landlord's time. But automating jobs and handling maintenance well can help keep renters in place and maximize a property's revenue stream, experts told Inman.

Landlords 147
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Which fixed rates offer 'sweet spot' for borrowers in current climate?

Mortgagebroker News

Leading broker says a majority of customers are choosing shorter-term fixed options

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Beyond the transaction: The art of building a thriving community

Inman

In this Inman Access class, discover strategies to transform your sphere of influence into a thriving network that fuels your business and establishes you as a trusted community leader.

Business 147
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Only 70,000 new homes available for sale

Housing Wire

In a country with more than 330 million people, there are only 70,000 new homes available for sale today in the U.S. housing market. And with total active house listings in America near all-time lows, that is all we have for completed units for sale. The number of new homes doesn’t ever get into the millions, but we are still working our way back to the pre-COVID levels of 80,000 to 100,000.

Inventory 520
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April buyers flock to new homes, hitting 13-month high

Inman

New data from the U.S. Census Bureau shows a jump in new-home sales as existing-home inventory continues to be in short supply.

Buyers 148
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Toronto housing market – what's next?

Mortgagebroker News

Activity is ramping up across the GTA – but challenges remain

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Rent peaked where it matters most. Here’s what happens next

Inman

Federal inflation data showed rent inflation dropped in April, about a year after rent growth rapidly slowed. Three economists explain why it took so long for that to happen and what that means for the future of the rental market.

Marketing 120
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The Heritage Grove Neighborhood in Los Gatos and the Heintz Open Space Preserve

San Jose Real Estate

An old apricot orchard used to line Blossom Hill Road between Union and Leigh Avenues until the 1990s. The former owners, Ralph and Sophie Heintz, lived there in their farmhouse until their deaths, at which time the property was willed to the University of California at Berkeley for eye research. Summer Hill Homes did a nice job of developing the land to keep some of the historic character.

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WFG swoops in to acquire nearly two dozen Doma title locations

Inman

The struggling digital title and closing provider is set to receive up to $24.

Finance 156
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Assumable Mortgages – What Are They and Can One Help Me Find a Home?

Will Springer Realtor

Most homeowners are enjoying low interest rates on their mortgages while lacking the motivation to sell when financing costs today are high. At the same time buyers are sitting on the sidelines, waiting patiently for rates to fall amid low housing inventory and rising home prices. Welcome to our rate-lock world where neither party can move forward confidently without paying a heavy price.