Wed.Feb 07, 2024

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Annual home price gains may have reached cycle peak: CoreLogic

Housing Wire

U.S. home prices posted their highest yearly rate of appreciation since January 2023, reaching 5.5% year over year in December, according to CoreLogic ’s Home Price Index. Home prices declined by 0.1% compared to November 2023. Price appreciation slowed greatly over the past year to 3.9%, down from 14.5% in 2022, but is in line with the pre-pandemic rate of 3.9% in 2019.

Inventory 482
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Why MPI(c)?

George Dell

MPI© (Market Price Indexing) is a holistic approach to market analysis and “time adjustments.” Here we look at the process, the theory, the judgment, and the benefits of this model. MPI – The process involves simple mechanics: Download the relevant competitive market data. Create a scatterplot with sale prices over time. Clean the data of […] The post Why MPI(c)?

Marketing 195
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Mortgage demand ticks up on the strength of purchase applications

Housing Wire

Mortgage demand picked up last week as lower interest rates steered homebuyers back into the market, but activity remains weaker than a year ago because of limited inventory. Mortgage applications increased by 3.7% during the week ending Feb. 2 on a seasonally adjusted basis, according to the Mortgage Bankers Association ’s (MBA) weekly mortgage applications survey.

Mortgage 482
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928 The Appraiser Coach Has a New Website

The Appraiser Coach

Much easier to navigate and much easier to understand. The Appraiser Coach has a new website. Check it out at www.theappraisercoach.com Check out this episode!

Appraisal 150
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NYCB reportedly in talks to transfer mortgage risks amid market pressure

Housing Wire

Less than a year after coming to the rescue of Signature Bank during the market turmoil of March 2023, New York Community Bancorp (NYCB) faces a confidence crisis due to its exposure to commercial real estate loans. The stress is leading to the bank to seek the sale of some of its assets to improve its capital position, executives said during a conference call on Wednesday morning.

Mortgage 451
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Hawaii legislator floats bill banning foreign buyers from island

Inman

Hawaii State Senator Brenton Awa has presented a bill aimed at banning foreign buyers from purchasing or investing in property on the island. The senator said the bill, if passed, would be an important to improving affordability for residents.

Buyers 167

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Homebuyer purchase loan demand falls again as mortgage rates firm

Inman

After picking up during the first three weeks of January, applications for purchase loans are contracting, with mortgage rates no longer in free fall from 2023 highs.

Mortgage 167
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NAR membership continues to slide in 2024

Housing Wire

After closing out 2023 with its first annual membership decline since 2012, the National Association of Realtors is still struggling with its membership count. In January, NAR membership dropped 2.5% from the month prior to 1,515,837 members, according to the trade group’s monthly report released on Monday. This is down 2.1% compared to a year prior.

Realtors 430
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Monica Fabbio and team join @properties Christie’s

Inman

The FAB Property Group founder has been operating in the Austin luxury market for over 20 years and is in the top 0.25 percent of agents in the city.

Agents 176
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Political preferences increasingly influence migration patterns: Redfin

Housing Wire

Many factors prompt homeowners to relocate — and local laws and politics are increasingly among them. About one-third (32%) of real estate agents report having worked with at least one client who wanted to move for political reasons, according to a new Redfin report. Typically, housing affordability and proximity to family and job centers tend to rank high on the list of must-haves when choosing a destination to live.

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Mortgage giants offering very low income homebuyers a spring break

Inman

Fannie Mae and Freddie Mac are offering a $2,500 credit that borrowers can put toward their down payment, closing costs, escrow or mortgage insurance premiums.

Mortgage 167
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Rithm Capital delivers $524M profit in 2023 

Housing Wire

New York-based Rithm Capital posted a profit in 2023, a year marked by several acquisitions that turned the company into a leading global asset manager. In the mortgage space, the parent of multichannel lender Newrez earned most of its profits from the servicing business. Lower interest rates, however, reduced the value of mortgage servicing rights (MSR) in the final three quarters of the year and affected the company’s overall performance during the period.

Valuation 430
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How to approach and tailor your business plan to today’s market

Inman

Watch the latest Inman Access class to hear what industry experts are prioritizing in 2024 and how the current market will impact or change the way they are approaching their business plans.

Business 154
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HHS updates federal policies to support aging in place

Housing Wire

The Administration for Community Living (ACL), a division of the U.S. Department of Health and Human Services (HHS), announced this week the publication of a final rule that will update regulations for implementing programs under the Older Americans Act (OAA). One of the intentions of the rule is to better support the desires of older Americans to age in place in their own homes, ACL said.

Design 417
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Higher Rates and Lack of Supply Continue to Hamper Mortgage Market

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending February 2nd, total mortgage activity increased 3.7% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate rose two basis points to 6.80%. The 30-year FRM has floated around 6.8% for much of the start of the year, only moving one basis point from January.

Mortgage 148
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Shifting outreach on radio proves fruitful for Colorado reverse mortgage pro

Housing Wire

Longtime reverse mortgage industry professional Bruce Simmons of American Liberty Mortgage in the Denver area has long used radio as both an educational and marketing tool for prospective reverse mortgage clients. Having endured many of the same business challenges in 2023 as other industry participants, Simmons recently sat down with RMD and described how a recent shift in his focus on radio has been beneficial.

Mortgage 417
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AMCs Billing Scheme, Hidden Profits & Deceptive Practices

Appraiserblogs

Appraisers who do not agree to their hidden billing methods are excluded from the majority of the GSE lending marketplace for appraisal orders. Appraisal Management Companies (AMC’s) do not pass on cost savings for reduced appraisal services to consumers. Instead, they keep the savings for themselves without disclosing the amount to the consumer or the appraiser.

Lending 112
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Embrace Home Loans names new president

Housing Wire

Independent mortgage lender Embrace Home Loans has promoted Ryan “Buddy” Hardiman to the position of president, the company announced on Wednesday. Before the promotion, Hardiman served as the company’s senior vice president of retail and direct sales for more than four years. In his new role, Hardiman will lead its lending and fulfillment operations.

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The Return on Investment of Using GoFormz

GoForrmz

Originally published on 12/09/2015 See how much you can save with GoFormz We at GoFormz conducted a customer survey spanning 14 industries in 5 countries. Of these respondents, 75% reported to work at a company of 50+ employees. Here are two important highlights we found: In our survey, 89% of customers reported a significant improvement in productivity by using GoFormz; while 72% reported a return on investment within a few months.

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Thomas Yoon to steer Lead+ Wholesale Lending

Housing Wire

California-based lender Summit Funding has appointed Thomas Yoon as the head of subsidiary Lead+ Wholesale Lending, the company announced on Wednesday. In his new position, EQA Mortgage ’s former president will strive to bring unmatched support to mortgage brokers who sell non-QM products. “It’s not just about offering non-QM loans; it’s about providing a foundation for brokers to confidently navigate this complex market,” Yoon said in a statement.

Lending 417
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The House Voted Passed a Bill That Could Bring Back 100% Bonus Depreciation—Here’s What Investors Need to Know

BiggerPockets

As of the end of 2022, 100% bonus depreciation was set to be phased out by the end of the decade. Now, with the Tax Relief for American Families and Workers Act of 2024, it looks like we could see bonus depreciation and other benefits stick around. Here's what you need to know about the bill.

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Brownfield sites: Could development prove the key to improving housing affordability?

Mortgagebroker News

National housing agency could address associated risks through insurance program, suggests executive

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Don’t Skimp: Using a Free Lease Template Will Cost You More in the Long Run

BiggerPockets

A free lease template on a subreddit somewhere sounds like an appealing, low-cost option. But going the cheap route on your lease documents might actually cost you more than getting it right from the start. Here's how to do that.

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BoC’s Macklem anticipates housing market rebound in 2024

Mortgagebroker News

Still, there's a caveat…

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Underinvestment in Real Estate Might Be the Next Big Hurdle for Investors, According to a New Report

BiggerPockets

Baby boomers hold the vast majority of wealth in the U.S.—many estimates suggest over $17 trillion. Much of that wealth has come from their homes, many of which have been underinvested in over the last few decades. This means the next generation could be facing an avalanche of renovation costs.

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Buying is now more affordable than renting in these Canadian cities

Mortgagebroker News

Rising rents and failing mortgage rates are shifting market dynamics

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Rookie Reply: How to Analyze Deals Like a PRO (Use THESE Numbers & Tools)

BiggerPockets

You could spend HOURS breaking down deals for cash flow, cash-on-cash return, return on investment, price-to-rent ratio, and countless other metrics.

Tools 61
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Pineapple Financial expands in Alberta

Mortgagebroker News

The move signals confidence in the province's real estate market potential

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How to Build Generational Wealth Without Losing it Along the Way

BiggerPockets

Want to learn how to create generational wealth? You know, the type of wealth that your children’s children’s children’s children can rely on.

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Is Canada right to reevaluate its reliance on foreign workers?

Mortgagebroker News

Business groups are pushing back against recent immigration cuts

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100% Bonus Depreciation Coming Back? (Do NOT File…Yet)

BiggerPockets

The biggest real estate tax deduction is coming back.

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Consumer sentiment toward housing reaches its highest level in nearly two years

Housing Wire

Consumer sentiment toward housing reached its highest level since March 2022, fueled by increased confidence in job security and a higher share of people who expect mortgage rates to decrease. Fannie Mae ’s home purchase sentiment index ( HPSI ) — which tracks the U.S. housing market and consumer confidence to sell or buy a home — rose 3.5 points in January to 70.7.

Mortgage 518
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Search underway for Canada’s top-performing brokers

Mortgagebroker News

CMP has opened entries for the Top 75 Brokers ranking

41
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‘La Dune’ in the Hamptons fetches record $88M at live Sotheby’s art auction

Housing Wire

The late January auction of iconic Hamptons estate ‘La Dune’ marked the first time a property was included in an art auction at Sotheby’s. The $88.48 million winning bid on ‘La Dune’ also made the estate the most valuable property ever auctioned live at Sotheby’s. ‘La Dune’ was included in Sotheby’s weeklong ‘Visions of America’ auction, which included art and luxury items that showcased “the heights of American craftsmanship in the finest art and objects.