Tue.Jun 18, 2024

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Mortgage rates continue their slide toward the 7% mark

Housing Wire

Mortgage rates continued to inch toward the 7% mark following last week’s meeting of Federal Reserve policymakers and new inflation data that showed further cooling of consumer prices. On Tuesday, HousingWire ‘s Mortgage Rates Center showed that the average 30-year rate for conforming loans was 7.08%. That was down 11 basis points from the same time last week and exactly 50 basis points below this year’s peak rate that was recorded in early May.

Mortgage 468
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A Closer Look at the Housing Market’s Inventory Deficits

Appraisal Buzz

Despite the construction boom that happened shortly after pandemic restrictions began being lifted—that has since slowed—the U.S. housing shortage grew to a 4.5-million-unit deficit, up from 4.3 million units in 2023, according to a new analysis from the real estate firm Zillow. The deepening housing deficit is the root cause of the housing affordability crisis According to Zillow, at its core, the housing market is driven by supply and demand; when the number of people who want a home increase

Inventory 448
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‘Million Dollar Listing’ agents launch online marketplace for sellers and agents

Housing Wire

Redy , an online marketplace that rewards home sellers for selecting a real estate agent who best aligns with their sales goals, announced its launch in five markets on Tuesday. The Redy online platform is now available to home sellers in Atlanta , Dallas , Orlando , Phoenix and San Diego. Real estate agents Josh Altman and Matt Proman, who are also cast members of the Bravo TV show “Million Dollar Listing,” co-founded the firm.

Sellers 441
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Household Incomes Hit Hard by High Housing Costs

Appraisal Buzz

Rapid rent increases mixed with widespread financial hardship pushed the number of cost-burdened renters to a record high of 22.4 million households in 2022, according to a new analysis from Harvard’s Joint Center for Housing Studies. With housing costs outpacing income gains, low-income renters have been hit especially hard—median residual income remaining post-rent has sunk to $310 a month, far less than the minimum for an adequate standard of living, and turning food, healthcare, and childcar

Investing 434
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MBA to HUD: Publish notices about challenges with real estate inspection protocols

Housing Wire

The Mortgage Bankers Association (MBA) on Tuesday announced its submission of a letter to the U.S. Department of Housing and Urban Development (HUD), which urges the department to avoid reprimanding mortgage servicers for compliance lapses with the new National Standards for the Physical Inspection of Real Estate (NSPIRE) system until it is “fully accessible and usable to each participant.

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Attracting Customers in a Down Market

Appraisal Buzz

This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. Few factors dictate the housing market more than mortgage rates. And when rates are high, many borrowers put their home financing decisions on hold, and most lenders and servicers struggle to find new business—usually after they lay off staff, which doesn’t make the challenge any easier.

Marketing 394

More Trending

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Are Mixed-Use Districts the Key to Revitalizing U.S. Cities?

Appraisal Buzz

Properties in cities’ vibrant mixed-use districts—walkable urban areas that include office space, living areas, restaurants, and shops—might be the key to revitalizing urban areas hit hard by the one-two punch of work from home and the pandemic, according to a new CBRE analysis. More good news: there is 43.5 million square feet of space in the United States that could be upgraded or converted for mixed-use purposes.

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CFPB proposes $3.95M fine for Freedom Mortgage over false data accusations

Housing Wire

The Consumer Financial Protection Bureau (CFPB) has proposed that lender and servicer Freedom Mortgage Corp. pay $3.95 million for alleged violations of a 2019 consent order and the Home Mortgage Disclosure Act (HMDA) when it submitted incorrect mortgage data. The proposed order was filed on Tuesday in a U.S. district court in West Palm Beach, Florida, following setbacks in recent months for both parties in an ongoing lawsuit.

Mortgage 460
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A Tale of Two Mortgages

Appraisal Buzz

Attorney S tephen M. H ladik , on behalf of the Legal League and American Legal and Financial Network (ALFN) , has filed a Brief of Amicus Curiae in the Superior Court of Pennsylvania Eastern District in the case of Reverse Mortgage Funding LLC v. Foxfield at Naaman’s Creek Homeowners Association, Mohamed Ahmadat and Raechelle Eventoff. The Background The case of Reverse Mortgage Funding LLC v.

HOA 195
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RE/MAX retains title of No. 1 brand in The Thousand rankings

Housing Wire

Despite some initial confusion , RE/MAX came out as the No. 1 brand in the 2024 RealTrends Verified + Tom Ferry The Thousand. This marks the fifth year in a row — and the ninth time in 11 years — that RE/MAX has claimed the top spot. In late May, when RealTrends Verified released The Thousand rankings, it appeared that RE/MAX had lost its crown as the top brand to Keller Williams.

Agents 430
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Carrington Promotes Brett Wilbur to EVP, CIO

Appraisal Buzz

Brett Wilbur has been promoted to executive vice president, chief information officer, at The Carrington Companies. Wilbur has been with Carrington for 17 years. He joined as associate director for Carrington Capital Management (CCM) but since then his role has grown dramatically. In his new role, Wilbur assumes the diverse responsibilities of overseeing all aspects of the information technology organization and providing leadership as Carrington continues to optimize its existing infrastructure

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CoStar Group hires Freddie Mac’s Christian Lown as CFO

Housing Wire

Freddie Mac ‘s chief financial officer, Christian Lown, will transition to the same position at CoStar Group on July 1, the company announced on Tuesday. Lown informed Freddie Mac of his resignation on June 5 after four years working for the enterprise. His exit will take effect on June 28. In the meantime, the enterprise has started the process to identify a successor.

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Patelco Credit Union, FHLBank San Francisco Partner on DPA Program for First-Time Homebuyers

Appraisal Buzz

To help more greater Bay Area residents achieve the dream of homeownership, Patelco Credit Union is partnering with FHLBank San Francisco on a first-time homebuyer matching grant program. The $13 million Workforce Initiative Subsidy for Homeownership (WISH) program provides downpayment assistance for first-time homebuyers Through the annual grant program, Patelco Credit Union will reserve funds to assist eligible low- to moderate-income first-time homebuyers in the greater Bay Area with up to th

Investing 195
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CFPB takes enforcement action against former HECM servicing contractor

Housing Wire

The Consumer Financial Protection Bureau (CFPB) on Tuesday announced a series of enforcement actions against two companies for what the bureau called “illegal activities that harmed older homeowners and caused them to fear losing their homes.” The actions were taken against Pittsford, New York-based Sutherland Global and Landover, Maryland-based NOVAD Management Consulting , which together formed a Home Equity Conversion Mortgage (HECM) servicing operation on behalf of the U.S.

Contracts 430
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Embrace Home Loans Promotes Greg Dalgarno to Director of Builder Services 

Appraisal Buzz

Greg Dalgarno has been promoted to director of builder services at Embrace Home Loans. Dalgarno, who was previously sales manager. has more than 20 years of mortgage industry experience. Prior to joining Embrace, he was a top-producing originator and sales manager at Guaranteed Rate and Wells Fargo, where he worked closely with homebuilders and helped both companies increase their overall sales.

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Single-family rent growth tapers off: CoreLogic

Housing Wire

U.S. single-family rental (SFR) homes posted rent price growth of 3% during the year ending in April 2024, according to CoreLogic data released Tuesday. That was down from an annualized gain of 3.4% in March. The California -based real estate analytics company reported that the annualized gain was in line with the pricing growth recorded by the SFR segment during much of the past year.

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Redfin: Home Price Growth Slowed in May

Appraisal Buzz

U.S. home prices increased 0.3% month-over-month in May – the smallest increase on a seasonally adjusted basis since January 2023, according to Redfin. Year-over-year, prices increased 7.2%, but annual growth showed signs of plateauing, the firm says. While home prices remain at record highs, rate of appreciation has slowed, Redfin says. That’s because even though there is a severe housing shortage, it’s not quite as severe as it was last year.

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Gen X has regrets about retirement savings, study suggests

Housing Wire

Members of Generation X are more concerned about their post-retirement ability to support the lifestyles they’ve grown accustomed to when compared with other generations — including baby boomers and millennials — according to the results of a recent survey conducted by Allianz Life. In the company’s 2024 Annual Retirement Study, respondents indicated that 62% of Gen Xers “feel confident about being able to financially support all the things they want to do in life,” compared with 82% of baby boo

Mortgage 429
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Ce que 650 $ vous rapportent en casinos

Appraisal Buzz

Les lotos du Casino Le choix doit se faire avec soin, selon vos goûts personnels – type, esthétique, thème, structure, interface. Bringing Down the House “Faire tomber la maison en français” de Ben Mezrich est l’un des meilleurs livres d’histoires vraies sur Las Vegas. Allons à la découverte des meilleurs développeurs de machines à sous gratuites.

Design 195
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Top 4 planning questions for mortgage servicers before 2025 

Housing Wire

Having built and led mortgage operations for nearly three decades, planning for the future stands out amongst the most challenging components a leader faces. Accurately predicting housing trends, mortgage rates , technology , elections, the impact of the broader economy , or how consumers will behave tests the best of us at some point in our career.

Mortgage 429
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Model or Algorithm? Pt 2

George Dell

The seminal appraisal model was espoused by George Schmutz in the 1940’s. His “appraisal process” followed the works of others starting in 1927 with Arthur Mertzke who translated economic principles to the unique economic features of real estate. Those works presented “systematic procedures” for applying the three traditional approaches to value. Editor’s Note: Find Part […] The post Model or Algorithm?

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Redwood Trust to close $85M in debt offering

Housing Wire

Real estate investment trust Redwood Trust is expected to close on Monday on the offering of $85 million in debt, following on the heels of other companies in this space. Analysts say the resources could be used to buy back other outstanding notes or improve the company’s cash position in the near term. Redwood’s unsecured debt consists of senior notes due in 2029 that pay 9% annually.

Investing 427
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Freedom Mortgage hit with $4 million fine

Real Estate News

The company, which has been dubbed a “repeat offender” by regulators, faces another penalty for submitting inaccurate loan data.

Mortgage 270
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‘Not warranted’: DOJ pushes back against NAR rehearing request

Inman

The U.S. Department of Justice on Monday argued NAR "does not identify any errors of law or fact meriting panel rehearing" over whether the antitrust enforcer can reopen its probe into NAR rules.

Law 190
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New initiative focuses on agents for underserved buyers

Real Estate News

Realtor.com is highlighting the 111 things independent buyer representation does for Black, Hispanic, Asian American, LGBTQ+, veteran and first-time buyers.

Buyers 226
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Anatomy of a client consultation: A head-to-toe approach

Inman

While negotiating skills are top of mind for agents as commission confusion sets in, consultant Rachael Hite offers a step-by-step strategy that should ensure optimal service all summer long.

Clients 171
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Opt-in day is here — who’s in?

Real Estate News

Connecticut’s SmartMLS reluctantly decides to join the NAR settlement. Other MLSs and brokerages have until the end of the day to opt in.

Brokerage 207
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Harness a modern pricing engine to maximize efficiency and ROI

Inman

CEO Dawar Alimi writes that choosing a modern and advanced pricing engine can unlock new opportunities for growth, profitability and success in an increasingly competitive landscape.

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Security Bars Removal Law Debunks Alleged Racial Discrimination

Appraiserblogs

Complainant stated appraiser told them they should remove security bars from windows. Complainant stated this is evidence of “racist discrimination”… Security bars on bedroom windows is against code… This morning I received the results of a California State Information Act Request I made regarding an alleged case of racial bias in Allendale, Oakland, California which was settled May 2024.

Law 107
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Mark your calendars: DOJ set to weigh in on multiple antitrust cases

Inman

At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us. Mark your calendars: The U.S. Department of Justice will be weighing in on three real estate industry-related lawsuits on June 20 and 21.

Legal 167
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The Crucial Role of a Real Estate Appraiser

Appraisal Hub

In the dynamic world of real estate, the role of a real estate appraiser is paramount. Whether you’re buying, selling, or refinancing a property, a precise and professional appraisal is essential to ensure fair market value. Appraisal Hub Inc., a leading real estate appraisal firm in the Greater Toronto Area, is dedicated to providing accurate, reliable, and certified appraisal services that meet the diverse needs of property owners, buyers, and professionals.

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7 women share their top a-ha moments from WomanUP! 2024

Inman

Since 2017, WomanUP! has been helping women in real estate come together to learn, share expertise and lift each other up. This year was no exception. Here are attendees' top takeaways.

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Happy Father’s Day! Yolo County Market Update for May, 2024

Yolo Solano Appraisal Blog

Happy Father’s Day to all the dads in the room! Here’s a picture of my dad on our favorite trail. Yolo County Market Trends Interest rates continue to weigh heavily on residential real estate in the US.

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RealPage breaks silence on federal price-fixing probe into Yardi system

Inman

CEO Dana Jones pushed back in a statement on Tuesday, saying RealPage isn't responsible for an undersupply of rentals, increased demand for homes or inflationary pressures shaping the market.

Marketing 158