Fri.Jul 05, 2024

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The Fed is winning its war against the labor market. What does that mean for rates?

Housing Wire

With today’s jobs report and all the reports we got during this jobs week, can we finally say the Federal Reserve is winning its war against the labor market? I believe the Fed won’t pivot until the labor market breaks. That has been my position since 2022 and we are starting to see some early signs of them successfully attacking the U.S. labor market in the past few months, something I talked about on a recent HousingWire Daily podcast.

Marketing 506
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Assessing the Challenges of Climate Change on Housing

Appraisal Buzz

In an effort to safeguard against the growing threats posed by climate change, the Federal Housing Finance Agency (FHFA) is intensifying its focus on understanding and mitigating climate-related risks within the U.S. housing finance system. Climate Scenario Analysis (CSA), a pivotal tool for evaluating exposure to climate-related risks under different future climate conditions, has emerged as a critical component of this strategy.

Finance 370
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Experts share tips for beginning to age in place

Housing Wire

As those in or near retirement continue to proclaim a preference for aging in place , there may be challenges for people who aren’t sure about how or when they should get started on making plans. A series of home healthcare, renovation and senior care experts offer tips on ways to begin in a column published by U.S. News & World Report. For reverse mortgage clients looking to use their loan proceeds to fund the goal of aging in place, home renovations and other preparations may be requ

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The Week Ahead: Measuring Housing Market Dynamics

Appraisal Buzz

On Wednesday, July 10, Fitch Ratings will present, its “ U.S. Cross-Sector Housing Monitor Webinar ” at 10:00 a.m. Central. While the nation’s housing market remains tight, sales are tracking well below housing demand, and rental and homeowner vacancy rates are plummeting to multi-decade lows. These dynamics will drive growth in the U.S. residential housing economy, which represents approximately 17% of the nation’s Gross Domestic Product (GDP).

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Stewart’s Iain Bryant discusses the challenges facing the title industry

Housing Wire

Like many in title , Iain Bryant, the newly appointed president of Stewart Title’s agency division, found his way into the industry through family. Bryant’s father founded A.S.K. Services , a title production business, in 1990, and after growing up surrounded by the title industry, Bryant said he was determined to never be part of the industry. “My dad also had a rule for all of his children that once you graduated, you couldn’t come back and work in the business until you’d done something else,

Agents 417
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Pandemic boomtowns are still booming, sort of

Real Estate News

Austin, Boise, Phoenix and Salt Lake City home prices soared during Covid, and while gains have slowed, they haven’t “seen anything resembling a price crash.

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U.S. Job Market Cooled in June

Appraisal Buzz

About 206,000 jobs were added to the U.S. economy in June but it wasn’t enough to keep the unemployment rate from rising to 4.1%, up from 4.0% in May, according to the U.S. Bureau of Labor Statistics. Job gains occurred in government, health care, social assistance, and construction – but the total number of unemployed increased to 6.8 million, up from 6.6 million the previous month.

Marketing 195
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Vishal Garg ruled to pay $5.5M in a decade-long lawsuit

Housing Wire

A New York jury found Vishal Garg, CEO and founder of digital mortgage lender Better.com , liable for breach of fiduciary duty and conversion in a decade-long lawsuit filed by his former partner, Raza Khan. Garg intends to appeal. The court ordered Garg to pay $5.5 million to Educational Investment & Finance Corporation (EIFC), the company the partners founded in 2009.

Finance 430
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2023 Underwriting Losses Mirror 2022 Trends

Appraisal Buzz

The main national trade organization for commercial, home, and auto insurers, The American Property Casualty Insurance Association (APCIA), and Verisk released a statement today regarding the insurance industry’s projected $21.1 billion in full-year 2023 losses. Important financial metrics for private U.S. property/casualty insurers show that underwriting losses in 2023 resembled those in a challenging 2022.

Insurance 195
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MBA sees risk in new Florida law that gives first-lien priority to PACE loans

Housing Wire

The Mortgage Bankers Association (MBA) this week detailed its reasons for opposing a bill in the state of Florida designed “to expand projects eligible for residential Property Assessed Clean Energy ( PACE ) financing,” which was recently signed into law by Gov. Ron DeSantis. Florida Senate Bill SB-770 authorizes local and county authorities within the state to create financing programs for home and other property renovations, which can include energy efficiency upgrades or renewable energy inst

Law 417
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Mortgage rates retreating from 7% on ‘massive’ revision to jobs report

Inman

After spiking after the June 27 presidential debate, mortgage rates are trending down again on mounting expectations that the Federal Reserve will start cutting rates in September.

Mortgage 189
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Patelco Credit Union ransomware outage could go on for weeks

Housing Wire

A ransomware attack on Bay-area Patelco Credit Union caused almost half a million members to lose access to banking services, and the outage could last for weeks. The company shared news of the attack on June 29 via Twitter. The services knocked off line include online banking, the company’s mobile app, direct deposits, transfers, debit and credit card transactions, Zelle, balance inquiries, online bill payments and monthly statements, among others.

Mortgage 417
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Alex Rayner Partners with Service First Mortgage to Launch Haymaker Home Loans

Appraisal Buzz

Alex Rayner, a top-producing loan officer, has announced a strategic partnership with Service First Mortgage to create Haymaker Home Loans , a next-generation mortgage company focused on top producers’ success. The new venture aims to provide unparalleled resources and exceptional customer service for loan officers and their clients, according to a release.

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Mortgage rate lock volume fell in June: MCT

Housing Wire

Fewer prospective mortgage borrowers pulled the trigger in June, according to a new report from Mortgage Capital Trading. Mortgage rate locks decreased 7.84% in June compared to the previous month. This drop follows a brief uptick in volume at the beginning of the traditional buying season, suggesting a continuing stalemate between limited housing supply and higher interest rates (they were 7.11% on Friday), MCT said this week.

Mortgage 428
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MCT: Mortgage Lock Volume Dropped Nearly 8 Percent in June

Appraisal Buzz

Mortgage lock volume decreased 7.84% in June compared with May, according to Mortgage Capital Trading , Inc. The decline follows a brief uptick in volume at the beginning of the buying season, suggesting a continuing stalemate between limited housing supply and higher interest rates. Limited supply of available homes coupled with mortgage rates hovering around 7% has contributed to a decline in sales activity, MCT says.

Mortgage 195
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Move’s trade secret lawsuit is a ‘PR stunt,’ says CoStar’s Andy Florance

Housing Wire

To Andy Florance, the CEO of CoStar Group , the trade secret lawsuit Move, Inc., the parent company of listing portal rival Realtor.com , recently filed against his firm is all a “PR stunt.” “Effectively, you create a bogus story and you use a relatively junior person as a pawn and you get a story out there,” Florance said. “And the question is why?

Agents 413
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Elevate your luxury real estate business at Inman Luxury Connect

Inman

The real estate industry is evolving, and luxury real estate is no exception. With shifts in market dynamics, buyer preferences and the rise of innovative technologies, staying ahead requires more than just experience; it demands continuous learning and networking with the best in the business. This is your opportunity to do exactly that.

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US job creation moderated in June

Housing Wire

Job creation slowed in June, despite continued tight labor market conditions, which economists say is good news for the Federal Reserve. Data from the U.S. Bureau of Labor Statistics released on Friday shows that total nonfarm payroll rose by 206,000 jobs in June, compared to 272,000 jobs in May. Job gains in June were most notable in industries like government (70,000), health care (49,000), social assistance (34,000) and construction (27,000), a positive for the housing industry.

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Recharge at Inman Connect Las Vegas: Our Aria Resort secrets

Inman

While you’re at Inman Connect, it isn't just about conference hustle; it's about refueling your mind, body and real estate business strategy. Here's how.

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Housing Affordability Challenges Leads to Frustrated Buyer Price Expectations

Eyes on Housing

There is a mismatch between the prices of homes being built, and the prices home buyers expect to pay, according to recent surveys from NAHB and the U.S. Census Bureau. While 38% of buyers expect to pay less than $250,000 for their next home (and 19% expect to pay less than $150,000), only 5% of.

Buyers 140
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Patrick Carroll released by LAPD on Wednesday following arrest

Inman

The multifamily investor has had a number of encounters with police in Miami and LA in recent months in response to disorderly behavior involving guns, as well as DUI and allegations of assault.

Investors 152
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High-End Homes Hit Peak Prices as Luxury Investors Scramble for Better Deals

BiggerPockets

Luxury home prices have made these properties even more unaffordable, but we talked to investors who told us what to look for.

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How buyer agents get results at luxury real estate auctions

Inman

Real estate auctions offer benefits for both buyers and sellers. Chad Roffers offers tips on how buyer's agents can help their clients navigate the process.

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Is Virtual Staging Better than Real Staging When It Comes to Selling a Flip?

BiggerPockets

With AI tools and Matterport, virtual staging could earn you more dollars on your flip than you might expect.

Tools 81
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Plans, appeals, warnings: Inman’s Top 5 stories of the week

Inman

Looking for a quick catch-up on the buzziest stories of the week? Here’s Inman Top 5, the most essential stories, according to Inman readers.

Brokerage 164
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Anthony Lamacchia Highlighted as “An Outspoken Voice for the Real Estate Industry” in a New Article from MSN

Lamacchia Realty

Lamacchia Realty Founder and CEO, Anthony Lamacchia has been featured in a new article published by MSN earlier this week. The article highlights Anthony as a visionary and an outspoken voice in the real estate industry. It continues to delve into his remarkable career, and how his passion, determination, and experience have led to his success. Additionally, the piece commends his innovative approaches and leadership, positioning the brokerage to redefine industry standards.

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The future starts today: Exclusive tour of real estate’s new platform

Inman

From changing rules to higher expectations, real estate is a new industry now, with new challenges, new opportunities—and new tech. Join us for a first-look tour of real estate’s new end-to-end platform, Lone Wolf Foundation, featuring a new transaction experience and a new standard in back office and accounting.

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Massoud Atallah Featured in New Inman Article

Lamacchia Realty

July 3, 2024 – Inman has released a new article highlighting Massoud Atallah ‘s move to Lamacchia Realty’s Executive Team as the brokerage’s new Senior Vice President of Business Development. The piece dives into Lamacchia Realty’s rapid growth and how Massoud will play an active and integral role in recruitment and retention as the company continues to expand.

Realty 55
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The number of settlement appeals is totally bananas: The Download

Inman

Buyers and sellers who feel like the commission settlements didn't go far enough are fighting back in court, and the cases are bunching up.

Sellers 158
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Stoneham, MA v. Wakefield, MA: Where Did Homebuyers Pay More?

Buys Brokers Only LLC

The real estate markets in Stoneham, Massachusetts, and Wakefield, Massachusetts, were competitive during 2024's first five months, but more so in Stoneham.

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Poachers Playbook: How to recruit agents from indies and franchises

Inman

Recruiting is tough these days, but agents at franchises may be especially open to a move this year, according to an analysis of their responses from the latest Inman Intel Index survey.

Agents 136
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Lamacchia Luxury Listing is Named Boston.com’s Luxury Home of the Week

Lamacchia Realty

July 3, 2024 – We are honored that Boston.com has officially named a recent Lamacchia Luxury listing as its Luxury Home of the Week. The property, located at 35 S Russell Street, Boston, MA 02114 , is listed by Lidiya Dimova of Lamacchia Realty’s Woburn, Massachusetts office. The home is currently on the market for $2,950,000 and offers four bedrooms, two full and one half bathroom, and is 2,421 square feet.

Realty 52
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Vatican official accused of perjury in $378M real estate lawsuit

Inman

After being sentenced by Vatican State Court for embezzlement and fraud, London-based Italian banker Raffaele Mincione is fighting back in UK courts with a countersuit accusing the Vatican of mishandling and mis-documenting funds.

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Mortgage costs drop slightly with rate cuts, says RBC

Mortgagebroker News

Modest decrease in homeownership costs takes place, but challenges remain