Wed.Nov 27, 2024

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Pending Home Sales Rise for Third Consecutive Month

Appraisal Buzz

Pending home sales rose in October, marking the third consecutive month of increases, according to new data from the National Association of Realtors (NAR). NAR’s Pending Home Sales Index (PHSI)–a forward-looking indicator of home sales based on contract signings–rose 2% to 77.4 in October. Year-over-year, pending transactions jumped 5.4%. An index of 100 is equal to the level of contract activity in 2001.

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Jump in pending home sales foreshadows positive end to the market in 2024

Housing Wire

Despite the recent rise in mortgage rates, early indicators suggest that the housing market is pointed in the right direction. The latest signal comes from the National Association of Realtors ‘ (NAR) Pending Home Sales Index (PHSI), which shows sales in October growing 5.4% year over year and 2% compared to September. The 77.4 reading for the PHSI is the highest mark since March and the third highest dating back to December 2023.

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Mortgage Payments Jump Again in October

Appraisal Buzz

With the national median payment requested by purchase applicants rising to $2,127 from $2,041 in September, homebuyer affordability decreased in October. This is in line with the Mortgage Bankers Association ‘s (MBA) Purchase Applications Payment Index (PAPI), which uses information from the MBA Weekly Applications Survey (WAS) to calculate how new monthly mortgage payments change over time in relation to income.

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Mortgage demand jumps 6.3% as rates level off

Housing Wire

Mortgage applications rose 6.3% on a seasonally adjusted basis during the week ending Nov. 22, driven by a 12% increase in demand for purchase loans, according to data released Wednesday by the Mortgage Bankers Association (MBA). It is the third straight weekly increase for applications — a good sign for mortgage lenders heading into the typically slow Thanksgiving holiday.

Mortgage 370
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NAR’s next president: This industry is ‘worth fighting for’

Real Estate News

Kevin Brown, who will lead NAR in 2026, says he’s seen “the transformative power of homeownership” to move people out of poverty. “That’s why I do this.

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UWM drops LLPAs on government loans with FICOs of 600+

Housing Wire

Top U.S. wholesale lender United Wholesale Mortgage (UWM) has taken another aggressive move related to its product set, underscoring its strong commitment to government-backed loans. On Wednesday, the company announced the removal of all loan-level pricing adjustments (LLPAs) on government loans, albeit with some limitations. The program applies to Federal Housing Administration (FHA), U.S.

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Empathy in the face of foreclosure

Housing Wire

When I began working on this piece, I was told that the mortgage community as a whole—and loss mitigation professionals in particular—would be resistant to the message. But I don’t think that’s true. Because not only are we an industry that values the bottom line, we serve the spirit behind the American Dream of homeownership. If there is any segment of our economy that understands aspiration, it’s us.

Mortgage 397
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Disasters and Disruption: Insights on Adapting to Change

Appraisal Buzz

In this episode, we’re thrilled to welcome Mark Johnson, President of Ascribe and a familiar face to the valuation industry. Mark shares his journey from rocking the stage with his band at the Valuation Expo’s “Appraisers Got Talent” contest to leading transformative efforts in the industry. We dive into his work with LRES, Stoic Lane, and Ascribe, and explore how automation is redefining the valuation landscape.

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Baird & Warner settles in buyer agent commissions suit

Real Estate News

The Chicago-area powerhouse filed its agreement in the Gibson/Umpa case on the same day that NAR and HomeServices finalized their settlements.

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MBA: Homebuyer Affordability Continued to Decrease in October

Appraisal Buzz

Homebuyer affordability declined in October, as the national median mortgage payment applied for by purchase applicants increased to $2,127, up from $2,041 in September, according to he Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI). The index measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey.

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Something to be thankful for: Pending sales up, rates dip

Real Estate News

Buyers found a bit of relief last month, leading to more sales activity — but rising inflation is lurking heading into the holidays.

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NAR: Pending Home Sales Increased for a Third Month in October

Appraisal Buzz

Pending home sales increased for a third straight month in October, rising 2% compared with September and 5.4% year-over-year, according to the National Association of Realtors (NAR). “Home buying momentum is building after nearly two years of suppressed home sales,” says Lawrence Yun, chief economist for NAR, in a statement. “Even with mortgage rates modestly rising despite the Federal Reserve’s decision to cut the short-term interbank lending rate in September, continuous job additions and mor

Contracts 195
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Judge defends ‘fair’ settlements with NAR, HomeServices

Real Estate News

While class members “may not recover every dollar they paid to real estate agents, that is the nature of settlements,” Judge Bough wrote in his Nov. 27 order.

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Purchase Applications Jumped 6.3 Percent Last Week as Rates Dipped

Appraisal Buzz

Mortgage application volume increased 6.3% during the week ended November 22, driven mainly by a surge in purchase applications, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances decreased 3% compared with the previous week but were up 119% compared with the same week one year ago. Applications for purchases jumped 12% compared with the previous week and were up 52% compared with a year ago.

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Homebuyer interest surges on slight pullback in mortgage rates

Inman

Applications for purchase loans jumped 12 percent week over week and 52 percent from a year ago, according to a weekly survey of lenders by the Mortgage Bankers Association.

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Freddie Mac: Mortgage Rates Dropped Slightly This Week

Appraisal Buzz

Mortgage rates decreased slightly this week, as the average rate for a 30-year fixed-rate mortgage fell to 6.81%, down from 6.84% last week, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at this time, the average rate for a 30-year was 7.22%. “The 30-year fixed-rate mortgage moved down this week, but not by much,” says Sam Khater, chief economist for Freddie Mac, in a statement.

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Latest inflation data ups the odds of a December Fed rate cut

Inman

Progress in taming inflation slowed in October, but futures market investors think the latest numbers up the odds of another Federal Reserve rate cut next month.

Investors 168
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Apartment Completions Rise Resulting in Slower Absorption Rates

Eyes on Housing

The percentage of new apartment units that were absorbed within three months of completion rose from 50% to 55% in the second quarter of 2024, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA). The survey covers new units in multifamily residential buildings with five or.

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As NAR settlement wins approval, Batton II commission lawsuit grows

Inman

Twenty-two homebuyers across 19 states were added to the list of plaintiffs in the Batton case Tuesday while eXp continued to push for a delay in a separate commission case known as Gibson.

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Small Gain for Multifamily Built-for-Sale Construction

Eyes on Housing

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts declined during the third quarter of 2024. For the quarter, 94,000 multifamily residences started construction. Of this total, 88,000 were built-for-rent. This was almost 14% lower than the third quarter of 2023. The market share of rental units of multifamily.

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NAR’s commission settlement has been approved. But is it really over?

Inman

Not even a last-minute twist could stop this train, writes University at Buffalo law professor Tanya Monestier, who envisions a long road before the courts truly wash their hands of commissions.

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Canadian housing market set to pick up pace in 2025

Mortgagebroker News

Experts predict a seller's market in nearly half the nation’s housing regions

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Pending home sales rise for 3rd month, driven by higher inventory

Inman

Driven by an improved housing inventory, pending home sales rose modestly in October, marking its third-consecutive monthly increase, according to data released on Wednesday by NAR.

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The cost breakdown of constructing a single-family home, as told by one pie chart

Empire Appraisal Group

Source: [link] The cost breakdown of constructing a single-family home, as told by one pie chart NAHB provided ResiClub with the national averages for itemized costs in each stage of construction for a new single-family home. Meghan Malas To better understand single-family construction costs, ResiClub reached out to the National Association of Home Builders (NAHB) for the trade group’s latest cost breakdown.

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What real estate agents can learn from the sale of a $6.2M banana

Inman

Value is not in the object itself, it’s in the perception, author and coach Darryl Davis writes. Your worth as an agent is defined by how you position yourself and your services (and it’s priceless).

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Is This the Most Beginner-Friendly Way to Start Investing?

BiggerPockets

Most people get turnkey real estate investing all wrong. They either think it’s a completely hands-off investment like stocks or that all turnkey real estate companies offer the same product.

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7 lessons learned from my move to the real estate profession

Inman

Find out how this California broker-owner went from corporate executive to real estate pro and what he learned along the journey.

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Leadership shakeup at MIC sees CEO return and board chair exit

Mortgagebroker News

Changes signal a new phase for the company

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October new-home numbers down month over month: Economist

Inman

In this exclusive series on Inman, Windermere economist Jeff Tucker illuminates the latest stats, reports and numbers to know this week.

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Interest rate cuts bring mixed relief to Canadian borrowers

Mortgagebroker News

Mortgage holders benefit, but first-time credit users continue to struggle

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RentSpree releases ‘Homebuyer Insights’ tool for Florida Realtors

Inman

Designed to help agents unearth buyer leads from renter databases, RentSpree's new tool will now be available to the 6,000 members of Central Florida’s Space Coast Association of Realtors.

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Melissa O’Neil Named Lamacchia Realty Employee of the Month – October 2024

Lamacchia Realty

Melissa O'Neil Named Lamacchia Realty Employee of the Month – October 2024 Behind the incredible REALTORS® of Lamacchia Realty is a team of over 90 staff members who work tirelessly to support, propel, and operate the independently owned-brokerage. Each and every staff member plays an integral role in the continued success of the quickly growing company.

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RE/MAX scores recruiting victories in Arizona, Indiana

Inman

A team in Tuscon will now become a franchise known as RE/MAX Horizon, while an ERA franchise in Indiana is rebranding to RE/MAX First Integrity.

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2025 Loan Limits Increase by $40,000

Lamacchia Realty

2025 Loan Limits Increase by $40,000 The FHFA announced yesterday that in 2025, the conforming loan limits will rise by $40,000 to $806,500 compared to $766,550 in 2024 for single-family/one-unit properties. This is the base number, as higher-priced homes and regions will have higher limits based on average home prices in the area. Loan limit increases are correlated to rising prices- the national average home sale price rose by 5.21% which helped determine the 5.2% increase in limits for 2025.

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