Thu.Sep 26, 2024

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Signs of housing demand surge after interest rate cut

Housing Wire

The question from the housing industry after the Federal Reserve ’s half-point interest rate cut is simple — will this bring buyers back to the stalled housing market? A new report from Redfin suggests that it is already happening. The company analyzed mortgage rate-lock data from Optimal Blue and found that locks have risen 68% this week compared to one month earlier.

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Five Star Conference Celebrates 2024 Women in Housing Award Recipients

Appraisal Buzz

The 21 st Five Star Conference marked its final day on Thursday with the tradition of the Women in Housing Leadership Awards, an annual presentation recognizing the remarkable accomplishments of women executives working within the mortgage and housing industries. Following brief welcome remarks from Ali Haralson, President of Auction.com (which was Lead Sponsor of the luncheon), the ceremony was emceed by Jodi Gaines, CEO of Claims Recovery Financial Services.

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A month after seismic industry changes, real estate agents aren’t much more optimistic

Housing Wire

In the six months since news of the National Association of Realtors ‘ (NAR) nationwide commission lawsuit settlement broke, agent attitudes toward the settlement’s required business practice changes have only slightly improved. This is according to a study published earlier this week by real estate technology firm Clever Real Estate. Clever surveyed 516 real estate agents in late August and early September, after the changes were implemented on Aug. 17.

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Pending Home Sales Rebound in August

Appraisal Buzz

According to the National Association of Realtors (NAR) , pending home sales in August 2024 rose 0.6%, with the Midwest, South, and West posting monthly gains in transactions, and the Northeast recording a loss. Year-over-year, the West registered growth, but the Northeast, Midwest, and South declined. NAR’s Pending Home Sales Index (PHSI) is a forward-looking indicator of home sales based on contract signings, ad increased to 70.6 in August.

Contracts 359
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Zillow teams with First Street to provide homebuyers with climate risk data

Housing Wire

Homebuyers will soon have access to climate risk data on Zillow , according to an announcement on Thursday. Zillow is partnering with First Street to provide users with data on a property’s risk levels for flood , wildfire , wind, heat and air quality through risk scores, interactive maps and insights into insurance requirements. “Climate risks are now a critical factor in home-buying decisions,” Zillow chief economist Skylar Olsen said in a statement. “Healthy markets are ones where

Insurance 377
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loanDepot Continues Its Dedication to U.S. Vets

Appraisal Buzz

loanDepot National Director of Military Growth and Strategy Bryan Bergjans loanDepot Inc. has bolstered its strength in the Veterans Administration (VA) lending department with the appointment of U.S. Navy Veteran and VA lending expert Bryan Bergjans as National Director of Military Growth and Strategy. Bergjans, a highly respected national advocate for the military community, has nearly two decades of military experience and a passion to serve the active-duty military and veteran community.

Lending 243

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Charting a Course for the Future of Servicing

Appraisal Buzz

One of the highlights Wednesday afternoon of the Five Star Conference at the Omni Hotel in Dallas was the Mortgage Servicing Forum , an event that brought together top mortgage servicing executives and government representatives to discuss the challenges facing the industry, while determining the best paths forward. From loss mitigation to navigating compliance concerns and the potential industry impact in an uncertain election year, this year’s Mortgage Servicing Forum was presented by Forum Pa

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Pending home sales rise slightly but continue to muddle along

Housing Wire

After hitting the second-lowest level on record in July , pending home sales rose slightly in August, according to data released Thursday by the National Association of Realtors (NAR). The Pending Home Sales Index rose 0.6% month over month in August to a reading of 70.6. A reading of 100 is equal to the level of contract activity in 2001. Despite the monthly increase, last month’s reading was still down 3% year over year.

Contracts 330
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Lower rates attract refinancing — are home buyers next?

Real Estate News

While touring is up, mortgage purchase applications and pending sales are subdued. Inventory shows some promise but “extra stale” listings have increased.

Buyers 251
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Austin-area luxury team leaves The Agency for Compass

Housing Wire

The Compass team in Austin is welcoming back one of its own. Luxury agent Mike Mogavero is returning to the brokerage after a stint with The Agency. Mogavero is also bringing Christen Lowe, his partner in the MOLO Group , with him. The pair topped $38.8 million in sales volume in 2023, with Mogavero accounting for $33.2 million of the total, according to RealTrends Verified.

Brokerage 328
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FHFA Seeks Comment on Revised Amendments to Suspended Counterparty Program

Appraisal Buzz

The Federal Housing Finance Agency (FHFA) has revised its proposal to amend the Suspended Counterparty Program (SCP), which requires a regulated entity to report to FHFA if an individual or institution that it does business with has committed certain types of misconduct within the prior three years. It also authorizes FHFA to order its regulated entities to cease doing business or refrain from entering into new business with certain counterparties.

Finance 195
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NAR to sellers: Concessions could ‘lead to better, faster offer’

Real Estate News

The new guide from the National Association of Realtors also explains how concessions (which can be used to pay an agent) differ from offers of compensation.

Sellers 229
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NAR: Pending Homes Sales Barely Increased in August

Appraisal Buzz

Pending home sales inched up 0.6% in August compared with July but were down 3% compared with August 2023, according to the National Association of Realtors (NAR). “A slight upward turn reflects a modest improvement in housing affordability, primarily because mortgage rates descended to 6.5 percent in August,” says Lawrence Yun, chief economist for NAR, in a statement.

Contracts 195
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Colorado gives MV Realty the boot

Real Estate News

The Rocky Mountain State revokes troubled brokerage’s license over 40-year right-to-list agreements as Minnesota joins 10 other states in filing suit.

Realty 190
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Freddie Mac: 30-Year Fell to Two-Year Low This Week

Appraisal Buzz

Mortgage rates decreased to the lowest levels in two years this week, as the average rate for a 30-year, fixed-rate mortgage fell to 6.08%, down from 6.09% 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 7.31%. “Although this week’s decline was slight, the 30-year fixed-rate mortgage trended down to its lowest level in two years,” says Sam Khater, chief economist for Freddie Mac, in a statement.

Mortgage 195
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‘The fever has broken’: Action steps for agents after rate cuts

Inman

An environment where the fed funds rate is being cut instead of raised has historically been better for the real estate industry. Now is the time for agents to become the resource for information and professionalism.

Agents 176
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ICE: Mortgage Delinquencies Fell in August But Remain Up Compared With Last Year

Appraisal Buzz

The U.S. mortgage delinquency rate fell to 3.34% in August, dropping 0.9% compared with July but up 5.1% compared with August 2023, according to ICE Mortgage Technology’s First Look report. As of the end of the month, there were about 1.8 million properties 30 days or more past due but not in foreclosure – down about 11,000 compared with the previous month but up about 117,000 compared with a year ago.

Mortgage 195
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Buyer-broker commissions remain mostly steady since Aug. 17: Survey

Inman

Business has largely continued as usual with 63 percent of agents reporting that sellers are "frequently" covering buyer-broker commissions, according to a new Real Brokerage survey of 300 agents.

Buyers 176
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15 housing markets with the highest home price correction risk, according to Parcl Labs

Empire Appraisal Group

Source: [link] The 15 markets with the highest correction risk, according to Parcl Labs : Crestview-Fort Walton Beach-Destin, FL Daphne-Fairhope-Foley, AL Deltona-Daytona Beach-Ormond Beach, FL Gainesville, FL Homosassa Springs, FL Lakeland-Winter Haven, FL Miami-Fort Lauderdale-Pompano Beach, FL Myrtle Beach-Conway-North Myrtle Beach, SC Naples-Marco Island, FL Ocala, FL Orlando-Kissimmee-Sanford, FL Palm Bay-Melbourne-Titusville, FL Port St.

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Why Cord Shiflet avoids calling himself a Realtor ‘like the plague’

Inman

"NAR is about to get a wake up call," the Moreland Properties agent told Inman in an interview that touched on Austin's growing pains and NAR's future ahead of his talk at Connect Austin in October.

Realtors 159
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The Fed Finally Cuts Rates, but Will It Even Matter?

BiggerPockets

The Fed’s recent rate cut signaled something clear about the US economy, but what are they trying to say?

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Industry heavy-hitters launch app that documents agents’ workflow

Inman

Rayse, which the company has positioned as a way of "pushing back against the settlements," is backed by Realtor associations, MLSs, brokerages and leaders, including co-CEO James Dwiggins.

Agents 161
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Lindsay Favazza and Anthony Castellano Quoted in Recent Boston Globe Article

Lamacchia Realty

Lindsay Favazza and Anthony Castellano quoted in recent Boston Globe Article A recent Boston Globe article highlights Lindsay Favazza , VP of Marketing, and Anthony Castellano , Lamacchia REALTOR®, on the increasing importance of social media in real estate. Lindsay emphasizes that while social media helps agents build a community of trust, it takes time and consistency to generate sales.

Realty 58
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Broker Spotlight: Mary Sherer, ERA Crossroads

Inman

Learn more about this Indiana broker-owner, and find out about the "disastrous" experience that pushed her to get her real estate license and become a true residential expert.

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Ontario builders call out high government fees for stifling affordable housing

Mortgagebroker News

Homebuilders push officials to lower development charges and speed up permits

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This hidden barrier is blocking you from achieving real estate success 

Inman

Whether you characterize them as "reasons" or "explanations," excuses undermine your credibility and weaken your intentions, trainer Bernice Ross writes. Find out how to stop making excuses so you can maximize your professional performance.

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Ontario's FSRA to tighten supervision of private mortgages in new plan

Mortgagebroker News

New supervision plan focuses on protecting consumers in private mortgage market

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How to protect your data, devices and clients when on Wi-Fi

Inman

When you're on the go, and using public Wi-Fi, you can open yourself up to security breaches. Security expert Robert Siciliano offers best practices for protecting yourself and your information.

Clients 139
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What measures are required to restore housing affordability?

Mortgagebroker News

Acute housing crisis remains despite new mortgage rule changes

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Own your success in real estate’s next chapter

Inman

Inman Connect New York is renowned for gathering the brightest minds in real estate, offering unparalleled access to expert insights and networking opportunities. This January, join industry leaders at the Hilton Midtown for transformative discussions on technology, branding and marketing strategies to propel your business into 2025. Discover how to leverage this premier event to enhance your professional growth and adapt to the ever-changing real estate landscape.

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Flipping frenzy: Canadian real estate investors unfazed by market cooldown

Mortgagebroker News

Flippers continue to dominate the housing market, with resales just shy of new highs

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Consumer goods mogul buys Miami parcels for $100M

Inman

Consumer goods magnate Anand Khubani has bought three parcels on La Gorce Island from the trust of the late Dr. M. Lee Pearce, marking the priciest deal in Miami-Dade County so far this year.

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Canada's new mortgage rules ease access to housing – but at what cost?

Mortgagebroker News

Federal government offers more details on its latest mortgage reform plan

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BOSSCAT, HouseAmp link could ease pre-sale renovations

Inman

Two companies in the pre-sale home renovation business, BOSSCAT and HouseAmp, agree to work together to streamline services.