Thu.Jun 06, 2024

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Q1 2024 mortgage lending activity declines to near-record low

Housing Wire

Mortgage lending in the U.S. dropped by 6.7% in the first quarter of 2024 to 1.28 million mortgages secured by residential property, the 11th drop recorded in the past 12 quarters and the lowest level since the year 2000, according to the newest U.S. Residential Property Mortgage Origination Report compiled by data provider Attom. This decline contributed to a 4.8% reduction in residential lending activity compared to first-quarter 2023 and a 69.3% reduction since reaching a high point in 2021,

Lending 471
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Cash buyers are the X factor in 2024

Sacramento Appraisal Blog

Cash buyers are really showing up. They are the X factor this year to explain the bump in volume we’ve seen compared to last year. Today, I have some really cool stats to unpack what is happening in nine local counties. If you’re not in Sacramento, is this happening in your area too? UPCOMING SPEAKING […] The post Cash buyers are the X factor in 2024 first appeared on Sacramento Appraisal Blog.

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Unexpected trends in real estate agent dynamics

Housing Wire

Relitix’s latest release of the Agent Movement Index (AMI) for April 2024 reveals a surprising shift in the dynamics of real estate agents , indicating potential changes in market conditions and strategies among brokerages. Key Highlights from April 2024 AMI: Rise in Active Agents: The data show an unexpected increase in the number of active real estate agents.

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Housing Experts Forecast Home Price Growth Trends Into 2025

Appraisal Buzz

Following a 6.6% rise in 2023, a panel of housing experts predicts annual national home price growth of 4.3% in 2024 and 3.2% in 2025, according to the Q2 2024 Fannie Mae Home Price Expectations Survey (HPES) —conducted in collaboration with Pulsenomics, LLC. The HPES polls more than 100 experts from the housing and mortgage industries, as well as academia, to estimate national home price percentage increases over the next five calendar years, as measured by the Fannie Mae Home Price Index (FNM-

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New planning tool arrives as California prepares for more accessory dwelling units

Housing Wire

A private planning firm in California is launching a new tool to help local governments there prepare for a pending law designed to spur more construction of accessory dwelling units (ADUs). The Berkeley-based Community Planning Collaborative (CPC), a self-described “housing policy and ADU resource leader,” will start rolling out its ADU Plans Gallery this month.

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'Unfiltered' podcast: Using the media to your advantage

Real Estate News

Watch the conversation with industry news leader Mitch Robinson as he offers advice for working with local news outlets to “tell your story in a proactive way.

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Mortgage Credit Increased Slightly in April But Remains Near Historic Lows

Appraisal Buzz

Mortgage credit availability increased 0.1% in May compared with April, rising to a score of 94.1 on the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI). Despite the slight increase, mortgage credit remains very tight by historical standards. A decline in the MCAI indicates that lending standards are tightening, while increases are indicative of loosening credit.

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Mortgage credit availability increased in May: MBA

Housing Wire

Mortgage credit availability saw a slight increase in May, according to an analysis of ICE Mortgage Technology data by the Mortgage Bankers Association (MBA). The Mortgage Credit Availability Index (MCAI) rose by 0.1% to 94.1 in May. The index was initially benchmarked to 100 in 2012. The MCAI measures how tight or loose lending standards are in any given month.

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Report Spotlights Mortgage Origination Market Struggles

Appraisal Buzz

According to the Residential Property Mortgage Origination Report from ATTOM Data, there were a total of 1.28 million mortgages originated during the first quarter of 2024, representating a 6.8% decline from the previous quarter. The drop-off marked the 11th in the last 12 quarters, to the lowest level since 2000. In addition, this number left total residential lending activity down 4.8% year-over-year, and down 69.3% from the originations peak which occurred in 2021.

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Guaranteed Rate wants to build a bridge between reverse and forward mortgage channels

Housing Wire

Just over a year after its further expansion into the reverse mortgage business, multichannel mortgage lender Guaranteed Rate has focused on bringing a wider swath of mortgage industry professionals up to speed with the dynamics of reverse , a trend that has unfolded in other parts of the industry as more forward lenders have expressed interest in the space.

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[WSJ Digital] The Total Renovations Behind This Home’s $1.8M Listing Price

Miller Samuel

I walked a few blocks from our Manhattan office to the Wall Street Journal to be interviewed for their digital piece on how to think about renovations in a home and their contribution to value. The home was located in Coeur d’Alene, Idaho. I get to provide sage advice from an appraiser’s perspective. The post [WSJ Digital] The Total Renovations Behind This Home’s $1.8M Listing Price first appeared on Miller Samuel Real Estate Appraisers & Consultants.

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Moody’s reaffirms ‘above-average’ quality rating for reverse mortgage servicer Celink

Housing Wire

Bond credit-rating organization Moody’s Investors Service has reaffirmed its “above-average” rating for the reverse mortgage servicing performance of Celink , which is the current holder of the U.S. Department of Housing and Urban Development (HUD)’s Home Equity Conversion Mortgage (HECM) servicing contract and is a HECM subservicer for several major lenders.

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Mark your calendars: 3 key dates for the industry and the DOJ

Real Estate News

Several commissions-related milestones are coming up, starting with the NAR settlement opt-in deadline in less than two weeks.

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Mortgage Servicing Industry Supports Event Honoring Teen Cancer Survivors

Appraisal Buzz

On May 18, 2024, The Ruth Cheatham Foundation (TRCF) , a national nonprofit providing support to teens impacted by cancer founded by Doug and Lindsay Whittmore, held its Annual Gala for Teen Cancer Survivors at the Fairmont Hotel in Dallas—hosted by emcee Sam Gannon—to award scholarships and financial aid to teen cancer fighters and survivors to help further their education.

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Mortgage rates dip below 7%, but market is still ‘bittersweet’

Real Estate News

Despite an increase in supply, affordability continues to keep many buyers on the sidelines, and rates aren’t expected to fall significantly this year.

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FHFA Enhances Flex Modification Policies to Help Borrowers in Forbearance Achieve ‘Meaningful Payment Reductions’

Appraisal Buzz

More mortgage borrowers facing longer-term hardships will be able to achieve meaningful payment reductions as a result of recent enhancements to Fannie Mae and Freddie Mac’s Flex Modification policies. Fannie Mae and Freddie Mac have completed more than half a million modifications through their Flex Modification offerings since they were implemented in 2017, according to the Federal Housing Finance Agency , regulator of Fannie and Freddie.

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House Price Appreciation by State and Metro Area: The First Quarter of 2024

Eyes on Housing

Despite higher mortgage rates, limited resale inventory and strong growth in demand continued to put upward pressure on house price appreciation. House price appreciation was recorded in all 50 states and the District of Columbia. According to the quarterly all-transactions House Price Index (HPI) released by the Federal Housing Finance Agency (FHFA), U.S. house prices.

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Freddie Mac: Mortgage Rates Dipped This Week as Average Rate for 30-Year Hovers at 7 Percent

Appraisal Buzz

Mortgage rates dipped this week, with the average rate for a 30-year fixed-rate mortgage dropping to 6.99%, down from 7.03% 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 6.71%. “Mortgage rates retreated this week given incoming data showing slower growth,” says Sam Khater, chief economist for Freddie Mac, in a statement.

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NAR Pride Month post draws hundreds of anti-LGBTQ+ replies

Inman

The National Association of Realtors' Instragram post highlighting Pride Month has garnered nearly 900 comments — the majority of them against the LGBTQ+ community. The LGBTQ+ Real Estate Alliance has called on NAR to control the comments section and reprimand Realtors who've made discriminatory statements.

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Study: All-Cash Buyers Pay 10% Less

Empire Appraisal Group

Study: All-Cash Buyers Pay 10% Less A new study shows sellers would rather leave money on the table and accept an all-cash sale than risk losing the sale completely because the mortgage falls through. NEW YORK – Owning a home has long been considered a crucial way to build wealth, but making such a purchase has become increasingly difficult for many residents.

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NAR says settlement ‘eliminates’ steering. Plaintiffs issue warning

Inman

Plaintiffs' lawyer Michael Ketchmark vowed legal action to enforce deal: "Anyone who thinks they can send a few emails or bury their head in the sand and avoid the application of the law is wrong.

Legal 129
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Why Buy or Sell a Home With Solar Panels?

Lamacchia Realty

WHY BUY OR SELL A HOME WITH SOLAR PANELS? In today’s world, homeowners are always looking for ways to save money, reduce their environmental impact, and add value to their properties. Solar panels are a great solution, using the power of the sun to generate clean energy, lower electricity bills, and increase your home value. We will be diving deep into the exciting world of solar power, exploring the benefits for both homeowners and the environment, and explaining how solar panels can be

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Nova Scotia MLS adds new fields to serve buyers with mobility needs

Inman

Realtors can now add information to help potential buyers search for homes that might meet their mobility needs. The new fields were added to the Nova Scotia MLS on Wednesday.

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Toronto housing market sees first price drop since January

Mortgagebroker News

Piling listings outpace buyer demand, pushing prices down

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Christie’s Real Estate and Modwell open partnership to more agents

Inman

The design company's generative AI and 3D tech will now be available to 250 Christie's International Real Estate Masters Circle agents in the U.S. and all 3,500 agents affiliated with @properties.

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How many more times will the Bank of Canada cut rates in 2024?

Mortgagebroker News

Central bank could bring rates lower again in July, suggests economist

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30 years of brutally honest business advice in 1250 words

Inman

Do you need some tough love to get you moving forward in your real estate business? Jimmy Burgess shares the advice that's helped him achieve the greatest success in his career.

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BiggerNews: Apartment Investing Took a Huge Hit, Is a Comeback On the Way?

BiggerPockets

Almost overnight, multifamily investing went from red-hot to something not even the most experienced investors would touch.

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FBI raids Atlanta office of apartment operator Cortland

Inman

Investigators searched the company's office as part of an inquiry into alleged apartment price-fixing in the multifamily industry.

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Major lenders lower prime rate after BoC cuts

Mortgagebroker News

Canada's top mortgage lenders follow BoC's lead

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Broker Spotlight: Victoria Roberts, eXp Realty Alaska

Inman

Find out how this Alaska broker went from personal struggle to professional success and how a major disaster led her to her current company.

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Fannie Mae’s Doug Duncan on Fed ‘overcommunication,’ ‘dormant’ lenders and second mortgages

Housing Wire

Doug Duncan , the chief economist at Fannie Mae , believes pressures from fiscal and monetary policy have brought volatility to the secondary mortgage market, creating a “higher-for-longer” scenario in the U.S. economy that mortgage companies should be ready to face. “Every indicator that comes out, the market judges which way would the Fed move with it.

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Images of Jennifer Lopez and Ben Affleck’s home reappear on Zillow

Inman

Previously unavailable images of the celebrity couple's $60 million Beverly Hills abode were uploaded to Zillow on June 1 and June 5.

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FSBO in Atlanta: Does It Save Money?

Listing Spark

Selling your home can be an expensive and complicated process. But FSBO in Atlanta (For Sale By Owner) offers a chance to simplify things and keep more money in your pocket. If you’re looking to sell your property without dealing with high agent commissions , this approach might be right for you. Quick Takeaway: FSBO in Atlanta can save homeowners thousands of dollars in agent fees, but it requires time, effort, and a good understanding of the housing market.