Wed.Jun 12, 2024

article thumbnail

Should we be worried about the number of underwater homes?

Housing Wire

Should we be concerned about the number of homeowners who are underwater on their homes? Recent data from Attom showed that 1 out of every 37 homes were severely underwater, something I talked about on CNBC recently , but CoreLogic data provides a reality check on this topic. Let’s dig in. One of the most alarming aspects of the housing bubble crash was the staggering number of Americans who were underwater on their homes.

article thumbnail

Sellers Listing Their Homes … But Buyers Aren’t Biting 

Appraisal Buzz

Home sellers are returning to the market, but buyers are hesitant, according to a recent Zillow market report. In May, new property listings exceeded sales, allowing buyer competition and price rise to slow—and more price relief is expected. “Rate lock’s hold seems to be loosening—homeowners who may have put off listing their homes are done waiting.

Sellers 397
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Inflation and Fed day: A crucial moment for the housing market

Housing Wire

Today’s double event of the CPI inflation report and the Fed meeting gave us something that I have been waiting for: a hint from Fed Chairman Jay Powell that the labor market has softened. Today he acknowledged what I have been talking about for months: the Fed’s key data lines are at pre-COVID-19 levels today. Before the Fed held its press conference, we got a softer-than-anticipated CPI report, which sent the 10-year yield (and mortgage rates ) lower at first.

article thumbnail

Foreclosure Starts Tick Upward in May 

Appraisal Buzz

ATTOM’s May 2024 Foreclosure Market Report found that there were a total of 32,621 U.S. properties with foreclosure filings during the month—default notices, scheduled auctions, or bank repossessions—up 3% from April 2024, but down 7% from a year ago. “May’s foreclosure activity highlights nuanced shifts in the housing market,” said Rob Barber, CEO at ATTOM.

article thumbnail

The Real Brokerage announces vendor, service program to aid agents

Housing Wire

Fast-growing real estate firm The Real Brokerage announced the launch of its Real Partners program on Wednesday. Real Partners is a group of preferred vendors, tools and services for Real agents to utilize. “Our mission at Real is to provide our agents and teams with a platform of possibilities from which to reach their full potential,” Real President Sharran Srivatsaa said in a statement.

Brokerage 451
article thumbnail

U.S. Asking Rents Hit Highest Level Since 2022

Appraisal Buzz

The median asking rent in the U.S. rose 0.8% year-over-year in May to $1,653, representing the highest level since October 2022, according to a new Redfin survey. This is the second straight increase—rents rose 0.9% year-over-year (YoY) in April—after 11 months of declines, while rents rose 0.5% month-over-month (MoM). Per the report, apartment prices are closely related to unit supply.

Tenants 392

More Trending

article thumbnail

Get Ready: Your Guide to the Upcoming UAD Changes

Appraisal Buzz

There are a lot of changes coming up that will be effecting appraisers with the new UAD from the GSEs. How can we prepare for these changes? Why is it so important to start practicing NOW? Today, host Hal Humphreys speaks with Joel Baker, Senior Professional of Product Solutions at A la mode. Joel is one of the biggest voices in the industry through his podcasts and instructing with A la mode.

article thumbnail

Inflation cools slightly ahead of Fed meeting

Housing Wire

The Federal Reserve has some positive news about inflation as it heads into its June meeting on Wednesday afternoon. The Consumer Price Index cooled slightly in May, with the all items index posting a 3.3% annual increase before seasonal adjustment, according to data released Wednesday by the Bureau of Labor Statistics (BLS). This is down from a 3.4% annual increase in April.

Mortgage 451
article thumbnail

An open letter to overpriced sellers

Sacramento Appraisal Blog

Dear Sellers, if you’re overpriced, I have some thoughts for you today. This is coming from a good place, and I want you to have success in selling your home if that’s what you really want to do. Scroll by topic and let me know if you have any questions or thoughts. I hope this […] The post An open letter to overpriced sellers first appeared on Sacramento Appraisal Blog.

Sellers 337
article thumbnail

Originations forecast through 2026 ‘dampened’ by inflation, GDP and labor market growth

Housing Wire

Persistent economic trends that include inflation, a strong labor market and real gross domestic product (GDP) growth will continue to “dampen” mortgage origination activity through at least the end of 2026, according to the newest U.S. mortgage originations outlook from financial services forecasting and advisory company iEmergent. Based on 2023 Home Mortgage Disclosure Act (HMDA) data, the iEmergent analysis predicts that purchase mortgage volume will rise by roughly 9% in 2024 compared to las

Marketing 430
article thumbnail

Good Service Is Sustainable

Appraisal Buzz

/*! elementor – v3.21.0 – 26-05-2024 */.elementor-widget-text-editor.elementor-drop-cap-view-stacked.elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed.elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default).elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default).elementor-drop-cap-let

Training 221
article thumbnail

Refi business is picking up on falling mortgage rates

Housing Wire

Mortgage applications shot up 15.6% from one week earlier , according to data from the Mortgage Bankers Association ’s (MBA) weekly application survey for the week ending June 7. On an unadjusted basis, the market composite index increased 26% compared with the previous week. The refinance index increased 28% from the previous week and was also 28% higher than the same week one year ago.

Business 459
article thumbnail

Mortgage Application Volume Jumped 15.6 Percent Last Week as Rates Edged Down Slightly

Appraisal Buzz

Mortgage application volume took one of the largest jumps in over a year last week, increasing an impressive 15.6% on an adjusted basis compared with the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Without seasonal adjustment, volume for the week ended June 7 was up 26%. Applications for refinances increased 28% compared with the previous week and were up 28% compared with the same week one year ago.

Mortgage 221
article thumbnail

Success Mortgage CEO nominated as MBA vice chairman

Housing Wire

The Mortgage Bankers Association (MBA) on Wednesday announced that Owen Lee, CEO at Success Mortgage Partners (SMP), has been nominated to serve as the association’s vice chairman for the forthcoming 2025 membership year. Lee’s nomination was announced by Mark Jones, the 2024 MBA chairman and president of Union Home Mortgage , who describing Lee as “an exemplary leader and prominent voice in the real estate finance industry.

Mortgage 430
article thumbnail

Guaranteed Rate Re-Enters Securitization Market with Prime Jumbo RMBS Deal

Appraisal Buzz

Guaranteed Rate is launching its first residential mortgage-backed securities (RMBS) deal of 2024, making it the first 100% retail non-bank lender to re-enter the securitization space with a prime jumbo deal since the pandemic. The deal highlights a shift in strategy Guaranteed Rate has implemented to prove its commitment to offering robust financial solutions regardless of market conditions.

Marketing 195
article thumbnail

As the VA loan turns 80, its economic impact is in the trillions

Housing Wire

An analysis released Wednesday by Columbia, Missouri -based lender Veterans United Home Loans revealed that the home loan program through the U.S. Department of Veterans Affairs (VA) has contributed $3.9 trillion to the national economy since its inception near the end of World War II. The VA loan program — which was established in 1944 through the GI Bill — will celebrate its 80th anniversary on June 22.

article thumbnail

Zillow: As Inventory Increases, Many Buyers Still Waiting on the Sidelines

Appraisal Buzz

Even though inventory has been increasing, many home buyers are still sitting on the sidelines, with some likely waiting for mortgage rates to decrease before they make a purchase, a report from Zillow shows. According to the firm’s data, new listings have increased nearly 13% since last year. Inventory is accumulating, rising 22% over last year and reducing the pandemic-era deficit.

Inventory 195
article thumbnail

EasyKnock partners with FinLocker to bolster consumer financial health

Housing Wire

Home equity solutions and sale-leaseback platform EasyKnock announced a partnership on Tuesday with financial fitness and homeownership platform FinLocker that will make FinLocker’s tools available free of charge to EasyKnock customers. The FinLocker app includes a “personalized suite of tools“ designed to help consumers improve their financial health, the company explained in its announcement.

Tools 429
article thumbnail

Time for Time Adjustment? Pt 2

George Dell

Time adjustments have long been required as good appraisal practice. On the residential side, they are required in guidelines issued by FannieMae and FreddieMac (the GSEs). Unfortunately, the requirement for time adjustments (“market conditions”) has been ignored by the lenders selling to the GSEs (Government Sponsored Enterprises). Why? Editor’s Note: Read Part 1 of this […] The post Time for Time Adjustment?

article thumbnail

FHFA seeks public comment on GSEs’ underserved markets plans

Housing Wire

The Federal Housing Finance Agency (FHFA) this week issued a public request for information for plans submitted by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac under the Duty to Serve (DTS) program that aims to serve underserved markets from 2025 through 2027. Established by the Housing and Economic Recovery Act (HERA) of 2008, the DTS plans for underserved markets encompass three primary areas: manufactured housing, affordable housing preservation and rural housing.

Marketing 427
article thumbnail

Douglas Elliman dismissed from buy-side commission case

Real Estate News

Compass, eXp, Redfin, Weichert, United Real Estate and Hanna among remaining defendants in Batton 2 case; a smaller case moves closer to a settlement.

article thumbnail

New Zealand mayor slammed for recommending reverse mortgages

Housing Wire

A mayor in a region of New Zealand, who recently suggested using reverse mortgages to fund various cost-of-living increases faced by the nation’s retirees, is pushing back against the backlash his comments created. Tim Cadogan, who serves as mayor of the Central Otago district in south central New Zealand, recently fielded a question from a constituent about rising rates that are akin to U.S. property taxes.

Mortgage 434
article thumbnail

Only one rate cut is coming in 2024

Real Estate News

The Federal Reserve left rates unchanged despite some easing of inflation, but signaled that more cuts are likely next year.

238
238
article thumbnail

Figure launches blockchain-based marketplace for private credit loans

Housing Wire

Figure Technology Solutions , the parent company of Figure Lending LLC , has launched a blockchain-based marketplace to connect buyers and sellers of private credit loans, promising to reduce settlement timelines and create greater pricing certainty. The launch, announced on Wednesday, comes less than two months after Figure named tech veteran Michael Tannenbaum — who led fintech company Brex for seven years — as its new CEO.

article thumbnail

Roof AI CEO on ChatGPT — and the need for guardrails

Real Estate News

Roof Pro launched its GPT integration this week after the company took the time to establish safeguards necessary for the real estate industry.

article thumbnail

Douglas Elliman dismissed from Batton homebuyer commission suit

Housing Wire

Douglas Elliman is joining Howard Hanna and HomeServices of America in being voluntarily dismissed from the Batton homebuyer commission lawsuits. In their notice filed on Tuesday, the Batton plaintiffs stated that that their claims were dismissed without prejudice, noting that the ”dismissal is proper because Douglas Elliman Inc. has not yet served either an answer or a motion for summary judgment.

article thumbnail

Proposed DOJ ban on commission offers against the law, MLS says

Inman

MLS PIN on Monday urged a district court to reject the Department of Justice's arguments against a settlement with homeseller plaintiffs in the Nosalek antitrust commission case.

Law 161
article thumbnail

Government requests more time in Ginnie Mae/TCB lawsuit

Housing Wire

Lawyers for the U.S. government have requested an extension of deadlines related to discovery in the case brought by Texas Capital Bank (TCB) against Ginnie Mae over the extinguishment of a priority lien tied to the loan portfolio collateral of Reverse Mortgage Funding (RMF), according to court documents reviewed by HousingWire ’s Reverse Mortgage Daily (RMD).

article thumbnail

Fed cool on rate cuts despite encouraging May inflation report

Inman

Policymakers now envision making just one rate cut this year, but investors who fund most mortgages are still betting the central bank will change its tune if inflation continues to ease.

Investors 157
article thumbnail

The title insurance professional’s ultimate resource guide

Housing Wire

Yes, calling something the “ultimate” anything is a bold move. It brings to mind those late-night infomercials with over-caffeinated hosts screaming about life-changing gadgets that always end up falling short. But when we say this is the Ultimate Resource Guide for title insurance professionals, we mean it! Whether you’re new to the field or a seasoned veteran, this guide is designed to be your one-stop shop for all you need to succeed.

Insurance 327
article thumbnail

Gitcha leverages proposed NAR settlement to bolster buyers

Inman

A new company called Gitcha has launched which prioritizes an active buyer's needs in the same way a portal advertises available listings. It’s active in the greater Phoenix MSA, including Scottsdale.

Buyers 154
article thumbnail

Fed Holds Rates Constant; Sees One Cut for 2024

Eyes on Housing

The Federal Reserve’s monetary policy committee held constant the federal funds rate at a top target of 5.5% at the conclusion of its June meeting. In its statement, the Federal Open Market Committee (FOMC) noted: Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and.

Marketing 114
article thumbnail

REBNY leads 1,500 NYC agents at rally in opposition to broker fee bill

Inman

REBNY members on Wednesday demonstrated against the FARE Act, a bill that would require rental property owners to cover the cost of broker fees, rather than pass them off on tenants.

Tenants 144
article thumbnail

Inflation Moderates Despite Persistent Housing Cost Growth

Eyes on Housing

Both overall and core inflation continued to ease in May as decline in gasoline price offset the increase the shelter cost. This is a dovish signal for future monetary policy. Despite a slowdown in the year-over-year increase, shelter costs continue to put upward pressure on inflation, accounting for over 60% of the total increase in.

110
110