December, 2023

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Opinion: To support low-income borrowers, return Fannie Mae and Freddie Mac to the private sector

Housing Wire

Since the 2008 housing crisis , there have been significant changes that prompted the Treasury to place Fannie Mae and Freddie Mac under conservatorship. While the conservatorship has allowed for the mortgage market to be restored to its pre-crisis state and strengthened these two government-sponsored entities (GSEs), there are significant downsides to maintaining the status quo indefinitely.

Tools 545
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This one company owns 9,000+ homes in California (interactive map)

Sacramento Appraisal Blog

Wall Street has invaded Main Street. It’s truly stunning to see that a company like Invitation Homes owns over 9,000 units in California. Today, I want to debut an interactive map I made to show where these homes are located. UPCOMING (PUBLIC) SPEAKING GIGS: 12/08/23 Free Q&A event for appraisers only (on private work) […] The post This one company owns 9,000+ homes in California (interactive map) first appeared on Sacramento Appraisal Blog.

Appraisal 532
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New details in eXp sexual assault claims revealed by New York Times

Real Estate News

Five women told the Times that it took a lawsuit to get action on predatory behavior. A second lawsuit has been filed. eXp says it let “bad actors” go.

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How to leverage pop culture moments to improve your listings

Inman

When it comes to marketing high-end homes, it pays to think like an ad firm. That means knowing your target audience, using themes they’ll understand, and finding ways to creatively defy convention.

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Property Tax Revenue Continues to Climb

Eyes on Housing

NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $129 billion in taxes were paid by property owners in the third quarter of 2023 (not seasonally adjusted).[1] In the four quarters ending Q3 2023, state and local governments collected $757 billion of property tax revenue—an 11.6% increase over Q3 2022. The year-over-year growth rate of property tax revenue.

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What Is a Good ROI on Rental Property?

BiggerPockets

A good ROI on rental property typically ranges from 6% to 10%, although this can vary with location, property type, and market conditions. In some areas, ROIs over 12% are possible, while in expensive urban locations, a 4% to 6% ROI may still be favorable.

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Property Damage Coverage: Real Estate Investor Guide to Protection and Peace of Mind

Mashvisor

Real estate investing is a lucrative venture, but it comes with inherent risks, particularly in the realm of property damage.

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Zillow suing ARMLS and Metro MLS over ShowingTime access

Real Estate News

Zillow Group alleges that the MLSs and the MLS Aligned network are participating in anticompetitive practices by limiting member access to ShowingTime.

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3 tips for networking at non-real estate luxury events

Inman

When luxury real estate agents need to foster their referral networks and forge new professional relationships, industry events are fundamental. But what about when you want to connect with prospective clients?

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The Fed Projects Lower Rates in 2024

Eyes on Housing

The Federal Reserve’s monetary policy committee held the federal funds rate constant at a top target rate of 5.5% at the conclusion of its December meeting. The Fed will continue to reduce its balance sheet holdings of Treasuries and mortgage-backed securities as part of quantitative tightening and balance sheet normalization. Marking a third consecutive meeting holding the federal funds rate.

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Is Investing About to Get Easier? Here’s Our 2024 Outlook For Housing Prices

BiggerPockets

Housing prices have hardly let up over the past few years, and rising rates have made buying real estate even more expensive. Will we see any relief next year, though? Here's what you need to know.

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The Federal Reserve delivers lower rates for Christmas

Housing Wire

The Federal Reserve played the good grinch for Christmas this year and delivered the best gift for homebuyers nationwide, leading to lower mortgage rates. The 10-year yield and mortgage rates fell together after the Fed meetings, which gave us mortgage rates under 7% last week. Mortgage rates and the 10-year yield What a crazy week! Not too long ago, on jobs Friday, I was on the HousingWire Daily podcast saying it’s time to declare war on the Federal Reserve for being too restrictive; you can li

Inventory 533
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Is it too early to discuss Bank of Canada rate cuts?

Mortgagebroker News

Central bank is maintaining a somewhat hawkish tone, 'even if no-one believes them,' says BMO chief economist Porter

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New commissions lawsuit names Pennsylvania MLS, brokerages

Real Estate News

West Penn MLS and multiple brokerage companies are defendants in the latest buyer-broker commission suit filed Monday by home sellers in Western Pennsylvania.

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The top 10 real estate advice articles of 2023

Inman

This year's top how-tos run the gamut from commission conversations to content creation. Ranked by highest readership, here are the top how-tos from Inman contributors this year.

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Inflation Slows While Housing Costs Remain Sticky

Eyes on Housing

Consumer prices rose slightly in November, with a decline in the gasoline index being offset by an increase in the shelter index. The ongoing slowdown in inflation increases the probability that the Fed is done increasing rates. However, even after peaking in March this year, shelter costs continued to put upward pressure on inflation, accounting for nearly 70% of the.

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Taylor Swift Scored Big This Year, But So Did Airbnb Hosts—Here’s How Her Tour Impacted Markets Across the U.S.

BiggerPockets

Taylor Swift's Eras Tour brought in millions of dollars for Airbnb hosts, according to a new report. Read more to see which markets did best and how you can cash in on the next big tour.

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Why home prices haven’t crashed even with high mortgage rates

Housing Wire

The most underreported housing story I’ve seen this year is that even with mortgage rates rising to 8%, the number of homes that took price cuts before they sold was 4% below 2022 levels. This happened even with higher home prices and higher mortgage rates in 2023. Weekly housing inventory data We will start with the price cut data percentage because it deserves a detailed explanation. 2022 was a historic year for housing as we had the most significant home sales crash ever, and mortgage r

Mortgage 530
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Bank of Canada reveals final rate decision of 2023

Mortgagebroker News

Announcement rounds out a dramatic year for interest rates

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Home prices hit record highs, with more gains likely

Real Estate News

Despite 8% interest rates in October, annual home price growth continued to increase in most markets, the latest Case-Shiller report shows.

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Leaders in luxury: Mayi and Daniel de la Vega

Inman

How one family turned their brokerage into a beacon of innovation and excellence. Mother-son team Mayi and Daniel de la Vega have led ONE Sotheby’s International Realty to emerge as the definitive luxury leader representing Florida’s East Coast.

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October Gains in Private Residential Construction Spending

Eyes on Housing

NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 1.2% in October, after a dip in September. It stood at a seasonally adjusted annual pace of $884 billion. Total private residential construction spending is 0.7% higher compared to a year ago. This was the first year-over-year increase since December 2022.

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What Is a NACA Mortgage?

BiggerPockets

The NACA Mortgage program helps thousands of people purchase homes every year. They offer below-market mortgage rates and financial counseling programs to help more people take advantage of homeownership.

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The Fed was wrong about jobs and inflation

Housing Wire

After today’s jobs report , which showed unemployment at 3.7%, it’s now clear that the Federal Reserve does not need to create a job-loss recession to bring down the growth rate of inflation. The Fed has much to answer for after their massive rate hikes and quantitative tightening policy. These were created to bring down inflation by impacting the labor market but they disproportionally affected housing in a negative way.

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First American is the latest cybersecurity attack victim

Housing Wire

First American is the latest real estate firm to suffer a cybersecurity incident. Sources told HousingWire the incident occurred Wednesday afternoon, with First American confirming the incident Thursday morning. In a statement on the title company’s website it notes that First American has “taken certain systems offline” and that it is working to resume normal business operations as soon as possible.

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Mortgage rates are (finally) back at 7%

Housing Wire

Mortgage rates continued their downward trajectory this week as the 10-year Treasury yield dropped below 4.2% for the first time since September, according to new data from Freddie Mac. The 30-year, fixed mortgage rate averaged 7.03% for the week ending Dec. 7, according to Freddie Mac ‘s Primary Mortgage Market Survey. That’s down significantly from last week ’s 7.22% and up from 6.33% the same week a year ago.

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The Fed holds rates steady at final meeting of 2023

Housing Wire

The Federal Open Markets Committee (FOMC) held its short-term policy interest rate steady at a range of 5.25% to 5.5% at its last meeting of the year on Wednesday. It was the fourth pause recorded in 2023. Investors will parse Jerome Powell’s press conference this afternoon for clues about when and why the central bank might change its policy stance next year.

Mortgage 519
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Housing inventory defied all predictions in 2023

Housing Wire

Going into 2023, people thought housing inventory would skyrocket, home prices would crash, and we would see the housing market of 2008 all over again. We created this weekly tracker at the end of 2022 to give people a live weekly outlook on everything that drives the housing market and which factors to follow. Those reading the tracker would have understood why the housing market dynamics shifted on Nov. 9, 2022, and they’ll be ready for what’s coming next.

Inventory 509
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The mortgage market just had its strongest week in months

Housing Wire

Falling mortgage rates last week brought increased demand. Total home loan applications increased 2.8% for the week ending Dec. 1 compared to the previous week , according to data from the Mortgage Bankers Association (MBA). The 30-year fixed-rate mortgage averaged 7.17% last week. Slower inflation and the confidence financial markets have that we are nearing the end of the Fed ’s hiking cycle has brought mortgage rates to the lowest level since August.

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How analysts see 2024 shaping up for mortgage lenders

Housing Wire

Kyle Joseph, a specialty finance equity research analyst at Jefferies , believes that the worst of the current mortgage cycle may be behind us, a sentiment shared by most analysts covering this industry. “Barring any sort of unforeseen consequences, I’d like to think so , ” Joseph said in an interview. “Obviously, this cycle was fast and furious – for lack of a better term – in terms of how quickly rates went up, and volumes basically got cut into a third of what they wer

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Home prices climbed in October at fastest annual rate

Housing Wire

Despite lower sales activity, home prices continued their upward trend in October, according to the S&P CoreLogic Case-Shiller Home Price Index. Real estate experts say the performance reflects limited inventory in the country, a problem expected to continue in 2024. The data released on Tuesday shows that home prices in all nine U.S. census divisions posted a 4.8% annual gain in October, up from a 4% gain in the previous month.

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Mortgage rates continue trending down before Christmas

Housing Wire

Mortgage rates stayed below 7% for the second week in a row, a welcome relief after a 17-week streak of above-7% rates. This week’s dip is the largest weekly drop since November 2022. The 30-year, fixed mortgage rate averaged 6.67% for the week ending Dec. 21, according to Freddie Mac ‘s Primary Mortgage Market Survey. That’s down from last week’s 6.95% and up from 6.27% the same week a year ago.

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Zillow, ShowingTime sue 2 multiple listing services

Housing Wire

Zillow Group and ShowingTime are taking two multiple listing services (MLSs) to court, due to their allegedly anticompetitive behavior. On Friday, Zillow Group and ShowingTime filed a lawsuit in U.S. District Court in Arizona against Arizona Regional MLS and Wisconsin -based Metro MLS. The lawsuit also names MLS Aligned , the parent company of showing platform Aligned Showings.

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First American cybersecurity attack disrupts closings over holidays

Housing Wire

The nation’s second largest title insurer , First American , as well as some of its subsidiaries, remain offline as of Wednesday morning in the wake of the title firm’s Dec. 20 cybersecurity incident. The systems outage has derailed closings across the country over the holidays for homebuyers and sellers using the company’s title services in more than 2,000 locations.

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