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 536
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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.

Marketing 207
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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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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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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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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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Immigrant Share in Construction Highest on Record

Eyes on Housing

After years of being unable to ratchet up the number of new workers coming from outside the U.S. to help with persistent labor shortages, the construction industry reversed this trend and managed to attract over 90,000 new immigrant workers, levels unseen since the housing boom of 2005-2006.

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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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Reverse mortgage in action – a flexible financial tool to help retirees

Mortgagebroker News

It may be time to put the solution in front of your clients…

Tools 83
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Mortgage rates should drop below 7% as housing demand picks up

Housing Wire

What a week! Mortgage rates almost fell below 7%, the 10-year yield is below 4.25% again, and people are seriously talking about Fed rate cuts in 2024. Times can change quickly, which is why we created the weekly tracker so you have the information you need in real-time. Purchase application data Hello, early Christmas present! Mortgage rates have fallen by almost 1% in a short time, and it has created four straight weeks of positive purchase application data.

Mortgage 543
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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.

Clients 527
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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 534
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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 518
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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.

Retail 530
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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 525
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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.

Mortgage 528
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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

Mortgage 513
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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.

Inventory 506
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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.

Mortgage 518
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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.

Insurance 502
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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.

Mortgage 506
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Mortgage rates continue a downward trend in the twilight of 2023

Housing Wire

As we prepare to bid adieu to 2023, mortgage rates this week again stayed below seven percent. The 30-year fixed-rate mortgage averaged 6.61% as of Dec. 28, a slight decrease from the 6.67% rate recorded on Dec. 21 according to Freddie Mac ‘s Primary Mortgage Market Survey released on Thursday. The 15-year fixed-rate mortgage averaged 5.93% this week, down from 6.95% one week ago.

Mortgage 498
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Hackers accessed data of 1.3M customers in Fidelity cyberattack

Housing Wire

Mortgage subservicer Loancare informed authorities that the data of about 1.3 million customers was compromised following a cyberattack in November on its parent company, the big four title firm Fidelity National Financial (FNF). This data includes customers’ social security numbers. The company informed officials in Maine and California that 1,316,938 customers had information accessed by hackers during the incident.

Law 498
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Inflation data is good news for real estate in 2024

Housing Wire

Today’s inflation reports show that Federal Reserve rate cuts are in play in 2024 — not because of the labor market breaking, but because real rates are too high. If the labor market gets weaker, meaning jobless claims break over 323,000 on the four-week moving average, we can get even more rate cuts. The labor market is not there yet so for now we can focus on the fact that the Fed overhiked, and because of that, they have room to cut.

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HUD proposes 30-day notice rule for public housing rent nonpayment

Housing Wire

The U.S. Department of Housing and Urban Development (HUD) on Friday published a proposal that would require public housing agencies (PHA) to provide 30 days’ notice before filing an eviction notice in court for nonpayment of rent. PHAs with tenants in public housing and owners of properties participating in HUD multifamily project-based rental assistance programs would need to provide “written notification at least 30 days” before a court filing for an eviction due to rent nonpayment.

Tenants 502
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A sub-7% mortgage rate brings holiday cheer

Housing Wire

The holidays have come early for the mortgage industry. Mortgage rates fell below the 7% threshold this week as markets prepared for Federal Reserve Chairman Jerome Powell’s announcement on Wednesday. The 30-year, fixed mortgage rate averaged 6.95% for the week ending Dec. 14, according to Freddie Mac ‘s Primary Mortgage Market Survey. That’s down from last week’s 7.03% and up from 6.31% the same week a year ago.

Mortgage 493
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DataDigest: Mortgage rates aren’t causing delinquencies. Disasters are

Housing Wire

In September 2022, the 30-year fixed mortgage rate averaged 6.1%, according to Freddie Mac data. Fast-forward one year, and the rate averaged 7.2%, an expensive difference for many homebuyers (rates have since started to drop ). But compare mortgage delinquencies over the same period: 2.8% in September 2022, 2.8% in September 2023, according to CoreLogic data.

Mortgage 497
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First American says system has been restored; perpetrator stole data

Housing Wire

More than a week after it shut down systems to combat a cybersecurity incident , title insurance giant First American Financial says it has restored some key systems and “contained the threat.” Though details about the hack — which has delayed closings across the country — remain sparse, a filing was made with the Securities and Exchange Commission on Friday for the first time disclosing data theft. “As of the date of this filing, the Company believes it has contained the incid

Insurance 482
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Job growth will fuel the housing demand in the long term: NAR’s Lawrence Yun

Housing Wire

After two straight years of double-digit declines, home sales will pick up in 2024 thanks to lower mortgage rates. This is according to NAR Chief Economist Lawrence Yun, who shared a presentation of his 2024 forecast on Tuesday. While the past two years have been challenging to say the least for prospective homebuyers , homeowners have been reaping the fruits of their investments, as home prices steadily appreciated for the past three years.

Sellers 482
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47 Texas real estate firms, associations get hit with second commission lawsuit

Housing Wire

As the saying goes, everything is bigger in Texas. A copycat commission lawsuit filed on Thursday by home sellers in the United States District Court for the Eastern District of Texas, accuses 47 real estate industry defendants of allegedly conspiring to artificially inflate real estate agent commissions. This is the second commission lawsuit filed in the Lone Star State since a Missouri jury found the real estate industry liable for colluding to inflate agent commissions in late October.

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DataDigest: Breaking down housing economists’ 2024 forecasts

Housing Wire

As 2023 draws to a close, housing professionals hope for relief from the high mortgage rates, terrible inventory levels and slow sales that characterized the year. They may find that relief for mortgage rates next year, according to forecasts from various industry experts compiled by HousingWire. Sales, however, may see only mild improvement in the year ahead, while prices will remain more or less historically high, the forecasters believe.

Inventory 475