January, 2023

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Solid jobs report sends mortgage rates lower

Housing Wire

Can we have a soft landing in the economy? Friday’s job report shows there is a clear pathway to get there. Mortgage rates fell aggressively down to 6.20%, putting us at more than 1% below the highs of 2022. The bond market saw that wage growth was cooling down, leaving the Federal Reserve with few reasons to keep the rate hike story going much longer.

Mortgage 545
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Real estate trends to watch in 2023

Sacramento Appraisal Blog

What’s the real estate market going to do in 2023? Nobody has a crystal ball, but here are some emerging trends. Scroll quickly or digest slowly. UPCOMING (PUBLIC) SPEAKING GIGS: 1/12/23 McKissock Webinar (register here) 1/18/23 WCR Market Update in Cameron Park (register here) 1/19/23 Big market update at SAR on Zoom (register here) 1/20/23 […].

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VC trends to watch, leadership tips and leveraging video

Inman

Inman Access is dropping three new classes to help you navigate shifts in investor sentiment, expand your skills as a team leader and get the best tips on leveraging video as a marketing tool.

Tools 193
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Material Shortages Ease, With Notable Exceptions

Eyes on Housing

In May of last year, Eye on Housing reported on historically widespread shortages of building materials. Since then, most of the shortages have eased; the major exceptions being shortages of HVAC equipment and certain categories of ceramic materials (ceramic tiles, clay bricks and cement-based building materials), which have gotten slightly worse. NAHB has been tracking shortages of building materials and.

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Appraiser Countersuing Black Homeowners for Defamation

Appraiserblogs

The Maryland appraiser has filed a countersuit against the homeowners, claiming defamation. Appraisers, there have been several lawsuits filed against appraisers by borrowers who “don’t like your value, so I’m accusing you of discrimination” over the last year or so. These lawsuits all have the same theme, and it’s entirely possible that these actions are being coordinated by a consortium of ‘organizers’ and law firms.

Appraisal 156
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HUD Announces Numerous Changes to Handbook 4000.1

McKissock

On January 18, 2023, HUD issued an announcement regarding revisions made to Handbook 4000.1. According to the announcement, the revisions included “enhancements and revisions to existing guidelines and various technical edits.” The most significant of these revisions was the elimination of the requirement to include the 1004MC form as an attachment to the appraisal report.

HOA 117

More Trending

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#Airbnbust: Why It May Be Time to Rethink Short-Term Rentals

BiggerPockets

It’s a story that’s echoed across social media platforms from rental property owners across the nation: Vacation rentals are no longer generating the steady revenue investors grew to expect during […].

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Viyaleta Kachan was 1 of the 21,434 Americans to launch a real estate career in 2022. Here’s her story

Inman

Inflation and rising interest rates tilted the housing market off its axis in 2022. Here's the story of one woman who joined the ranks of real estate agents last year — and thrived amid the chaos.

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How Many Households Are Priced Out By Higher Mortgage Rates in 2022?

Eyes on Housing

Mortgage rates have increased rapidly in 2022, as the Federal Reserve continues to fight high inflation. The U.S. weekly 30-year fixed-rate mortgage rose from a slightly more than 3% in early 2022 to more than 7% in late October and leveled off at a rate of 6.42% as of the end of 2022. Mortgage payments have increased from $1,925 on.

Mortgage 188
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Angela Harkins Wins Highest Sales Volume – Chelmsford Office 2022

Lamacchia Realty

The REALTOR ® with the Highest Sales Volume in the Chelmsford Office for 2022 is Angela Harkins! Angela closed out 2022 with over $19,500,000 in sales volume! This is Angela’s 5 th year achieving the #1 spot. Angela is a consistent top performer in the Chelmsford office and the company overall. In addition, Angela ended the year by ranking as the #16 REALTOR ® in the company – that’s out of nearly 500 REALTORS ® !

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How to Invest in Residential Real Estate: The Ultimate Beginner’s Guide

Mashvisor

If you want to invest in residential real estate but aren’t 100% sure what your first step should be, we’re here to help you develop a plan.

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Housing inventory falls under 1M again as sales collapse

Housing Wire

On Friday NAR reported that total housing inventory levels broke under 1 million in December, dropping to 970,00 units for a population of 330 million people. And existing home sales crashed in 2022 from a peak of around 6.5 million in January down to about 4 million in December, We now have total inventory levels near all-time lows again. In one of the most historical years in the U.S. housing market , we just experienced an event that most people never thought could happen.

Inventory 541
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DSCR Loans: What Are They And How To Get The Best Terms

BiggerPockets

This article is presented by Easy Street Capital. Read our editorial guidelines for more information.

Finance 77
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How luxury real estate is developing in the metaverse

Inman

The metaverse is quickly becoming a platform, or a collection of several platforms, where you can advertise, socialize, build, and explore. It’s no wonder we’ve started to imagine how to bring real estate to this realm.

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Fewer Prospective Buyers Are Fully Engaged in Purchase Process

Eyes on Housing

Dwindling housing affordability in the fourth quarter of 2022 caused the share of prospective home buyers who are actively engaged in the purchase process (i.e. who have moved beyond just the planning phase) to drop to 46%, down from 59% a quarter earlier. The share of prospective buyers fully engaged in the buying process declined in every region between the.

Buyers 183
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Housing Market Tracker: A notable drop in inventory

Housing Wire

The housing market saw inventory fall 4% last week from the week before. That’s a big one-week change. Does that mean we are heading back to all-time lows in inventory again for 2023? Traditionally, we do see housing inventory fall in the month of December, however, we clearly saw in the second half of 2022 that higher rates created more days on the market and inventory was lingering longer.

Inventory 542
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Housing Market Tracker: Weekly inventory adds 1,339 homes

Housing Wire

Here’s the rundown for the last week: Purchase application data has stabilized — the bleeding stopped. Housing inventory increased by 1,339 homes nationwide. This is a small number but could be the start of an important trend. Mortgage rates fell along with bond yields, showing that mortgage rates peaked on Oct. 20. The weekly data shows some good news for the housing market !

Inventory 534
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Mortgage rates have peaked along with inflation

Housing Wire

Today’s inflation data has shown that the peak growth rate of inflation is behind us. This should also mean mortgage rates hit their highs. The key phrase I have stressed since I wrote about the case for mortgage rates to go lower on Oct. 27 is thinking 12 months out. The trend is your friend, and the month-to-month data has cooled off noticeably. That cooling happened even with the biggest inflation component — shelter inflation — still rising in the lagged modeled CPI data.

Mortgage 533
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Mortgage demand picks up as seller concessions rise

Housing Wire

Loan officers saw an increase in mortgage demand during the first week of 2023 as mortgage rates ticked down. And to close deals, sellers are increasingly coming to the table with concessions and rate buydowns. . “I’ve had five people contact me in the last week or so to talk about buying a new home, which is much better than a month or two ago,” Rochelle Gano , a Vancouver, Washington-based loan officer at Movement Mortgage , told HousingWire. “It seems like, with every

Sellers 528
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New cash-out fees add to pain for mortgage lenders

Housing Wire

The last week of the calendar year is usually a slow time for the mortgage industry, but 2022 was something else. It represented the lowest level of activity in 27 years. “With mortgage rates still well above 6% and the threat of a recession looming, mortgage applications continued to decline over the past two weeks to the lowest level since 1996,” Joel Kan, Mortgage Bankers Association ‘s vice president and deputy chief economist, said in a statement.

Mortgage 528
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Housing Market Tracker: Purchase apps jump 25%

Housing Wire

Here’s the housing market rundown for the last week: Purchase application data had a solid week-to-week gain of 25%. That’s a big jump, but context is critical. Housing inventory decreased by 566 units, which is not a significant decline. Mortgage rates fell, but the bond market didn’t break what I see as a critical level, so for now, stabilization is more important.

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FormFree raises $55,000 for American Red Cross

Housing Wire

Mortgage technology provider FormFree gives back to those in need in Northeast Georgia in a big way. FormFree hosted its third annual Heroes Golf Classic and raised nearly $55,000 for the American Red Cross. The donations will go toward disaster relief and hosting future blood drives. The CEO of FormFree, Brent Chandler, is also on the board of directors for the American Red Cross.

Training 509
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Pending home sales fall 38% in November

Housing Wire

Pending home sales fell for the sixth consecutive month in November, recording a 4.0% month-over-month drop that resulted in an index reading of 73.9, according to data released last Wednesday by the National Association of Realtors. “Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates , which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home,” Lawrence Yun, NAR’s chief economist, sa

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Housing Market Tracker: Housing inventory falls once more

Housing Wire

We are off and going now, as seasonality has kicked into full gear with the purchase application data. And, so far, it’s been a good start to the year. Here’s the housing market rundown for the last week: Purchase application data showed positive weekly growth again — and the bounce from the bottom is more noticeable now. Housing inventory decreased by 6,468 units, a more pronounced decline from the previous week.

Inventory 502
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Optimism spreads across the mortgage industry at the start of 2023

Housing Wire

Mortgage industry watchers have started 2023 with optimism regarding the possibility of mortgage rates returning to the 5% range this year – but not without a dose of volatility on the way. “The mortgage market began 2023 on a positive note, with a decline in mortgage rates leading to an uptick in refinance applications. Purchase activity was down again on a weekly and annual basis,” Bob Broeksmit, Mortgage Bankers Association (MBA) president and CEO, said in a statement.

Mortgage 498
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Daren Blomquist’s 2023 housing outlook

Housing Wire

This article is part of our 2022 – 2023 Housing Market Forecast series. After the series wraps, join us on February 6 for the HW+ Virtual 2023 Forecast Event. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the predictions for this year, along with a roundtable discussion on how these insights apply to your business.

Retail 498
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Purchase sentiment is up but affordability remains a challenge in 2023

Housing Wire

Potential homebuyers’ purchase sentiment improved slightly in December, but that still remains well below pre-pandemic highs, according to new data from Fannie Mae. Ongoing affordability challenges are expected to limit buyers from entering the market in 2023, according to Fannie Mae , which will result in continued decline in home sales in coming months.

Buyers 493
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Wells Fargo closes correspondent biz, will shrink servicing portfolio

Housing Wire

Wells Fargo , the largest depository mortgage lender in America, announced Tuesday that it will officially exit the correspondent channel and also reduce its servicing portfolio, the country’s largest. . The move isn’t much of a surprise. Executives have hinted at it over the past year and Bloomberg reported in August that Wells Fargo would likely shrink or eliminate the correspondent channel.

Lending 493
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UWM scores partial win in broker ultimatum lawsuit

Housing Wire

Top U.S. lender United Wholesale Mortgage (UWM) notched a partial win in a lawsuit against broker shop America’s MoneyLine (AML) regarding the controversial “ultimatum” it imposed two years ago. UWM CEO Mat Ishbia announced in March 2021 that brokers who did business with Rocket Mortgage or Fairway Independent Mortgage could not also send loans to UWM, which the lender called the “All In” initiative.

Legal 493
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As mortgage rates decline, the mantra is ‘no buyers left behind’ 

Housing Wire

As mortgage rates continue to decline, Chad Earnest’s mantra with his referral partners in 2023 is “no buyer left behind.” The Montgomery, Texas-based area manager, who moved from AmeriSave Mortgage Corporation to Cardinal Financial Company in November, launched in mid-2022 a platform to help their referral partners succeed. He makes co-marketing investments and helps partners with their databases by looking for any missed opportunity in the market.

Buyers 488
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Rocket Mortgage affiliate restructures marketing team, imposes layoffs 

Housing Wire

With a challenging year ahead, the professional services company affiliated with Rocket Mortgage has decided to restructure the marketing team in the first week of 2023, resulting in about 20 jobs cut, according to former employees. . “After nearly 13 years with Rocket Mortgage, I was relieved of my duties on Friday as part of restructuring during these tough market conditions,” Tony Saia, former director of marketing channel strategy, wrote on social media on Monday morning.

Mortgage 488
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AmeriSave accused of defamation, failure to pay wages in lawsuit

Housing Wire

A group of 11 former employees are accusing AmeriSave Mortgage Corp. in a new lawsuit of failing to pay the wages, bonuses and commissions that were agreed to when they were hired by the company. The group also alleges that the company conducted a defamatory campaign against them after their layoffs in July 2022. According to the class-action-seeking lawsuit, filed in California, AmeriSave hired 200 loan officers to focus on the West Coast region in early 2022.

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The state of the homebuilding market

Housing Wire

This article is part of our 2022 – 2023 Housing Market Update series. After the series wraps, join us on February 6 for the HW+ Virtual 2023 Housing Market Update. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the predictions for this year, along with a roundtable discussion on how these insights apply to your business.

Marketing 482
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loanDepot targeted by lawsuit alleging poor work conditions 

Housing Wire

Mortgage lender loanDepot recently became the target of a lawsuit filed by a group of former California employees who have complaints about the company’s work conditions. . The lawsuit was filed on December 23 in the Superior Court of the State of California for the County of Orange by about 40 former loanDepot employees, including loan officers, processors, underwriters, loss mitigation and foreclosure specialists.