February, 2024

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NAR runs out of liability insurance coverage: Sources

Housing Wire

Three sources, who have asked to remain anonymous, have confirmed to HousingWire that the National Association of Realtors (NAR) has run out of liability insurance funds. The news about NAR’s insurance predicament began circulating late Wednesday , with industry analyst Rob Hahn highlighting the news in the Thursday edition of his email newsletter NotoriousROB.

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DOJ to court: Buyers need to set their agents’ compensation

Real Estate News

A statement of interest filed late Thursday by the Department of Justice savages the proposed MLS PIN settlement, and calls out MLSs for limiting competition.

Buyers 345
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Strength in home prices helped boost Fannie, Freddie 2023 profits

Inman

With a combined net worth of $125 billion after earnings this week, the mortgage giants remain on a path that could lead to eventual release from government conservatorship if political winds shift.

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The Age of the U.S. Housing Stock

Eyes on Housing

The median age of owner-occupied homes is 40 years old, according to the latest data from the 2022 American Community Survey[1]. The U.S. owner-occupied housing stock is aging rapidly especially after the Great Recession, as the residential construction continues to fall behind in the number of new homes built. New home construction faces headwinds such as rising material costs, labor.

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Investors Are Abandoning Their Short-Term Rentals and Converting Them Mid-Term Rentals—Here’s Why

BiggerPockets

Now that hundreds of cities and towns across the country are moving to ban or limit short-term rentals, investors who used to make bank off these properties have to readjust their strategies to stay in the game. Here's one way that they're doing it—and it's proving to be just as lucrative.

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What's next for the mortgage stress test?

Mortgagebroker News

Industry giants have argued a change could be needed – but regulator shows no sign of budging

More Trending

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Keller to buyer agents: Explain your value or ‘get the hell out’

Real Estate News

Keller Williams’ charismatic co-founder kicked off the Family Reunion event with his hot takes on the housing market “winter” and how to get through it.

Buyers 345
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NAR breaks silence on DOJ call to decouple commissions

Inman

Consumer watchdog CFA hails federal agency's proposal to ban sellers from making compensation offers as a "major watershed" in promoting more competition in real estate.

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Labor Shortages Ease, But Remain Worse Than in the Last Boom

Eyes on Housing

With home building volumes lower, labor shortages have eased considerably since record levels set in 2021 but remain relatively widespread in a historic context, according to results from the latest NAHB/Well Fargo Housing Market Index (HMI) survey. The February 2024 HMI survey asked builders about shortages in 16 specific trades. The percentage of builders reporting a shortage (either some or.

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$2 Trillion in Commercial Debt is Coming Due—What Does That Mean for the Industry?

BiggerPockets

Over the next four years, commercial debt bills will total a whopping $2.8 trillion many of which are balloon payments. It's led to the steepest drop in commercial asset valuations in recent history and created tremendous anxiety amongst investors. Where does the market go from here?

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Unexpected rise in home sales shakes up Canadian economy

Mortgagebroker News

Surging sales ahead of interest rate cuts pose unexpected hurdles

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Rocket to shut down origination channel for real estate and insurance agents

Housing Wire

Rocket Companies will soon shut down Rocket Pro Originate , a mortgage origination platform for real estate agents, insurance agents, tax professionals and other financial professionals who are also licensed to originate mortgages. According to a copy of an email sent to affected originators this week and reviewed by HousingWire, the Rocket Pro Originate platform — part of the company’s third-party origination channel — is to be sunset by the end of June.

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Keller Williams reaches $70M settlement in commissions case

Real Estate News

The deal will leave just NAR and HomeServices of America as defendants in Sitzer-Burnett and similar commissions cases, with billions of dollars at stake.

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Inman’s 2024 Global Real Estate Influencers revealed

Inman

Broker and reality television legend Ryan Serhant headlines an all-star roster of the industry's most compelling voices for the second-annual Inman Global Real Estate Influencers program.

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Inflation Remains Sticky due to Persistent Housing Costs

Eyes on Housing

Consumer prices picked up again in January while core prices remained elevated, especially housing costs. Despite a slowdown in the year-over-year increase, shelter costs continue to put upward pressure on inflation, accounting for over two-thirds of the total increase in all items excluding food and energy. This hotter-than-expected report will almost certainly delay Fed rate cuts until the second half.

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Investors Are Buying a Record Share of Low-Priced Homes—What Does It Mean for the Market?

BiggerPockets

In Q1 2023, investors bought 49% fewer homes than the year prior. Now, we're seeing a rise in investor activity again, with certain property classes more popular than others. What are investors doing, and what should you be buying?

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Equifax sounds alarm on increased identity fraud

Mortgagebroker News

Mortgage applications are also affected

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How will mortgage rates impact seasonal inventory in 2024?

Housing Wire

How will mortgage rates impact seasonal inventory in 2024? Is the seasonal bottom going to happen later than I want? Maybe. It’s not what I wanted to see in 2024, but I have to be realistic since we are already in February. In the last four years, we have had abnormal seasonal inventory data, meaning that the spring inventory bottom happens later in the year.

Inventory 513
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3 top takeaways as the DOJ takes on commissions

Real Estate News

The newest statement from the Department of Justice focuses on one MLS settlement in a specific case but could be a blueprint for the industry as a whole.

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DOJ to Nosalek judge: Broker commissions should be decoupled

Inman

The Department of Justice said a proposed settlement in the major antitrust lawsuit might itself violate federal law and said buyers should negotiate their broker's commission directly.

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Homeownership Rates by Race and Ethnicity

Eyes on Housing

The latest CPS/HVS data shows that the overall homeownership rate was 65.7% in the last quarter of 2023. This was 3.5 percentage points lower from the peak of 69.4% in 2004. In this post, we focus on the homeownership rates by race and ethnicity over the past decade. According to data from the Census Bureau, homeownership in the U.S. varies.

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We Ranked Every NFL Team’s Real Estate Market and Found the Best Cash Flow Opportunities

BiggerPockets

While we didn't get the matchup America wanted (Lions vs. Ravens), we do get to watch a 2020 rematch between the 49ers and the Chiefs. To prep for the game, we crunched the data on every team's real estate market and found which ones had the best potential for investors.

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BoC’s Macklem anticipates housing market rebound in 2024

Mortgagebroker News

Still, there's a caveat…

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Why fewer homes are taking a price cut, even while inventory rises

Housing Wire

So far in 2024, fewer homes are taking price cuts than in 2023, and this trend is on the verge of breaking below the 2023 lows in price cuts percentages. While weekly inventory is still falling, we have year-over-year growth in total active listing and new listings data. This calls into question a mortgage rate lockdown, as mortgage rates are also higher year over year.

Inventory 510
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The real estate companies going all in on Super Bowl Sunday

Real Estate News

Homes.com will run four new ads during the big event while Opendoor will livestream a real homeowner doing a virtual walkthrough during halftime.

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Meet the brokerage getting ahead of the post-Sitzer commission rush

Inman

DeLeon Realty in Silicon Valley began advertising commissions of 3.5 percent or less for homesellers who choose to work with the firm. The marketing push appeared in the mail and social media this week.

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Housing Affordability Remains Near Historic Low Level

Eyes on Housing

Mortgage rates that hit more than a 20-year high, coupled with elevated construction costs and excessive regulatory costs, left housing affordability in the fourth quarter of 2023 virtually unchanged from the previous quarter and holding near its lowest level in more than a decade. According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), just 37.7%.

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The House Voted Passed a Bill That Could Bring Back 100% Bonus Depreciation—Here’s What Investors Need to Know

BiggerPockets

As of the end of 2022, 100% bonus depreciation was set to be phased out by the end of the decade. Now, with the Tax Relief for American Families and Workers Act of 2024, it looks like we could see bonus depreciation and other benefits stick around. Here's what you need to know about the bill.

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U.S. foreclosure activity ticked up significantly in January: Attom

Housing Wire

In January, the number of properties with a foreclosure filing inched up on both a monthly and a yearly basis, according to a report released Tuesday by Attom Data. In total, 33,270 U.S. properties received a default notice, were scheduled for auction or were undergoing bank repossession last month, up 10% from December and up 5% compared to a year ago.

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No Fed pivot in sight as Powell addresses rate cuts on 60 Minutes

Housing Wire

There was rampant speculation after the Federal Open Market Committee (FOMC) meeting last week about the timing and number of interest rate cuts this year. In a follow-up interview on 60 Minutes on Sunday, Federal Reserve Chairman Jerome Powell did not sound like someone who has pivoted. In fact, Powell believes the Fed can wait until it sees more labor damage before cutting the Federal Funds Rate aggressively or moving toward a neutral policy stance, saying again that a March rate cut is “

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Many homeowners don’t understand how their escrow account works

Housing Wire

Among homeowners who have a mortgage escrow account, only 52% fully understand how the account works, according to survey results released Thursday by property tax services provider LERETA. More than 80% of survey respondents said they know what an escrow account is and its primary purpose — to pay property taxes and other expenses, such as homeowners insurance , flood insurance and mortgage insurance premiums.

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Owning a condo in Florida is becoming less attractive: Redfin

Housing Wire

The cost of owning a condominium in Florida has shot up significantly in recent months, prompting a wave of homeowners to offload their properties. The cost of homeowners insurance has surged in Florida as insurance companies have grappled with significant losses due to an increase in natural disasters. The average cost of a policy increased 40% in 2023 alone, according to a report by Redfin.

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HUD, VA announce $14.5M for veterans seeking permanent housing

Housing Wire

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) this week announced the awarding of more than $14.5 million that will be distributed by public housing agencies (PHAs) across the country in an effort to house veterans. The funds will be distributed by the PHAs through more than 1,400 HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers.

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Fannie Mae appoints Peter Akwaboah as COO

Housing Wire

Government-sponsored enterprise (GSE) Fannie Mae announced on Thursday the appointment of Peter Akwaboah as executive vice president and chief operating officer, effective May 20, 2024. Akwaboah, who is currently serving as COO for technology and global head of innovation at Morgan Stanley , has nearly 30 years of experience in the financial services industry.