June, 2024

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A Closer Look at the Housing Market’s Inventory Deficits

Appraisal Buzz

Despite the construction boom that happened shortly after pandemic restrictions began being lifted—that has since slowed—the U.S. housing shortage grew to a 4.5-million-unit deficit, up from 4.3 million units in 2023, according to a new analysis from the real estate firm Zillow. The deepening housing deficit is the root cause of the housing affordability crisis According to Zillow, at its core, the housing market is driven by supply and demand; when the number of people who want a home increase

Inventory 448
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Mortgage Porting: The Latest Way for Investors to Beat High Interest Rates?

BiggerPockets

Mortgage porting allows you to transfer an existing mortgage from one property to another, with the same lender and the same terms, under certain conditions. Is this something investors should try?

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Pending home sales plummet to all-time low in May: NAR

Housing Wire

After rising in March , pending home sales continued to slide in May, with the Pending Home Sales Index (PHSI) posting its second consecutive month of declines to reach a record low, according to data released Thursday by the National Association of Realtors (NAR). The PHSI fell 2.1% from April to a reading of 70.8 in May, which was down 6.6% on a yearly basis.

Inventory 493
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Deal in place to sell REcolorado to private equity firm

Real Estate News

The associations that own the 16th-largest MLS surprised its leaders with a deal that “scared the absolute hell out of us,” REcolorado’s vice chair said.

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‘Not warranted’: DOJ pushes back against NAR rehearing request

Inman

The U.S. Department of Justice on Monday argued NAR "does not identify any errors of law or fact meriting panel rehearing" over whether the antitrust enforcer can reopen its probe into NAR rules.

Law 190
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Massoud Atallah Joins Lamacchia Realty as Senior Vice President of Business Development

Lamacchia Realty

On June 17, 2024, at Lamacchia Realty’s monthly company updates meeting, Chief Operating Officer Jackie Louh proudly announced that effective immediately, Massoud Atallah had joined Lamacchia Realty as the Senior Vice President of Business Development. Massoud has spent 23 years at a competitor real estate company in various positions, with 12 of those years as Sales Manager at multiple Massachusetts branch offices.

Realty 75

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How to Collect Rent from Tenants: The Landlord’s Ultimate Guide to Rent Collection

BiggerPockets

Learning the art of rent collection is crucial for running a successful rental business. Implementing efficient, effective rent collection strategies can minimize stress, improve cash flow, and help maintain a positive relationship with your tenants.

Tenants 87
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HUD launches manufactured home community loan program

Housing Wire

The U.S. Department of Housing and Urban Development (HUD) this week announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA). The Manufactured Home Community loan product will “will help entities to preserve, stabilize, and revitalize these vital sources of affordable housing,” the department explained.

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In NYC, brokers are fighting for 10-15%, not 6%

Real Estate News

New York is one of only two cities where landlords can hire brokers and require renters to pay them. This may be changing — but not if the industry has its way.

Landlords 358
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MLSs remain valuable tools after the NAR settlement

Inman

As compliance becomes even more top of mind for the industry, Realtracs CEO Stuart White writes, MLSs have an enhanced role as a reliable resource to support professionals in following developing processes and procedures.

Tools 191
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Canadian pension funds rethink real estate investments after $1.24trn loss

Mortgagebroker News

Funds hit by market slump and high rates are restructuring operations to adapt

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Household Incomes Hit Hard by High Housing Costs

Appraisal Buzz

Rapid rent increases mixed with widespread financial hardship pushed the number of cost-burdened renters to a record high of 22.4 million households in 2022, according to a new analysis from Harvard’s Joint Center for Housing Studies. With housing costs outpacing income gains, low-income renters have been hit especially hard—median residual income remaining post-rent has sunk to $310 a month, far less than the minimum for an adequate standard of living, and turning food, healthcare, and childcar

Investing 434
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Airbnb Is Pairing Up With Mom-and-Pop Investors to Win Its War—but Is It Too Late?

BiggerPockets

When New York City banned short-term rentals (under 30 days) under Local Law 18 in September 2023, 15,000 landlords suddenly found themselves without income, many struggling to pay their mortgages.

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VA issues temporary fix to allow buyer-paid broker fees

Housing Wire

The U.S. Department of Veterans Affairs (VA) on Tuesday issued a temporary fix that will allow homebuyers using VA loans to pay for their real estate agent’s commission — i.e., the buyer-broker fee. The change, a result of the National Association of Realtors’ (NAR) commission lawsuit settlement agreement , was anticipated late last month and commented on by Michelle Corridon, the deputy policy director at the VA.

Buyers 521
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‘Ongoing antitrust litigation’ prompted deal to sell leading MLS

Real Estate News

Association owners of REcolorado say now is “the right time to sell” and that decoupling MLSs and associations can provide protections and improve operations.

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More listings, lower rates should boost 2025 sales: Fannie Mae

Inman

Fannie Mae on Friday slashed its 2024 forecast as a result of weak spring home sales, but listings are returning to the market and mortgage rates look poised to drop, according to new projections.

Mortgage 182
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How are mortgage borrowers faring ahead of the coming renewal wave?

Mortgagebroker News

Brokers have crucial opportunity to guide clients through turbulence, says top mortgage exec

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NAR Forecasts 2024 Existing-Home Sales

Appraisal Buzz

May saw a 2.1% decline in pending home sales, according to the National Association of REALTORS. While the Northeast and West saw advances in transactions each month, the Midwest and South reported losses. Per the report, every U.S. region had decreases over the previous year. Indicator of prospective home sales based on contract signings, the Pending Home Sales Index (PHSI) dropped to 70.8 in May.

Contracts 418
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What It Takes for Investors to Build a Powerful Lead List and Keep Deals Flowing

BiggerPockets

This article is presented by DealMachine. Read our editorial guidelines for more information. A well-built, up-to-date lead list is an essential component of success in real estate investing.

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Homeowners sitting on a pile of cash with $17T in home equity: CoreLogic

Housing Wire

Home equity continued to rise in the first quarter of 2024 as residential properties with mortgages collectively gained $1.5 trillion in equity over the past year, according to a CoreLogic report released Friday. The average U.S. homeowner with a mortgage added $28,000 in equity during the year ending in March 2024 — the highest year-over-year increase since late 2022.

HOA 516
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DOJ ‘formal inquiry’ delays release of C.A.R. forms

Real Estate News

The California Association of Realtors informed members that the DOJ expressed concern over new forms related to the NAR settlement and MLS practices.

Realtors 300
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REColorado owners oust board amid plans to sell MLS

Inman

Owners of the 16th largest MLS in the country plan to sell to a newly formed private company called MAZL that is run by a person identified only as J. Burks.

Realtors 183
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FSRA strips agent's license over $5.18m mortgage fraud scheme

Mortgagebroker News

Investigation uncovers altered bank statements and fake employment records

Agents 91
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Share of Homes Selling Lower Than List Price Ticks Upwards

Appraisal Buzz

According to a new Redfin study , the average U.S. home that sold in the four weeks ending June 23 went for 0.3% less than what was asked for. Since the start of the epidemic in 2020, when the housing market all but collapsed, this is the first year that the average home has sold for less than list price during this time of year. A year ago, the average home sold for exactly what was listed, and two years ago, it sold for about 2% more than what was listed.

Sellers 417
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What Are Current DSCR Loan Rates? Key Market Movers and How to Track Rates

BiggerPockets

DSCR loans have moved at unprecedented rates. Real estate investors navigating the challenging market of 2024—with mortgage rates still at elevated levels—are at an advantage.

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How much longer will we have to deal with higher mortgage rates?

Housing Wire

Given last week’s surprising jobs report, how much longer will we have to deal with higher mortgage rates ? The labor data will be the key to answering that question. It’s essential to track the labor data along with inflation because the key to getting lower mortgage rates for longer lies with the labor data more than inflation. That makes this week another one to watch since we will have CPI inflation and the Federal Reserve meeting results on Wednesday.

Mortgage 502
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Buyers get a slight reprieve as rates fall, sellers cut prices

Real Estate News

There could be a window of opportunity for would-be buyers as mortgage rates continue to ease and homes sit on the market longer, prompting price cuts.

Buyers 293
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Will dual agency become common after NAR’s settlement?

Inman

Some believe more buyers will come to the table without agents. That could lead to fertile breeding grounds for the polarizing practice sometimes known as "double ending.

Agents 188
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How much income do you need to buy a house in Canada now?

Mortgagebroker News

Report shows the additional income Canadians need to keep up with surging home prices

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Homes Sitting on Market Longer as High Prices Curtail Demand

Appraisal Buzz

According to new Redfin research , more than three in five—an estimated 61.9%—of homes on the market in May had been listed for at least 30 days without selling. That’s up from 60% a year ago and around 50% two years ago. Since March, when new listings increased but buyer demand remained sluggish, the share of properties on the market for at least one month has increased year-over-year, as it has since mortgage rates began climbing in 2022.

Marketing 431
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How Much Should a State’s Landlord-Tenant Laws Affect Your Real Estate Investing Strategy?

BiggerPockets

If you are a new investor with limited capital, having the misfortune of renting to a bad tenant in a tenant-friendly state can cripple you financially and put you off […]

Tenants 83
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Boomers struggled more than millennials to buy their first homes: Realtor.com

Housing Wire

From rising home prices to rising mortgage rates and inflation , the millennial generation hasn’t had it easy when it comes to homeownership. But new data from Realtor.com shows that millennials aren’t overly burdened in comparison to previous generations. The analysis of historic home prices, income levels and mortgage rates found that baby boomers — Americans between the ages of 60 and 78 this year — “arguably faced the toughest housing market ever for first-time buyers.“ In 1980, when boomers

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Mortgage rates decline for a second week, boosting applications

Real Estate News

Buyers have more inventory to choose from, but the uptick in demand could be short-lived as the lock-in effect and price growth continue to stymie sales.

Inventory 299
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Microsoft removes portal data from Bing Real Estate after outcry

Inman

Four days after Bing Real Estate came under fire for its alleged co-opting of listing data from Zillow, Redfin and Realtor.com, Microsoft has removed for-sale listing data from its site.