Sat.Apr 20, 2024 - Fri.Apr 26, 2024

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DOJ charges one of America’s top LOs in alleged mortgage fraud scheme

Housing Wire

Two former New Jersey -based mortgage loan originators have been charged with conspiracy to commit bank fraud by the U.S. Attorney’s Office, District of New Jersey according to an announcement by the U.S. Department of Justice (DOJ) and U.S. Attorney Philip Sellinger. Christopher Gallo has been noted as a top-producing loan originator, at one point being Scotsman Guide ‘s fourth-ranked LO in the country.

Mortgage 543
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What’s the Deal with Short Term Rentals?

Appraisal Buzz

Today, host Hal Humphreys chats with Jason Ferris, MAI, SRA and owner of Bell Ferris, Inc. Ferris discusses his background in the industry and his experience with Short Term Rentals. It seems like bringing up Short Term Rental valuation is the quickest way to start a fight on social media. Why is there such wild variance of opinions on how to handle these?

Valuation 368
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The insurance crisis is affecting the housing market

Sacramento Appraisal Blog

Insurance has been a glaring mess in California, and it’s really starting to affect the housing market. Today, I want to share some things I’m hearing from the real estate community after asking for feedback on my social channels about home and fire insurance. The goal is to give some perspective and advice to sellers […] The post The insurance crisis is affecting the housing market first appeared on Sacramento Appraisal Blog.

Insurance 309
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NAR deal ‘could be detrimental’ to Black agents, buyers

Real Estate News

In a conversation with Real Estate News, Dr. Courtney Johnson Rose of NAREB discussed the pros and cons of the recent settlement and upcoming rule changes.

Buyers 277
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Finally, some healthy housing inventory growth

Housing Wire

Housing inventory finally hit my target level of growth last week with mortgage rates now over 7.25% , something I couldn’t get all last year. Of course, what is different this year versus last year is that new listing data is growing yearly instead of trending at the lowest levels recorded in history. This is something I talked about last week on Yahoo Finance.

Inventory 497
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Mortgage Applications Fell Last Week as 30-Year Increased to an Average 7.24 Percent

Appraisal Buzz

Mortgage application volume decreased 2.7% during the week ended April 19, as the average rate for a 30-year fixed-rate mortgage increased to 7.24%, up from 7.13% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances decreased 6% compared with the previous week but were up 3% compared with the same week one year ago.

Mortgage 367

More Trending

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Glenn Sanford: ‘Our real goals are not domestic’

Real Estate News

During the T3 Leadership Summit, the eXp founder discussed some of his early challenges, the need for internal disruption, and his international ambitions.

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U.S. mortgage delinquency rates remain near historic lows: CoreLogic 

Housing Wire

In February 2024, the national delinquency rate for residential mortgages stood at 2.8%, marking an 0.2 percentage-point decrease from February 2023. The rate remained unchanged from January 2024, according to the latest CoreLogic Loan Performance Insights report. The data provider examined all stages of delinquencies to gain a complete view of the mortgage market and loan performance health.

Mortgage 465
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New Home Sales Jumped in March Despite Higher Mortgage Rates

Appraisal Buzz

New home sales in March were at a seasonally adjusted annual rate of 693,000, an increase of 8.8% compared with February and up 8.3% compared with March 2023, according to estimate from the U.S. Census Bureau and U.S. Department of Housing and Urban Development. The median sales price of a new home sold in March was $430,700. The average sales price was $524,800.

Mortgage 369
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HomeServices of America agrees to pay $250M to settle lawsuits

Inman

HomeServices was potentially on the hook for the remaining $4.7 billion in damages from an Oct. 31 jury verdict in Sitzer | Burnett, which awarded plaintiffs $5.3 billion.

Brokerage 193
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Judge grants preliminary approval of NAR settlement

Real Estate News

A hearing for final approval is scheduled for Nov. 26. The court filing also included information about who is covered in the nationwide class action.

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Judge grants preliminary approval of NAR commission lawsuit settlement 

Housing Wire

The National Association of Realtors (NAR) can breathe a small sigh of relief. The trade group’s nationwide settlement of the commission lawsuits has passed its first hurdle as Judge Stephen R. Bough, who oversaw the Sitzer/Burnett lawsuit , granted preliminary approval to NAR’s settlement on Tuesday. While the agreement still must receive final approval from the court, the industry is now one step closer to operating under the new rules outlined in the settlement agreement.

Realtors 471
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Bidding For Appraisal Assignments Doesn’t Have to Suck

Appraisal Buzz

Let’s get real for a moment. When that email from an AMC hits your inbox, asking for your best fee and quickest turnaround, do you feel that twinge of annoyance? You’re not alone. A lot of folks in our field are downright peeved (and quite vocal) about the whole bidding process. They see it as a race to the bottom, a game where the only winning move is not to play.

Appraisal 358
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Sign a buyer brokerage agreement to see a property? No way!

Inman

Buyers and sellers are confused about the new rules of the road. Trainer Bernice Ross and Jeff Lobb discuss how agents can change up the conversation and add clarity and confidence.

Buyers 191
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HomeServices makes $250 million deal to settle commissions lawsuits

Real Estate News

The last defendant standing in the Sitzer/Burnett case reaches a whopping settlement that will protect its 70,000 agents plus brands and franchises.

Agents 265
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The best real estate podcasts for agents and brokers in 2024

Housing Wire

Who doesn’t have a podcast these days? Anyone with a microphone and a cup of coffee can wax poetic about the ebbs and flows of the industry. While there is plenty of noise out there, we dug for podcast gold to come up with a list of the best real estate podcasts that are worth your time. We curated a shortlist of the top real estate podcasts that provide useful information for agents at every stage of their careers.

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Homebuyer Affordability Declined in March as Rates, Home Prices Increased

Appraisal Buzz

Homebuyer affordability worsened in March, as the average mortgage payment applied for by purchase borrowers increased to $2,201, an increase of $17 compared with February and up $108 compared with March 2023, according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI). The index measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey (WAS).

Sellers 195
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‘Buyers are losing faith in the American Dream:’ Redfin CEO

Inman

Redfin CEO Glenn Kelman said rising rates and home prices are crushing consumer sentiment. However, rising inventory and a year-end interest rate cut will be key to restoring it.

Buyers 183
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NAR president to industry executives: ‘I’m sorry’

Real Estate News

“We fought as hard as we could,” said Kevin Sears this week when speaking about the settlement, its impact, and the need to change the media narrative.

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HomeServices settles commission lawsuits for $250M

Housing Wire

HomeServices of America , the last remaining brokerage defendant in the landmark Sitzer/Burnett antitrust commission case , has agreed to pay $250 million in damages to settle lawsuits that will change agent compensation across America. The New York Times first reported the story. The deal comes just days after the federal judge overseeing the commission case in Missouri approved a preliminary settlement that will see the National Association of Realtors and multiple other residential brokerages

Brokerage 457
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Mortgage Rates Continue to Rise With Average Rate for 30-Year Hitting 7.17 Percent

Appraisal Buzz

The average rate for a 30-year fixed-rate mortgage increased to 7.17% as of April 25, up from 7.10% last week and up from 6.43% the same week one year ago, according to Freddie Mac’s Primary Mortgage Market Survey. “Mortgage rates continued rising this week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Despite rates increasing more than half a percent since the first week of the year, purchase demand remains steady.

Mortgage 195
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CoStar to acquire 3D scanning company Matterport for $1.6B

Inman

Matterport's board of directors unanimously approved the deal, which will be finalized later this year. CoStar purchased its outstanding stock for $5.50 per share, reflecting a value of $1.6 billion.

Brokerage 191
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Zillow CEO: ‘Keep your head down and deliver for your customers’

Real Estate News

At the T3 Leadership Summit, Rich Barton discussed what’s in store for Zillow and the industry — and encouraged the audience to “resist the urge to chaos.

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HUD walks back some proposed changes to HECM for Purchase program

Housing Wire

The U.S. Department of Housing and Urban Development (HUD) on Friday announced that a proposed change to the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program has been modified to bar the practice of premium pricing, and it will only allow interested party contributions (IPCs) on H4P closing costs from property sellers, builders, real estate agents and developers.

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Pending Home Sales Increased in March But Meaningful Gains Won’t Occur Until Rates Fall

Appraisal Buzz

Pending home sales increased 3.4% in March compared with February and were up 0.1% compared with March 2023, according to the National Association of Realtors (NAR). Regionally, the Northeast, South and West posted monthly gains in transactions while the Midwest recorded a loss. Lawrence Yun, chief economist for NAR, says pending home sales in March marked “the best performance in a year, but it still remains in a fairly narrow range over the last 12 months without a measurable breakout.

Inventory 195
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6 ways AI and blockchain will bring more deals to real estate agents

Inman

As the real estate industry continues to evolve, embracing the transformative potential of AI and blockchain technology to gain a competitive edge.

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What’s new and what’s next, post-NAR commissions deal?

Real Estate News

The Supreme Court passes on a chance to weigh in, objections pile up, and Fannie and Freddie say it’s all right to exclude commissions from seller concessions.

Sellers 261
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California Association of Realtors CEO resigns

Housing Wire

California Association of Realtors CEO John Sebree has departed the trade organization. In an announcement on Saturday, CAR said that Sebree was resigning to “pursue other opportunities. “On behalf of CAR’s leadership team and the Board of Directors, I’d like to thank John for his contributions and service as CEO and State Secretary for our organization.

Realtors 471
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Truv Now Integrated With BeSmartee

Appraisal Buzz

Truv , a provider of income, employment and asset verification solutions, is now integrated with BeSmartee , a provider of point-of-sale (POS) software for mortgage lenders. The integration will automate manual verification processes and transform the mortgage experience for lenders and borrowers with easier mortgage approvals, heightened data transparency and faster closings.

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60-day clock begins for brokerages seeking to opt into $418M NAR deal

Inman

Sitzer | Burnett plaintiffs on Friday asked the court to preliminarily approve the proposed deal. Brokerages and MLSs that were left out initially will have to take action by June 18 to be covered.

Brokerage 186
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Tech Bytes: T3 Sixty announces Fusion Website Award finalists

Real Estate News

Awards recognize residential real estate brokerage sites for excellence in website design, functionality and performance.

Brokerage 264
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Pending home sales post a modest gain in March:  NAR

Housing Wire

Pending home sales increased by 3.4% in March compared to February despite rising mortgage rates , according to data released Thursday by the National Association of Realtors (NAR). Sales were essentially flat compared to one year ago. NAR’s Pending Home Sales Index increased to 78.2 in March, up from 75.6 in February and good for its highest reading in a year.

Inventory 440
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Loan Performance Remained Stable in March, ICE’s First Look Report Shows

Appraisal Buzz

Mortgage delinquencies were at a rate of 3.2% as of the end of March, a decrease of 4.15% compared with February but up 9.4% compared with March 2023, according to ICE Mortgage Technology’s First Look report. As of the end of the month there were about 1.7 million residential properties 30 days or more past due but not in foreclosure, according to the report.

Inventory 195
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Sitzer judge grants preliminary approval for NAR settlement

Inman

Judge Stephen R. Bough ruled that the sweeping changes NAR agreed to were "fair, reasonable and adequate" and set a final approval hearing for November.

Realtors 202