Sat.Jan 13, 2024 - Fri.Jan 19, 2024

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Mortgage rates dip to 6.6% to mark the lowest level since May 2023

Housing Wire

Mortgage rates continued their descent this week to mark their lowest level since May 2023, welcome news for homebuyers who have been waiting on the sidelines for rates to drop. The 30-year fixed-rate mortgage averaged 6.6% as of Jan. 11, a decrease from last week’s 6.66%, according to Freddie Mac ‘s Primary Mortgage Market Survey released on Thursday.

Mortgage 531
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The spring housing market is waking up & random stats

Sacramento Appraisal Blog

The spring market is awake. Today I want to talk about some trends I’m seeing, debunk a myth, and share some super random stats involving pickleball, Starbucks, and other stuff (sorry). Haha. UPCOMING (PUBLIC) SPEAKING GIGS: 01/31/24 Joel Wright & Mike Gobbi Event 9am (on Zoom here) 02/01/24 Gateway Event (private) 2/09/24 PCAR WCR Event […] The post The spring housing market is waking up & random stats first appeared on Sacramento Appraisal Blog.

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Meet the reporter whose NAR story rocked the industry

Real Estate News

New York Times journalist Debra Kamin talked to Real Estate News about the response to her investigations, why her eXp story “hit differently,” and what’s next.

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Are Standards Credible?

George Dell

“USPAP” is for credible appraisers. The underlying principle of the actual ‘standards’ and the hundreds of pages of “explanatory” material is that the appraiser’s work must be “worthy of belief.” Accuracy and precision (trueness and sureness) are never stated as a goal. Believability, in turn, is judged by the user “expectations” and if “peers” would […] The post Are Standards Credible?

Appraisal 195
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Number of price cuts drops as housing inventory rises

Housing Wire

Last week, housing inventory grew and the number of price cuts fell, which is expected at this time of the year. I hope the next thing we see is housing inventory grow at the level it typically does in January or February instead of being delayed until March or April. Last year at this time, inventory rose week to week and I was hopeful for a typical spring inventory year, but the seasonal bottom didn’t actually happen until April 14.

Inventory 534
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What experts have right (and wrong) about the Silver Tsunami

Inman

Senior housing expert Rachael Hite shares data around seniors, aging in place, downsizing and the real cost of retirement. Housing experts predicting a "Silver Tsunami" are underestimating what boomers actually want.

Clients 178

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Remodeling Market Sentiment Improves in Fourth Quarter

Eyes on Housing

The NAHB/Westlake Royal Remodeling Market Index (RMI), a measure of sentiment among professional remodelers, for the fourth quarter posted a reading of 67, increasing two points compared to the previous quarter. Remodelers’ sentiment was quite positive at the end of 2023, when seasonally adjusted for the slowdown that invariably occurs during that part of the year.

Marketing 169
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California commission suit alleges collusion in the City of Angels

Housing Wire

Lights, camera, lawsuit! A copycat commission lawsuit has been filed in Los Angeles. The suit, known as Fierro, after its lead plaintiff Gael Fierro, a Californian home seller, accuses the real estate industry of colluding to artificially inflate real estate agent commissions. It was filed on Wednesday in U.S. District Court in Los Angeles. Patrick Thurber, a California home seller, is an additional named plaintiff in the suit.

Realtors 533
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Equity Angels launches to diversify proptech innovation

Inman

Kenya Burrell-VanWormer, chief growth officer at NEO, and Katherine Winston, founding member and head of marketing at Plunk, have teamed up to build a program that will provide professional mentorship for minority entrepreneurs in proptech.

Marketing 175
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Existing home sales haven't been this low since 1995

Real Estate News

According to the latest NAR data, just 4.09 million existing home sales were reported in 2023, the lowest number in nearly three decades.

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Single-Family Permits Down in November 2023

Eyes on Housing

Over the first eleven months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 843,654. On a year-over-year (YoY) basis, this is 8.5% below the November 2022 level of 921,626. Year-to-date ending in November, single-family permits declined in all four regions. The range of permit decline spanned 6.8% in the South to 12.6% in the West.

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DataDigest: Construction costs easing for homebuilders

Housing Wire

New home construction exploded early in the pandemic as soaring home demand squeezed existing inventory nationwide, giving homebuilders a much bigger share of a shrinking pie. However, as mortgage rates hit multi-decade highs , cooling demand and shrinking the pool of qualified buyers for new homes, homebuilders slowed their pace of construction, which settled at a plateau that is still well above pre-pandemic levels.

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Why NAR may be primed for record membership fall in 2024: Triple-I

Inman

The National Association of Realtors may be on the verge of a bigger membership decline than it's ever seen before — including during the 2008 housing crisis. Intel explores why that is.

Realtors 172
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Builder confidence jumps in the new year

Real Estate News

Home builder sentiment is up significantly in January as lower mortgage rates bring more buyers back to the market.

Buyers 307
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Pandemic Silver Lining: Young Adults Moving Out of Parental Homes

Eyes on Housing

Despite record high inflation rates, rising interest rates, and worsening housing affordability, young adults continued the post-pandemic trend of moving out of parental homes in 2022. The share of young adults ages 25-34 living with parents or parents-in-law declined and now stands at 19.1%, according to NAHB’s analysis of the 2022 American Community Survey (ACS) Public Use Microdata Sample (PUMS).

Law 150
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Empty-nesters own twice as many large homes as millennials with children

Housing Wire

Empty-nester baby boomers own roughly twice as many of the nation’s three-bedroom-plus homes as millennials with children, according to a report from Redfin published on Tuesday. The report is based on a Redfin analysis of U.S. Census data from 2022, that breaks down the share of three-bedroom-plus homes owned and occupied by each generation, by household type and size.

Inventory 482
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Falling mortgage rates should boost home sales: Fannie Mae

Inman

Fannie Mae economists no longer expect a recession and are considerably more optimistic that mortgage rates have additional room to come down below 6 percent.

Mortgage 182
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Empty nesters are holding on to their big homes

Real Estate News

Baby boomer households without children own nearly 3 in 10 homes with 3+ bedrooms — millennials with children own half that amount.

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Existing Home Sales End 2023 at the Lowest Level Since 1995

Eyes on Housing

Existing home sales slipped in December, ending 2023 at the lowest level since 1995, according to the National Association of Realtors (NAR). In 2023, the decline was largely attributed to worsening housing affordability and persistently low supply, exacerbated by higher interest rates. Low inventory, along with strong demand, drove the median home price to a record high of $389,800 in.

Realtors 148
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HUD secretary suggests openness to changing FHA ‘life of loan’ requirement

Housing Wire

Secretary of the U.S. Department of Housing and Urban Development (HUD) Marcia Fudge suggested to a congressional committee that the department could consider eliminating life-of-loan premium requirements for mortgages backed by the Federal Housing Administration (FHA), but did not offer any indication about the issue’s priority level at HUD. Sitting for a HUD oversight hearing conducted by the U.S.

Insurance 475
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Public REITs vs. Private REITS

Inman

A Real Estate Investment Trust (REIT) is a company that owns, operates or finances income-generating real estate. These trusts are designed to allow investors to access real estate markets without directly buying, managing, or financing properties.

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Mortgage rates drop to lowest level in 8 months

Real Estate News

Lower rates are good news for buyers, but increased demand could further erode limited inventory.

Inventory 299
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Appraisal Reviews for $3 – The Devaluation of Appraisers

Appraiserblogs

Appraisal reviews for $3 each and 1-2 hour turn times. It’s hard to imagine any appraiser accepting these terms, and it’s hard to imagine any lending institution accepting these as valid reviews. It’s incredibly disrespectful to the profession as they tout efficiency. This is Sean from Reckon Data Solutions, LLC, and I’m reaching out to discuss a potential partnership opportunity that could complement your company’s objectives.

Appraisal 146
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Reverse purchase financing: The financing option no one is talking about

Housing Wire

Did you know that in 2022, both younger and older Baby Boomers made up the largest generation of American homebuyers? This cohort accounted for 1,950,000 properties — equating to 39% of total homes purchased! 1 With over 12,000 Americans turning 65 every day in 2024, this burgeoning market will undoubtedly continue to bring more buyers and sellers to the table over the next decade. 2 However, these potential clients will also face challenges — namely market volatility, unpredictable interest rat

Finance 468
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This franchise may be immune from the commission lawsuits

Inman

As countless copycat suits are filed nationwide, even smaller teams and boutique brokerages have started to become targets. However, one real estate franchise might avoid these lawsuits, and interest has skyrocketed recently.

Brokerage 172
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Golden State is the Lawsuit State as commissions cases pile up

Real Estate News

The latest filing focuses on the Northeastern part of California and takes aim at MetroList MLS as well as multiple associations and brokerages.

Brokerage 247
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HUD’s Use of Convicted Felons to Ramp Up ‘Discrimination Testing’

Appraiserblogs

It wants to bootstrap released felons by allowing them to work as so-called “fair-housing testers” for the many nonprofits HUD provides grants to… If the rule is changed, the HUD-subsidized nonprofits could hire felons to ramp up sting operations against real estate brokers, leasing agents, mortgage loan officers, escrow officers, title officers, appraisers, property managers and others.

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Mortgage apps uptick spreads optimism on a refi recovery

Housing Wire

Mortgage rates at their lowest level in three weeks led to an increase in borrowers’ demand for home loans last week, spreading some optimism in the industry in the first few weeks of 2024. To prove it, analysts are already discussing a potential refi recovery. Overall, mortgage applications rose by 10.4% in the week ending Jan. 12, compared to one week earlier, on a seasonally adjusted basis, per the Mortgage Bankers Association ‘s (MBA) weekly mortgage applications survey.

Mortgage 482
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David Stevens, influential leader in mortgage finance, dies at 66

Inman

The former FHA commissioner also held executive positions at World Savings Bank, Freddie Mac, and The Long and Foster Companies before leading the Mortgage Bankers Association.

Finance 169
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California slapped with a second commissions lawsuit

Real Estate News

The latest case, which focuses on Los Angeles, lists 35 defendants including the largest MLS in the U.S., major brokerages and two dozen associations.

Brokerage 241
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Top 5 Digital Form Features for Manufacturing Professionals

GoForrmz

Try these top five features to transform your manufacturing processes In today’s world of manufacturing, every second counts. Businesses are leaving traditional paperwork behind and looking for more effective processes. And that’s where GoFormz comes in! GoFormz provides digital forms that are powered by a suite of features, modernizing the way the world collects information.

Design 78
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Just 4.09 million existing homes were sold in 2023

Housing Wire

Existing home sales dropped to their lowest level in nearly 30 years in 2023, according to a report from the National Association of Realtors (NAR), released Friday. In 2023, 4.09 million existing homes were sold, the fewest since 1995. “Slow home sales in 2023 were accompanied by higher mortgage rates , with the average rate on a 30-year fixed rate mortgage hitting a 23-year high in early November.

Inventory 451
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2023 Was About Using AI. 2024 Is About Using It Better: Mosaik CEO

Inman

Ahead of Inman Connect New York 2024, Mosaik founder and CEO Sheila Reddy talks about the future of artificial intelligence and how it can revolutionize the agent experience.

Agents 169
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MLS leaders rising in the ranks of industry’s most powerful

Real Estate News

As organized real estate grapples with game-changing court cases and turmoil at the top, MLS execs are movin’ on up in the 2024 Swanepoel Power 200.