Sat.Jun 01, 2024 - Fri.Jun 07, 2024

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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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Measuring the Cost of Home Upkeep

Appraisal Buzz

FinanceBuzz recently surveyed homeowners to find out what home maintenance tasks they are putting off, and the average cost of these delayed maintenance tasks and repairs. FinanceBuzz’s Josh Koebert analyzed data from 1,000 surveyed U.S. homeowners, aged 18 or older from April and May 2024. Of those surveyed, a majority of homeowners (three out of every five) or 60% are putting off some kind of necessary repair or maintenance project around the house.

Finance 412
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Cash buyers are the X factor in 2024

Sacramento Appraisal Blog

Cash buyers are really showing up. They are the X factor this year to explain the bump in volume we’ve seen compared to last year. Today, I have some really cool stats to unpack what is happening in nine local counties. If you’re not in Sacramento, is this happening in your area too? UPCOMING SPEAKING […] The post Cash buyers are the X factor in 2024 first appeared on Sacramento Appraisal Blog.

Buyers 313
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Housing affordability is a top election issue for young voters

Real Estate News

91% of Gen Zers in a recent survey said the cost of housing will play into who they vote for in November’s presidential election.

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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 512
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Most Americans Believe Owning a Home Is Essential—Yet Buying Myths Persist

Appraisal Buzz

June is National Homeownership Month, and KB Home, a national homebuilder, commissioned a survey conducted by The Harris Poll to better understand homeownership perceptions and homebuying trends. The survey found that four in five respondents believe that owning a home is a milestone in life and part of the American Dream, but the survey also revealed that many respondents are discouraged in the home buying process and lack a complete understanding of it.

Buyers 396

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Commission-sharing sites are cropping up — will they last?

Real Estate News

MLSs will no longer display offers of compensation, but some online startups say they have workarounds that comply with new rules. The DOJ may disagree.

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A key home price metric has skyrocketed since 2019

Housing Wire

A report released Wednesday by Realtor.com shows that a key measurement of U.S. home values is growing faster that the more commonly viewed metric of listing price. The analysis revealed that, across the 50 largest U.S. metro areas, price per square foot rose by 52.7% during the five-year period ending in May 2024. By comparison, the national median list price for a home jumped 37.5% during the same period to its current level of $442,500.

Agents 517
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Forecasting the 2024 Hurricane Season

Appraisal Buzz

CoreLogic has issued its 2024 Hurricane Risk Report , offering an analysis of hurricane risk in the U.S., shedding insight for property owners, insurers, and policymakers. This upcoming hurricane season, the National Oceanic and Atmospheric Administration (NOAA) anticipates a return to La Niña conditions in the Pacific Ocean, with North Atlantic Ocean sea surface temperatures already warmer than any previous year on record.

Insurance 397
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Row Row ROV? Pt 3

George Dell

How did this “official” ROV process happen? We used to just swim, now we have a rowboat and an oar! Editor’s Note: To read the entire Row, Row, ROV series, and a few more posts on Reconsideration of Value, click here. ROV (Reconsideration of Value) is ostensibly motivated by bias issues, as well as other […] The post Row Row ROV? Pt 3 appeared first on George Dell, SRA, MAI, ASA, CRE.

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After backlash, Bing is removing MLS listings

Real Estate News

Industry leaders began sounding the alarm last week after seeing unlicensed data on a portal-like section of Microsoft’s search engine.

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86% of consumers say it’s a bad time to buy a house: Fannie Mae

Housing Wire

Consumer attitudes toward the purchase of a home fell “markedly” in May, while the percentage of consumers who said it was a “bad” time to buy a home grew month over month from 79% to 86%, according to new survey data from government-sponsored enterprise (GSE) Fannie Mae. The Fannie Mae Home Purchase Sentiment Index (HPSI) decreased 2.5 points in May to 69.4, marking an all-time low in the measurement of consumer sentiment toward homebuying.

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CFPB Cracks Down on Deceptive Contract Terms

Appraisal Buzz

The Consumer Financial Protection Bureau (CFPB) has issued “ CFPB Circular 2024-03: Unlawful and Unenforceable Contract Terms and Conditions ,” warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. According to CFPB Circular 2024-03 , companies use fine print tactics to try to trick consumers into believing they have given up certain legal rights or protections.

Contracts 390
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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.

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'Unfiltered' podcast: Using the media to your advantage

Real Estate News

Watch the conversation with industry news leader Mitch Robinson as he offers advice for working with local news outlets to “tell your story in a proactive way.

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U.S. job creation exceeds forecasts, signals delays in rate cuts

Housing Wire

Job creation that exceeded expectations in May has reinforced the perception that the Federal Reserve will maintain the same benchmark interest rates at its June meeting and may delay any rate cuts that were planned for this year. This means that mortgage rates are likely to be higher for even longer than previously expected. The U.S. economy added 272,000 jobs in May, above the market consensus estimate of 180,000.

Mortgage 491
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U.S. Equity Increases to Near-Peak Levels

Appraisal Buzz

According to a new report from CoreLogic entitled the Homeowner Equity Report (HER), American homeowners with a mortgage pulled in $28.000 in equity gains year-over-year during the first quarter of 2024, the highest recorded since late 2022. According to CoreLogic, mortgage holders account for roughly 62% of all U.S. residential properties and they saw, in percentage terms, a gain of 9.6% year-over-year representing a collective gain of $1.5 trillion collectively since the first quarter of 2023

HOA 369
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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 194
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US homeowners saw equity soar to near-record highs

Real Estate News

According to a new CoreLogic report, the typical homeowner saw their home equity increase by $28,000 over the past year.

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What we should learn from the jobs week data

Housing Wire

Following a few days of declining bond yields and mortgage rates this week, the trajectory took a significant turn on Friday with the release of favorable labor data , sparking a notable increase in the 10-year yield, a key indicator for those in housing. The BLS jobs report shows the honey badger labor market woke up and once again chose violence this morning.

Mortgage 491
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Unaffordability Pushes Consumer Homebuying Sentiment to New Survey Low 

Appraisal Buzz

The Fannie Mae Home Purchase Sentiment Index (HPSI) declined 2.5 points to 69.4 in May, as the component evaluating consumer views toward homebuying circumstances fell sharply, reaching an all-time survey low. This month, only 14% of consumers said it was a good time to buy a property, down from 20% the previous month, while 67% said it was a good time to sell.

Mortgage 359
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Microsoft’s mysterious real estate portal sparks data safety concerns

Inman

Industry watchers are sounding the alarm about Microsoft's Bing Real Estate, a site that for several months has been reposting listings from Zillow, Realtor.com and Redfin without explanation.

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Mark your calendars: 3 key dates for the industry and the DOJ

Real Estate News

Several commissions-related milestones are coming up, starting with the NAR settlement opt-in deadline in less than two weeks.

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This is a big week for housing, jobs and mortgage rates 

Housing Wire

Mortgage rates have been a bit more volatile recently due to hawkish Federal Reserve statements and inflation data, which has impacted some of the recent movement in the 10-year yield. But now we have the big jobs week coming up! So, what does this all mean for the housing market and the future of mortgage rates? 10-year yield and mortgage rates As we approach a crucial week for mortgage rates , the 10-year yield and labor data could influence the Fed’s decisions.

Mortgage 514
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Median Price Per Square Foot Skyrockets From Pre-Pandemic Levels 

Appraisal Buzz

According to Realtor.com May housing data , median list prices have grown 37.5% from May 2019, yet inventory has decreased 34.2% compared to normal 2017 to 2019 levels, indicating that the market remains seller-friendly. “In addition to higher median list prices and fewer homes for sale versus 2019, the increase in median price-per-square foot suggests that the typical home on the market today is worth 52.7% more than before the pandemic, more than double the roughly 23% increase in consumer pri

Sellers 370
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Mortgage rates are spiking on Friday’s blowout jobs report

Inman

Employers added 272,000 jobs in May, far exceeding the consensus view among economists that payrolls would rise by 180,000 and the average of 232,000 over the past year.

Mortgage 178
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‘Frustration’ a theme as homebuyer sentiment craters

Real Estate News

Fannie Mae’s sentiment index hit a new low in May, with only 14% saying now is a good time to buy a home, but sales activity is expected to increase.

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Q1 2024 mortgage lending activity declines to near-record low

Housing Wire

Mortgage lending in the U.S. dropped by 6.7% in the first quarter of 2024 to 1.28 million mortgages secured by residential property, the 11th drop recorded in the past 12 quarters and the lowest level since the year 2000, according to the newest U.S. Residential Property Mortgage Origination Report compiled by data provider Attom. This decline contributed to a 4.8% reduction in residential lending activity compared to first-quarter 2023 and a 69.3% reduction since reaching a high point in 2021,

Lending 473
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Mortgage Monitor Report Finds ‘Meaningful Strides’ and ‘Softening’ Price Growth

Appraisal Buzz

According to a new report from Intercontinental Exchange, Inc (ICE) covering June 2024, data shows that annual home price gains continued to cool in April, marking the second month of pullbacks. Gains of +6.1% year over year in February slowed to a revised +5.7% in March before easing to +5.1% as of April. As ICE’s VP of Enterprise Research Strategy Andy Walden explains, the cooling is apparent from both seasonally adjusted and unadjusted perspectives.

Mortgage 370
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If you build it, business will come

Inman

Inventory shortages challenge buyers, but new construction, boosting sales by nearly 14 percent, offers opportunities for professionals. Learn how to confidently compete and seize these opportunities.

Business 182
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The best medicine for MLS ‘disruption’? Info, says Unlock CEO

Real Estate News

The Austin-based MLS will roll out mandatory changes a few days early to help its members “own the moment” in August and beyond.

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Some title insurance policies protect against home title theft. Does yours?

Housing Wire

When the man served Donna (not her real name) with a notice of eviction, she hid for a while under the comfort of complete denial. It didn’t make sense to her because she had owned the home for almost three decades. How was this even possible? She later discovered that unknown fraudsters had forged and filed documents to make it look like her house had been sold at a foreclosure sale.

Insurance 458
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Giving Up Square Footage for a Chance at Homeownership?

Appraisal Buzz

In another new article toasting National Homeownership Month, the National Association of Home Builders (NAHB) conducted a survey entitled “What Home Buyers Really Want, 2024 Edition” which overall found that due to high interest/mortgage rates and the recent double-digit increase in home prices, buyers are compromising their lot and home size requirements just to have a shot at getting into a home.

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27 performance metrics to start tracking this weekend

Inman

Not sure what challenges and opportunities are coming your way? Coach Darryl Davis provides the numbers to crunch so that you always know what's going on in your real estate business.