Sat.Oct 21, 2023 - Fri.Oct 27, 2023

article thumbnail

New listings data unfazed by 8% mortgage rates

Housing Wire

The haunted house ride with the bond market and mortgage rates continued this week, but one housing data line hasn’t been spooked. New listing data appears unafraid of the mortgage rate ghost story over the last few months. Unlike last year, when new listings data had a noticeable move lower once mortgage rates reached 6%, 8% mortgage rates haven’t had any noticeable impact on the latest new listings data.

article thumbnail

Making a modern home from a tract home

Sacramento Appraisal Blog

You will either love it or hate it. This owner transformed a tract home built in 2002 into something with serious Midtown modern vibes. When I saw this house, I knew I wanted to write about it, and I think there are some great conversation nuggets. How do we value something when it has really […] The post Making a modern home from a tract home first appeared on Sacramento Appraisal Blog.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

NAR might have more paths to victory in commissions cases

Real Estate News

Defendants presented opening arguments during week one of the Sitzer/Burnett trial. An industry lawyer sees two additional ways they might prevail in court.

314
314
article thumbnail

Market Crash Adjustment? How?

George Dell

We’re gonna crash! Now What? An appraiser’s job is to reflect the market. A couple of questions: What is “the” market? And how do I reflect? I like to divide consumer behavior into two thought patterns: Micro and Macro thinking. Micro thinking is under the assumption that the buyer is buying for personal use – […] The post Market Crash Adjustment?

Marketing 195
article thumbnail

Homebuyers have many options; let’s make sure they’re aware of them

Housing Wire

To many, homebuying is a daunting, often confusing process. Admittedly, the myriad of documents requiring signatures can be overwhelming, especially for first-time homebuyers. Thankfully, there are a number of online resources that can help homebuyers navigate the process. The American Land Title Association, alongside our real estate industry partners, are committed to making transactions easier for everyone through consumer education efforts.

Insurance 493
article thumbnail

How to ensure the best outcomes for clients buying property overseas

Inman

For the past three years, luxury buyers have been on the move. Increased opportunities to work remotely — and, by extension, live remotely — have enabled them to embrace new lifestyles or seek a higher quality of life, whether that means exploring regions and markets with better weather, lower costs, or a more relaxed pace.

Clients 196

More Trending

article thumbnail

All-Cash Share of New Home Sales Climbs in Q3

Eyes on Housing

NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the all-cash share of new home sales climbed substantially in the third quarter of 2023 while VA-backed sales share fell by nearly half. Additionally, the median purchase price of homes bought with cash surged by one-third over the quarter.

Finance 183
article thumbnail

Opinion: Local MLS broker marketplaces, rules equitably advance American homeownership

Housing Wire

As the trial of Burnett v. the National Association of Realtors (NAR), et al kicked off this week in a Kansas City, Missouri, federal courtroom, there is a lot at stake for consumers and business competition. Class action attorneys allege real estate commission rates are too high and buyer brokers are being paid too much due to NAR rules. In reality, consumers are better off and business competition thrives very much because of NAR’s rules and how well local Multiple Listing Service (MLS) broker

article thumbnail

Tom Ferry podcast video delivers fresh drama at Sitzer | Burnett trial

Inman

On Tuesday, plaintiffs’ attorney Michael Ketchmark played a video of a Tom Ferry interview with Allan Dalton of Berkshire Hathaway HomeServices that drew objections and threatened to derail proceedings.

Realtors 194
article thumbnail

One remarkable year, and one resilient industry

Real Estate News

There’s been no shortage of news — and challenges — in the past 12 months. But real estate pros keep finding ways to win, and we’re proud to tell their stories.

article thumbnail

Personal Saving Rate Drops to 3.4% in September

Eyes on Housing

The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.3% in September. The pace of personal income growth slowed after reaching a 1% monthly gain in January 2023. Gains in personal income are largely driven by increases in wages and salaries. With spending increasing faster than personal income, the September personal savings.

178
178
article thumbnail

Mortgage delinquencies ticked up in September: ICE

Housing Wire

While the mortgage delinquency rate remains low compared to pre-pandemic levels , the number of delinquent loans ticked up in September, according to the ICE Mortgage Monitor report. The national delinquency rate climbed to 3.29% in September, which is up 12 basis points from August and up 13 basis points from September 2022. This makes it the second and largest annual increase in the last 2.5 years, however, the delinquency rate remains 71 basis points below the pre-pandemic level of September

Mortgage 443
article thumbnail

Late eXp icon Rick Geha honored with $100K fundraiser

Inman

Rick Geha Team founder Rick Geha suddenly passed away one week after eXp's annual conference in Las Vegas. The Geha family is honoring the late agent's memory with a $100,000 fundraiser for the Oakland A's Make-A-Wish Community Fund.

Agents 192
article thumbnail

Plaintiffs zero in on antitrust violations as they wrap their case

Real Estate News

A former NAR committee member called traditional compensation practices “the ultimate form of restraint of trade,” claiming that NAR looked the other way.

292
292
article thumbnail

U.S. Economic Growth Accelerates in the Third Quarter

Eyes on Housing

The U.S. economy had remarkable growth in the third quarter of 2023, fueled by consumer spending. The GDP price index rose 3.5% for the third quarter, up from a 1.7% increase in the second quarter. The Personal Consumption Expenditures (PCE) Price Index, capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior, rose.

article thumbnail

Weekly mortgage rates soar closer to 8%: Freddie Mac

Housing Wire

Average mortgage rates on 30-year fixed home loans continued their march towards 8% this week as the Treasury yield surpassed 5%. Rates have been steadily climbing for seven straight weeks, the longest consecutive increase since Spring 2022, according to Freddie Mac ‘s Primary Mortgage Market Survey. The average 30-year, fixed-rate mortgage rose to 7.79% as of Oct. 26.

Mortgage 440
article thumbnail

Young homebuyers could lead the recovery. So what do they want?

Inman

First-time buyers are less likely than homeowners to be holding out for lower mortgage rates. But they hold a host of other priorities and concerns, according to an Intel analysis of buyer behavior.

Buyers 186
article thumbnail

Defense paints picture of bleak future; plaintiffs strike back hard

Real Estate News

The defense in Sitzer/Burnett called on three experts to discuss the consequences of decoupling commissions, with one facing aggressive cross-examination.

281
281
article thumbnail

Announcing the Zapier Partnership

GoForrmz

Originally published on 11/10/2015 Did you know about the GoFormz-Zapier partnership? In 2015, we joined forces with Zapier, the leading web automation platform enabling businesses to seamlessly link with numerous top web services. In today's modern world, companies heavily rely on a multitude of web services for diverse aspects of their operations, including billing, project tracking, and CRM functionalities.

article thumbnail

Mortgage applications stall with 8% rates

Housing Wire

With mortgage rates still hovering around 8%, mortgage applications decreased 1% for the week ending Oct. 20 compared to the week prior , according to weekly mortgage application data from the Mortgage Bankers Association. “Mortgage activity continued to stall, with applications dipping to the slowest weekly pace since 1995,” Joel Kan, MBA’s vice president and deputy chief economist, said.

Mortgage 436
article thumbnail

First Team sheds Christie’s affiliation, names new CEO

Inman

The largest privately held brokerage in the state of California has decided to separate from Christie's International Real Estate, launch a rebrand and promote former COO Michele Harrington to CEO, Inman has learned exclusively.

Brokerage 186
article thumbnail

Pending home sales tick up in September

Real Estate News

After big declines in August, sales recovered slightly, but “pending contracts remain at historically low levels,” NAR Chief Economist Lawrence Yun noted.

Contracts 273
article thumbnail

Housing Demand Caught Between High Rates & Demographics

Eyes on Housing

Despite mortgage rates topping 7%, Americans persist in their desire to buy a home. According to the latest Housing Trends Report*, the share of adults with plans to purchase a home within a year edged up to 17% in the third quarter of 2023, up from 15% a quarter earlier. The share has fluctuated up and down without a clear.

Mortgage 154
article thumbnail

Commission lawsuit: HomeServices files motion for judgment as a matter of law

Housing Wire

KANSAS CITY, Missouri — The second week of the Sitzer/Burnett class-action buyer broker commission antitrust lawsuit kicked off with a bang. Just prior to the plaintiffs resting their case late Monday afternoon, HomeServices of America , one of the three remaining defendants in the commission lawsuit , filed a motion for judgment as a matter of law.

Law 423
article thumbnail

Buffett, Munger foresee ‘hollowed out’ downtowns on the horizon

Inman

Billionaire investor Warren Buffett and business partner Charlie Munger see long-term distress in commercial real estate, which could spell trouble for lenders and opportunity for investors. "The buildings don’t go away," Buffett said.

Investors 184
article thumbnail

Anywhere’s revenue holds steady even as transactions fall

Real Estate News

In its Q3 earnings report, the company highlighted its $1.6B in revenue, debt reduction, and a settlement that “puts significant litigation behind us.

268
268
article thumbnail

Majority of Reviewers Had Very Limited Field Experience

Appraiserblogs

It was my experience that the majority of reviewers, FNMA included, had very limited field experience. Which is painfully obvious when they request baseless revisions for “more or better comps”. I’m a Certified General Appraiser that started appraising in 1984, almost 40 years ago! Spent the majority of my career appraising both residential and commercial properties in a major metropolitan market.

Appraisal 135
article thumbnail

Anywhere shows Q3 profit in difficult housing market

Housing Wire

Despite stalling home sales in the third quarter, Anywhere Real Estate managed to deliver “considerable profitability.” The company closed the third quarter with $1.6 billion in revenue, which is 12% lower than Q3 2022, but $129 million in net income, an increase of 135% compared to the same time last year. “Anywhere led through a difficult housing market to deliver considerable profitability and achieve substantial debt reduction,” Ryan Schneider , Anywhere president and CEO said in

article thumbnail

The activity with best ROI? It’s old-school networking, Intel poll shows

Inman

Agents are doubling down on networking to drive business in tough times, according to results from the Inman Intel Index, excerpts of which are available to Select subscribers for the first time.

Agents 181
article thumbnail

Are health plans the latest agent recruiting tactic?

Real Estate News

As brokerage firms vie to keep their top producers and boost agent counts, some are offering new benefits, including healthcare, to stay competitive.

Agents 260
article thumbnail

Reality of Today’s Appraisal Environment

Appraiserblogs

Proving discriminatory activity is hard, which is probably one reason HUD is dragging their collective feet in resolving the filed complaints. The real scourge of what’s been happening to appraisers for the past 5 years (yes, it started prior to the last election) has been revealed by Mr. Isaac Peck, in this article. You really need to read it, perhaps again, if you saw it come through your email on Wednesday October 25.

Appraisal 127
article thumbnail

Fewer buyers were in the market in Q3, borrowers made higher down payments: report

Housing Wire

With housing affordability being challenged in a higher mortgage rate environment, fewer homebuyers jumped into the market in the third quarter. Buyers that did manage to purchase homes made higher down payments as home-price growth remained stubbornly elevated in Q3, according to a new report from LenderLogix. The firm is a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks and brokers.

Buyers 419
article thumbnail

Beth Kushnick went from staging ‘The Good Wife’ to your listing

Inman

The longtime film and TV set decorator turned to staging for NYC-based real estate firm Archpoint Advisory on the cusp of the WGA and SAG-AFTRA strikes, and is enjoying the opportunity.

article thumbnail

People on the Move: Livian, Real bring on seasoned execs

Real Estate News

Thad Fisher, former eXp, Anywhere and Zillow leader, joins KW's Livian platform; Christian Wallace named first chief of integrated home services at Real.

255
255