Sat.Jun 22, 2024 - Fri.Jun 28, 2024

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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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Nearly Half of All American Renters Believe They Can’t Afford to Buy

Appraisal Buzz

According to a new Forbes survey , first-time homebuyers are being forced to stay in the rental market by rising home prices and borrowing rates. Due to the increased demand for rentals, monthly rent rates are high, which puts strain on Americans’ finances. Data found that some 51.9% of renters are estimated to be paying at least 30% of their household income on rent, according to Census data.

Tenants 435
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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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What is a pool worth? It depends.

Sacramento Appraisal Blog

It’s been freaking hot lately, so pools are on my mind. Can you relate? I don’t actually have a pool at my house though, so I’m stuck writing about them instead. Haha. Today, I have some interesting pool perspective to share, and I hope it resonates with you too. I’d love to hear your take […] The post What is a pool worth?

Appraisal 292
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Nearly 80% of brokerages won’t be profitable with lower agent commissions: AccountTECH

Housing Wire

If real estate brokerages fail to make changes to their operations, 79% of them will be unprofitable if the terms of the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement lead to typical agent commissions dropping to 2%. This is according to a study published Tuesday by AccountTECH. The study analyzed the operations of 100 randomly selected brokerages with agent counts ranging between five and 5,000.

Brokerage 441
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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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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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REcolorado board fired as shareholders reveal new buyer

Housing Wire

The primary shareholders of REcolorado — the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA) — have fired the current board and announced the name of the company they are selling their shares to: MAZL, LLC., headed by J. Burks. According to a statement released Friday from DMAR and SMDRA, their board members have “signed and submitted a joint, unanimous resolution removing all REcolorado board members from their position and duties,

Buyers 417
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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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‘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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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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New-home sales fall in May as inventory piles up

Housing Wire

Homebuilders with unsold inventory are feeling the pinch of high mortgage rates — and it’s showing up in new-home sales data. The U.S. Census Bureau ’s new-home sales report for May shows that transactions took a nosedive to a seasonally adjusted annual sales volume of 619,000. Despite May being part of the prime homebuying season, that number represented a 16.5% year-over-year drop and was 11.3% below the revised rate in April.

Inventory 441
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How Are Mortgage Servicing Portfolios Performing?

Appraisal Buzz

Affordability struggles continue for many nationwide, with mortgage rates reported still in the 7% range and the average U.S. home value at $360,681 , up 4.3% year-over-year according to Zillow, the Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey found that the total number of loans now in forbearance declined slightly to 0.21% as of May 31, 2024.

Mortgage 417
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REcolorado board removed as buyer is unveiled

Real Estate News

The Realtor association owners of the MLS said the decision was made “in the best interests of our collective membership” following confidentiality violations.

Buyers 272
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How a top agent knew it was time to build a team

Inman

Every productive real estate professional follows a unique path to success. For some, it’s in the company of like-minded go-getters who share the same passion for achieving goals. That’s where real estate teams come into play.

Agents 173
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Purported sale of REcolorado MLS to private equity firm surprises board

Housing Wire

The primary shareholders of REcolorado — the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA) — have agreed to sell the company to a private equity investor outside the industry, despite ongoing negotiations with REcolorado’s management and board members to buy back their shares, the vice chair of REcolorado has told HousingWire.

Legal 417
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Required Renter Income Surges to Highest Level Since 2022

Appraisal Buzz

The typical U.S. renter household earns an estimated $54,712 per year, which is 17.3% less—roughly $11,408 in dollar terms—than the $66,120 required to pay monthly rent for the median-priced U.S. apartment ($1,653). This is according to new research from Redfin , which found that just 39% of American renters earn enough to purchase a median-priced apartment.

Landlords 418
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Real estate pros deeply dissatisfied with NAR

Real Estate News

When asked to evaluate NAR’s overall performance, 62% of respondents in a T3 Sixty survey said they disapproved of the organization.

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Broker-owned MLSs have forked over millions under NAR opt-in deal

Inman

The vast majority of more than 600 multiple listing services nationwide have chosen to opt in to the National Association of Realtors' commission settlement, according to a new Inman analysis.

Realtors 171
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DOJ launches formal inquiry into California Association of Realtors’ standard forms

Housing Wire

The forms the California Association of Realtors provides its members are the subject of a formal inquiry by the Department of Justice , according to an email the trade group sent to “industry leaders” on Thursday, obtained by HousingWire. In the email sent by Melanie Barker, the president of CAR and Sara Sutachan, the senior vice president and chief strategy officer at CAR, Barker and Sutachan noted that CAR issues new and updated standard forms every June.

Realtors 403
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Stern & Eisenberg Appoints New COO

Appraisal Buzz

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Legal 395
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New home sales plummet, but prices barely budge

Real Estate News

May sales were well below April numbers and down 16.5% year-over-year, a sign that builder incentives may not be enough to overcome high rates and prices.

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Meet the companies offering commission-sharing workarounds

Inman

NAR's landmark settlement bars sellers' agents from offering commissions to buyers' agents in the MLS. A batch of new companies are stepping in to fill the void.

Agents 180
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This sleepy Texas town is the best for buying waterfront property

Housing Wire

The great state of Texas may not be the first place that comes to mind when it comes to buying waterfront real estate, but a little town near Austin has been judged as the best one for it. That’s according to a new study from Virtual Staging AI , which named Lakeway, Texas, as the best location in the country for buying a waterfront home. Lakeway sits just west of Austin in the Hill Country and rests next to Lake Travis.

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Mortgage Applications Up Slightly Last Week as Rates Edged Down

Appraisal Buzz

Mortgage application volume increased 0.8% during the week ended June 21, as the average rate for a 30-year, fixed-rate mortgage fell to 7.04%, down from 7.12% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances were flat compared with the previous week and were up 26% compared with the same week one year ago.

Mortgage 396
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The housing market is 'stuck' — maybe for a while

Real Estate News

While interest rates continue to edge down, sales have not picked up heading into summer: “This will take many years to work itself out.

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BofA analysts cast doubts on prospects for 2025 sales rebound

Inman

"The U.S. housing market is stuck, and we are not convinced it will become unstuck anytime soon," economists at Bank of America Global Research say of ongoing affordability issues.

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New American Funding hires Craig Stammler to oversee Western markets

Housing Wire

Craig Stammler has joined New American Funding (NAF) as a regional vice president, the California -based mortgage lender announced Tuesday. Stammler, who previously worked for loanDepot , Wells Fargo and Countrywide , will be responsible for overseeing the company’s southern Idaho and northern California markets. His duties include growth of existing teams, managing profitability and development of branch leadership.

Marketing 388
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CFPB Approves Rule to Ensure Accuracy in Home Appraisals 

Appraisal Buzz

A new rule was passed by the Consumer Financial Protection Bureau (CFPB) to address the use of artificial intelligence and complicated algorithms in home valuations, both now and in the future. A proper home appraisal is essential whether purchasing or selling a property. This appraisal is used by mortgage lenders to calculate the maximum amount they will lend on a property.

Appraisal 391
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C.A.R. responds to harsh criticism of its buyer agreement

Real Estate News

The California association said the Consumer Federation of America’s assessment was “misguided” and that its forms will be fully compliant.

Buyers 265
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Prospects for lower mortgage rates grow as inflation continues to ease

Inman

The Federal Reserve's preferred inflation gauge fell to 2.56 percent in May, getting closer to the Fed's 2 percent target for the 2nd month in a row. Core inflation reading is lowest since March 2021.

Mortgage 161
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REcolorado warns Realtors of pitfalls of outside MLS ownership

Housing Wire

In a statement released Wednesday night, REcolorado warned Denver-area Realtors that outside ownership of the local MLS could bring added uncertainty during an already uncertain time and suggested that their data could be compromised. The company’s statement says it supports the effort to decouple the local MLS from the two local Realtor associations that own it — Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA).

Realtors 403
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Appraisers Are Extraordinary and Rare, Like Unicorns!

Appraisal Buzz

Appraisers are an extraordinary and rare group of humans. As an appraiser, you are part of a select few. You belong to a group of licensed professionals that are extremely rare. How rare? Recent statistics indicate that there are about 70,000 licensed appraisers in the United States. Considering that there are over 340 million people living in the United States, being an appraiser qualifies you as a rarity.

Appraisal 397
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Sale of leading MLS ‘may bring added uncertainty’

Real Estate News

A statement from REcolorado says its potential sale to a private equity firm is not the best way to separate MLSs from Realtor association ownership.

Realtors 255