Sat.Oct 05, 2024 - Fri.Oct 11, 2024

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Where Are Mortgage Rates Rising?

Appraisal Buzz

Mortgage rates climbed in 44 U.S. states during the first half of 2024, leaving homebuyers anxiously awaiting relief. With the Federal Reserve beginning a series of interest rate cuts , the housing market is expected to see some improvement, but for now, homebuyers in most states continue to feel the squeeze. According to a new analysis from WalletHub , mortgage interest rates increased in all but six states from the first quarter to the second quarter of this year.

Mortgage 435
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Renovation projects remain popular, but homeowners often need help paying for them

Housing Wire

Ongoing supply and affordability challenges in the housing market have frustrated many homeowners who have looked to trade up or relocate for various reasons. In response, some consumers have turned to renovation projects to meet their needs. According to survey data released this week by St. Louis-based Clever Real Estate , 63% of homeowners would rather remodel their current home than move to one that has already been fixed up.

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Why didn’t the appraiser add the ADU in the square footage?

Sacramento Appraisal Blog

I get this question quite a bit. Why didn’t the appraiser add the square footage of the ADU to the main house? The idea is the accessory dwelling in the backyard should be lumped into the total square footage, and since it wasn’t, maybe the appraiser undervalued the property. Let’s talk about it. I have […] The post Why didn’t the appraiser add the ADU in the square footage?

Appraisal 380
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NAR appeals to Supreme Court in DOJ battle

Real Estate News

The trade organization filed an official request with the high court today, asking for a review of an antitrust case that was ostensibly closed in 2021.

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Housing Market ‘Flirts With Recession’

Appraisal Buzz

Do rising mortgage rates necessarily trigger an economic recession or vice versa? With six of 10 distinct housing recessions since the 1970s preceding an economic recession (as determined by the National Bureau of Economic Research Business), it is tempting to answer, “yes.” But real estate economists say it’s not so simple. “Let’s not mistake correlation for causation,” said researcher and Deputy Chief Economist for First American Financial Corporation Odeta Kushi , who publishes quarterly anal

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CoreLogic unveils AI-driven Araya platform for advanced property data

Housing Wire

Real estate data provider CoreLogic is unveiling a new artificial intelligence -powered property and location intelligence platform. The California-based company is launching the Araya platform, according to an announcement on Tuesday. Through Araya, CoreLogic will give customers access to the data and analytics of nearly all U.S. properties on one platform.

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The recipe for fixing Clear Cooperation — and avoiding chaos

Real Estate News

In the second of a 2-part series, NextHome CEO James Dwiggins warns of a greed-driven future if the CCP is eliminated, and shares a proposal for revising it.

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Catch-22: When You Have Millions of Vacant Homes But Also a Housing Shortage 

Appraisal Buzz

In wake of the Fed’s recent rate cut last month, hesitant Americans are becoming open to the idea of entering the market to begin their homebuying journey. However, people actually need homes to do so. There is a concerning housing shortage in the U.S., and while one of the primary drivers of today’s high housing costs—although it’s not always the case—is an overall lack of housing supply.

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Home sales are tepid, but mortgage fraud is becoming more common

Housing Wire

CoreLogic’s risk index rose 8.3% in the past year, driven by more cases of identity and transaction fraud New data shows that cases of fraud among mortgage applicants is on the rise — an eye-raising trend as demand from borrowers remains relatively quiet. The CoreLogic Mortgage Application Fraud Risk Index jumped by 8.3% year over year in the second quarter of 2024.

Mortgage 516
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5 takeaways from Zillow’s 2025 Consumer Housing Trends Report

Inman

Zillow recently surveyed over 5,000 buyers and 6,200 sellers to capture important information for our first annual Consumer Housing Trends Report for Agents.

Sellers 187
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Zillow stands firm on opposition to private listing networks

Real Estate News

President Susan Daimler reiterated the company's support for the Clear Cooperation Policy, and called private networks "terrible" for consumers and agents.

Agents 269
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Hurricane Helene’s Impact on Migration Choices

Appraisal Buzz

As news continues to break in the aftermath of Hurricane Helene, Redfin polled U.S. residents aged 18-34 to gauge migration patterns in the wake of the storm. The poll found that 32% of U.S. residents aged 18-34 said they would reconsider where they want to move in the future after seeing or hearing about the damage caused by Hurricane Helene. That compares to 15% of respondents aged 35 and older.

Insurance 418
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Have higher mortgage rates already reversed housing demand?

Housing Wire

The Federal Reserve cut rates by 0.50% on Sept. 18 and mortgage rates and bond yields headed higher. But, we have to remember that mortgage rates had already made an almost 2% move lower since the highs of 2023 without rate cuts, as the bond market always gets ahead of the Fed. Since the Fed rate cut, we’ve also seen significant economic data lines beat estimates: housing starts, retail sales, industrial production, GDP and labor data all came in better than expected.

Mortgage 511
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10 things new agents do to annoy experienced agents

Inman

While no agent is perfect, we should all continually strive for excellence, no matter where we are in our journey as an agent from brand new to very experienced, broker Cara Ameer writes.

Agents 184
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Why we have Clear Cooperation — and why we should keep it

Real Estate News

In the first of a 2-part series, NextHome CEO James Dwiggins explains the history of NAR’s policy and warns of the legal consequences of eliminating it.

Legal 261
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‘Pain-Free’ Cities for Buying a Home in 2024

Appraisal Buzz

With some of the highest growth in active listings since before the pandemic, Florida dominates Realtor.com’s latest list of “ 10 easiest housing markets for homebuyers.” Price corrections after pandemic overheating contributed to cities such as Punta Gorda, Florida’s placement at number two, according to Hannah Jones, Economist for the real estate website.

Inventory 417
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Despite challenges, dementia patients and caregivers prefer to age in place

Housing Wire

Despite additional challenges that may come with caring for an older person afflicted with dementia, both patients and their caregivers would prefer to age in place within the home of the patient. Both parties cite a desire to preserve the patient’s independence, and to avoid both concerning stories of congregate care facilities and the guilt that could come from transferring a loved one to a dedicated care center.

Finance 501
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NAR rival seeks agents for possible class action over Clear Cooperation

Inman

The American Real Estate Association is looking for those 'fined or otherwise harmed' by the National Association of Realtors' pocket listing rule and are interested in "collective action.

Agents 182
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What is the value of MLSs and associations post-settlement?

Real Estate News

A recent survey found that many agents are not satisfied with local association services and find MLSs less relevant in light of new industry rules.

Agents 258
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Inside the Affordability Challenges of Middle-Income Renters

Appraisal Buzz

With more and more programs addressing the needs of middle-income renters—those earning between 60% to 120% of the area median income (AMI)—Harvard University’s Joint Center for Housing Studies decided to dive deep to discover who these renters are, the challenges they face, and the services they need, recently publishing the paper “ Subsidizing the Middle: Policies, Tradeoffs, and Costs of Addressing Middle-Income Affordability Challenges.

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Big-name brokerages among those accused of income-based discrimination in California

Housing Wire

A housing watchdog group has filed more than 100 complaints that target more than 200 defendants for allegedly discriminating against potential housing applicants who sought to use Section 8 housing vouchers to secure a dwelling. In 2019, California Gov. Gavin Newsom (D) signed a bill into law that bars “housing discrimination, including discrimination through public or private land use practices, decisions, or authorizations, based on specified personal characteristics, including source of inco

Brokerage 497
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Reffkin: Restrictive NAR and MLS rules eliminate seller choice

Inman

Compass founder and CEO Robert Reffkin writes that Clear Cooperation and mandatory disclosures undermine seller choice and put them at risk of the unintended consequences of a mass exposure of property details.

Sellers 183
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Local association pauses Clear Cooperation — will others follow?

Real Estate News

A decision by Park City Realtors could signal a shift in local associations’ willingness to abide by NAR policies, and comes as the CCP debate intensifies.

Realtors 253
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Van Ness and Diaz Reelected to Legal League’s Advisory Council

Appraisal Buzz

Legal League , the premier professional association of financial services law firms in the U.S. driving progress in the mortgage servicing industry, has announced the reelection of two members to its Advisory Council. Anthony Van Ness , Founder and Managing Partner of Van Ness Law Firm, and Roy Diaz , Managing Shareholder of Diaz Anselmo & Associates PA have been reelected to the Legal League’s Advisory Council.

Legal 397
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Real estate teams get most deals from their ‘sphere of influence’

Housing Wire

Brokerages are scrambling to adapt to the post-settlement landscape of real estate, and more of them are turning to the same method for growing their headcount — acquiring new teams. The addition of teams is an efficient way for major brokerages to bolster agent counts and boost sales volumes on their income statements. But a new survey reveals diversity in the ways that teams are structured and how they produce different outcomes.

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EXp agrees to pay $34M to settle antitrust commission lawsuits

Inman

The brokerage was the third-largest by sales volume in 2022 and one of a relative few holdouts who had yet to settle lawsuits targeting the old status quo for real estate commissions.

Brokerage 183
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eXp paying $34 million to settle commissions case

Real Estate News

The deal, which is not yet final, came in a Georgia case but covers similar lawsuits over agent compensation.

Agents 243
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Fannie Mae: Consumer Confidence in Housing Market Reaches Highest Level in Two Years

Appraisal Buzz

Consumer confidence in the housing market increased in September, as per Fannie Mae’s Home Purchase Sentiment Index (HPSI), which rose to a score of 73.9, the highest in two years. The share of survey respondents who say it is a good time to buy a home increased 2 percentage points (19%) in September compared with August, while the percentage who say it is a bad time to buy decreased from 83% to 81%.

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Senior homelessness is a growing concern, GAO reports

Housing Wire

Homelessness is an escalating problem for the growing number of U.S. seniors, according to a new report from the Government Accountability Office (GAO) based on data from the U.S. Department of Housing and Urban Development (HUD). An estimated 138,000 older Americans — those 55 and older — experienced homelessness on a single night in 2023, according to HUD data.

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Will agents actually call you back?

Inman

What happens if the listing agent won’t return your phone calls? Compliance expert Summer Goralik has the answers you need. Don't let another agent’s unresponsiveness stand in your way.

Agents 182
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‘Unfiltered’: Yes, it’s hard, ‘but it’s time to move forward’

Real Estate News

Watch the conversation with industry icon Sherry Chris as she discusses leading with humility, brand-building and navigating change.

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Shift in Mortgage Rate Optimism Pushes Housing Sentiment Higher

Appraisal Buzz

Consumers expressed strong levels of optimism in the survey regarding a drop in mortgage rates over the next year, which helped the Fannie Mae Home Purchase Sentiment Index (HPSI) to rise 1.8 points in September to 73.9, the highest level in over two years. A record 42% of consumers stated in September that they anticipate a decrease in mortgage rates, up from 24% in June and 39% in the month before.

Mortgage 396
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DOJ and NAR could step back into the ring over commingled listings

Housing Wire

The Department of Justice could be ready to square off again with the National Association of Realtors — this time over an optional rule to prevent commingling of MLS and non-MLS listings. (Image generated by AI in Midjourney) The Department of Justice and the National Association of Realtors (NAR) are currently locked in what may be the culmination of a decades-long battle over a variety of NAR’s policies and rules.

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A fixture of Texas Realtor groups narrows in on ethics in real estate

Inman

Broker Romeo Manzanilla spoke to Inman ahead of his appearance at Connect Austin on Oct. 9 about raising professionalism in the real estate industry in the wake of NAR settlement changes.