Sat.May 06, 2023 - Fri.May 12, 2023

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The housing market went from an ice bath to a bloodbath

Sacramento Appraisal Blog

The housing market went from an ice bath to a bloodbath. That’s a good way to describe it as the contrast between the dull fall season and the spring has been striking. In today’s post I want to highlight national vs local stats, a dead cat bounce, and dive deeply into local trends. I hope […] The post The housing market went from an ice bath to a bloodbath first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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CPI report is good news for mortgage rates

Housing Wire

The massive inflation and double-digit mortgage rates of the 1970s and early 1980s seem to haunt the Federal Reserve , which wants to cool the economy and even provoke a job-loss recession to avoid that scenario. But the latest Consumer Price Index inflation report shows how the fear of 1970s-style inflation is wildly overblown. Today’s numbers don’t look like the 1970s at all, when rent, wages, and oil shocks sent inflation running hotter than anything we have seen in recent modern-day hi

Mortgage 533
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Why RE/MAX's CEO isn’t worried about the market (but hates a cluttered inbox)

Real Estate News

President and CEO Nick Bailey — a 30-year industry veteran — takes a long-term perspective on real estate, and he already sees positive shifts.

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The Law of Averages and You

The Appraiser Coach

Averages rule the universe. You may be more familiar with this statement as the law of averages. Let me give you an example as a.

Law 195
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5 things agents should look for in a real estate photographer

Inman

It can be hard to know which type of photographer will show up at your property. Here are some best practices to ensure your listing (and your client) are set up for success.

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Housing Market Tracker: Spring inventory falls

Housing Wire

Just when I thought it was safe to say we were getting more traditional spring housing inventory , we hit a snag last week, as active inventory and new listings declined. Hopefully, this is just a blip, which can occur from time to time with weekly data. We had a lot of drama over the week between Federal Reserve meetings and banking stress, and mortgage rates and purchase applications both fell.

Inventory 483

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Resistance to Change?

George Dell

Personal change is difficult. I like my old comfy chair. A new chair must be broken in. Uncomfortable! But the new chair does stuff. New stuff. It has automatic, adjustable features. It has memory foam, a heating pad, and hot and cold cup holders. And a remote control with 27 buttons which can control room […] The post Resistance to Change?

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Inflation Falls Below 5% For First Time in Two Years

Eyes on Housing

Consumer prices in April saw the smallest year-over-year gain since April 2021. This marked the tenth consecutive month of deceleration and the first time the rate has fallen below 5% in two years. While the shelter index (housing inflation) experienced its smallest monthly gain since January 2022, it continued to be the largest contributor to the total increase, accounting for.

Inventory 184
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NewRez now offers Freddie Mac’s revamped downpayment assistance program

Housing Wire

Mortgage lender and servicer NewRez on Monday launched a special purpose credit program through Freddie Mac that will provide $3,000 or more in closing cost assistance to qualifying first-time homebuyers. Freddie Mac’s BorrowSmart Access program will be available to NewRez borrowers through Caliber Home Loans ‘ national network of branches.

Finance 404
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Real defies the odds, reports strong annual revenue gains

Real Estate News

The Real Brokerage more than doubled its agent count vs. last year, with chairman and CEO Tamir Poleg crediting its technology and “agent attraction model.

Brokerage 264
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How to answer buyers’ top 10 most-asked mortgage questions

Inman

Agents should be prepared to answer their buyer's mortgage questions, including types of mortgages, lender guidelines, preapproval vs. prequalification and the closing process in the area.

Buyers 181
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Building Materials Prices Decline in April Despite Increased Lumber Costs

Eyes on Housing

According to the latest Producer Price Index report, the prices of inputs to residential construction less energy (i.e., building materials) decreased 0.2% in April 2023 (not seasonally adjusted). The index has gained 0.5%, year-to-date, which is the smallest April YTD increase since it climbed 0.3% over the first four months of 2020. The PPI for goods inputs to residential construction, including.

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Argyle grows consumer verifications, adds new mortgage customers

Housing Wire

Payroll connectivity platform Argyle announced this week that it has grown the number of its consumer verifications 100% year over year and has welcomed over 35 new customers so far in 2023. The company offers direct-source data portability tools for mortgage, lending, banking, background and tenant screening, and other use cases. “We’ve packaged five years of learning and innovation into our next-gen platform to continue automating critical workflows, reducing business risk, and pro

Mortgage 394
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Compass loses $150 million, but finds reasons for optimism

Real Estate News

With the rollout underway for its end-to-end transaction platform, and agent count up, Compass projects that it will be cash-flow positive next quarter.

Agents 244
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NAR votes to raise membership dues in alignment with inflation

Inman

The National Association of Realtors voted Thursday to tie annual membership dues to the Consumer Price Index. Its board separately voted to increase annual dues by 4 percent to $156 next year.

Realtors 165
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Highest Paid Occupations in Construction in 2022

Eyes on Housing

According to the latest May 2022 Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) and analysis by the National Association of Home Builders (NAHB), half of payroll workers in construction earn more than $54,540 and the top 25% make at least $77,030. In comparison, the U.S. median wage is $46,310, while the top quartile (top 25%) makes at.

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Mr. Cooper to acquire Home Point Capital for $324M in cash

Housing Wire

Dallas, Texas-based Mr. Cooper Group has entered into an agreement to acquire struggling Home Point Capital for $324 million in cash, the companies announced on Wednesday. The transaction will ultimately result in the seller shutting down operations. Rumors that Mr. Cooper was interested in Ann Arbor, Michigan-based Home Point spread prior to the latter selling its wholesale origination business to The Loan Store on April 7 and were amplified after.

Legal 392
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Brokerage Beat: News from Corcoran, RE/MAX, Real, C21, more

Real Estate News

Corcoran expands in NJ; RE/MAX snags SoCal firm; Real opens in Manitoba; C21 grows in Green Bay; AZ indie joins KW; The Agency opens in Boise; eXp woos teams.

Brokerage 232
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Compass to launch network aimed at relocating medical professionals

Inman

Moving Medicine Partners will launch as a national network of agents later this month with St. Louis relocation specialist Zoe Cangas leading the new initiative, Inman has learned exclusively.

Agents 162
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Mortgage Activity Increases Despite Affordability Issues

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending May 5th, total mortgage activity increased 6.3% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell two basis points to 6.48%. The FRM rate has risen 18 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose.

Mortgage 164
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Mortgage payments rose in April, but so did incomes

Housing Wire

With mortgage rates still in the mid 6% range, borrowers who received mortgages in April 2023 paid an average of $2,343 a month, up 28% from a year prior. That’s according to the latest origination data from mortgage tech firm Candor Technology. Per data from Candor’s underwriting engine, the average buyer in April 2023 received a loan worth about $366,000 at an average APR of 6.5%.

Mortgage 392
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FHFA decides to scrap new debt-to-income ratio fees

Real Estate News

The fees, which were scheduled to go into effect on Aug. 1, were opposed by industry groups including NAR and the Mortgage Bankers Association.

Mortgage 230
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EasyKnock acquires Ribbon in bid to launch national marketplace

Inman

The sale-leaseback platform plans to launch a marketplace later this year designed to serve homesellers and buyers, both individuals and investors, EasyKnock revealed to Inman exclusively.

Design 162
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Lending Standards Tighten for Residential and Commercial Real Estate Loans in Q1 2023

Eyes on Housing

According to the Federal Reserve Board’s April 2023 Senior Loan Officer Opinion Survey (SLOOS)—conducted for bank lending activity over the first quarter of 2023—banks reported that lending standards tightened for most residential real estate (RRE) and commercial real estate (CRE) loan categories. Demand for RRE and CRE loans weakened across all categories over the quarter.

Lending 160
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Mortgage rates continue recent sideways trend: Freddie Mac 

Housing Wire

This week’s mortgage rates declined slightly, continuing a recent “sideways trend” at the low 6% mark. Rates reflected a moderation in inflation and the banking crisis, and the consequent expectation that the Federal Reserve ( Fed ) is done hiking the federal funds rate. Per Freddie Mac ‘s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 6.35% as of May 11, down four basis points from last week’s 6.39%.

Mortgage 391
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NAR move could raise dues 4%

Real Estate News

If approved Thursday, NAR’s proposal would increase dues based on the inflation rate. This would increase 2024 dues to $156 (from $150).

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Fair housing training for agents will be mandatory under NAR proposal 

Inman

The National Association of Realtors' Board of Directors will vote Thursday on requiring its 1.5 million members to complete two hours of fair housing training every three years beginning in 2025.

Training 162
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Grab Bars Remain the Most Common Aging-in-Place Remodel

Eyes on Housing

The NAHB’s Remodeling Market Index (RMI) survey has asked questions about Aging-in-Place (AIP) periodically, beginning in 2004. According to results from the Q1 2023 survey, 63 percent of professional remodelers undertake projects designed to allow homeowners to Age-in-Place, down from 77 percent in Q4 2018. This is the lowest percentage since the Q2 2006 survey (60 percent).

Design 154
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UWM’s losses double in Q1, but margins climb to 92 bps

Housing Wire

UWM Holdings Corporation , the parent of United Wholesale Mortgage (UWM), reported a financial loss in the first quarter amid a decline in the fair value of mortgage servicing rights ( MSRs ) and falling origination volumes. The wholesale lender posted financial losses in the first quarter, but the company increased margins as it pulled back on its aggressive pricing strategy.

Investing 382
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Mortgage rates inch down, continuing a ‘sideways trend’

Real Estate News

Interest rates dipped slightly to 6.35% this week, and mortgage applications were up — but limited inventory is keeping the market “subdued.

Mortgage 230
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‘AI terrifies me’: Tips for Realtors on how to avoid the new tech’s pitfalls

Inman

At NAR's midyear conference, Senior Counsel Chloe Hecht offered best practices to help navigate artificial intelligence without running afoul of copyright law or the Realtor Code of Ethics.

Realtors 161
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How Digital Forms Can Help Your Small Business

GoForrmz

Digital forms for your small business In today’s tech space, small businesses are going digital, and it’s clear why. This mass digital transformation kicked off in 2020. Covid lockdowns had forced businesses and customers across the globe to go online. More small businesses than ever were going digital to survive. Mike Katz, executive Vice President of T-Mobile for Business wrote , “Before Covid-19, one small business in three had never made a digital sale.

Business 148
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Agency loan-repurchase strategy sparks pushback

Housing Wire

Independent mortgage banks have been coping with a still-surging wave of loan-repurchase requests from Fannie Mae and Freddie Mac that represents yet another threat to lenders’ already stretched balance sheets. Much of the problem stems from the huge volume of low-rate loans originated in 2020 and 2021 at a time when the industry was continuously working to build capacity to deal with the explosive origination growth.

Mortgage 382
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How tech is making buying easier — and where it needs to go

Real Estate News

Is it possible to create an end-to-end buying and selling solution? Should we give iBuying a second look? Tech leaders discuss these questions and more.

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