Sat.Jun 29, 2024 - Fri.Jul 05, 2024

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The Fed is winning its war against the labor market. What does that mean for rates?

Housing Wire

With today’s jobs report and all the reports we got during this jobs week, can we finally say the Federal Reserve is winning its war against the labor market? I believe the Fed won’t pivot until the labor market breaks. That has been my position since 2022 and we are starting to see some early signs of them successfully attacking the U.S. labor market in the past few months, something I talked about on a recent HousingWire Daily podcast.

Marketing 506
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Ranking the Most-Beneficial Home Improvement Projects

Appraisal Buzz

Homeowners preparing to sell, as well as those planning to stay put for the long haul, undertake home improvement projects, either to boost the property’s resale value or to increase their at-home quality of life. In order to help either type of homeowner make smarter choices, analysts at Fixr examine data from the annual Remodeling Cost vs. Value Report to determine home improvement projects with the greatest return on investment.

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Move sues CoStar, alleges employee ‘spied’ to boost Homes.com

Real Estate News

Realtor.com’s parent company claims an ex-employee logged into its systems “at least 37 times” and “stole confidential business information” to benefit CoStar.

Business 272
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What is Patriotism?

George Dell

Patriotism. Easy, everyone knows what that is! It’s Independence Day! It’s fireworks! It is a time to declare our devotion, love and support for the country. But devotion, support, and love are “feelings” not facts. And do we relate this sense of feeling to our personal actions? Our “support”? Can these feelings run deeper? Does […] The post What is Patriotism?

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Rich men, poor men, and the infinite housing crisis

Housing Wire

In the game of housing crisis Rochambeau, we play with income, inventory, and policy. Inventory cannot beat inadequate incomes, but better compensation policies can. The labor market has reached peak disengagement rates, partially driven by historic strikes , resignations , non-participation , and silent quitting. By splitting the workforce into five income groups to view homeownership rates, we lay bare a cause for retreat from an increasingly unfair labor market – a system with four times more

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Celebrating Independence Day With the Gift of Mortgage-Free Homes

Appraisal Buzz

The Tunnel to Towers Foundation , in honor of Independence Day, has announced that it has delivered 35 mortgage-free homes to fallen first responder families nationwide. In addition to providing mortgage-free homes to 34 fallen first responder families in 18 states, the Tunnel to Towers Foundation has welcomed injured Mississippi Army National Guard Sergeant James “Carl” Sampson and his family to their new mortgage-free smart home in Picayune, Mississippi.

Mortgage 418

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Mortgage rates retreating from 7% on ‘massive’ revision to jobs report

Inman

After spiking after the June 27 presidential debate, mortgage rates are trending down again on mounting expectations that the Federal Reserve will start cutting rates in September.

Mortgage 189
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Announcing the 2024 Women of Influence!

Housing Wire

HousingWire is excited to announce the winners of the 2024 Women of Influence award, recognizing 100 women who are shaping and propelling the housing economy forward with their impressive achievements. This year marks the 15th year of this award program. Many of this year’s winners mentor women in the industry, paving the way for a new generation of leaders.

Realty 482
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Is a Refi Surge on the Horizon?

Appraisal Buzz

Based on its industry-leading mortgage, real estate, and public records data sets, Intercontinental Exchange, Inc. (ICE) has published its July 2024 ICE Mortgage Monitor Report. The dynamics underlying the active mortgage market’s gradual shift toward higher average rates are examined in this month’s Mortgage Monitor. Although there is still a significant bias in the market toward lower-rate mortgages, Andy Walden, VP of Research and Analysis at ICE, points out that this is shifting.

Mortgage 418
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Agents ‘have to show up’ in post-settlement world

Real Estate News

Hard truths emerged during a talk about real estate’s future: Consumers expect more, and agents will have to “work harder for less money” to prove their value.

Agents 266
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Rise above market hurdles to help buyers attain the American dream

Inman

This 4th of July, Troy Palmquist lays out an argument for why the American dream of homeownership is alive and well, and together, real estate professionals can help more people achieve it.

Buyers 172
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Experts share tips for beginning to age in place

Housing Wire

As those in or near retirement continue to proclaim a preference for aging in place , there may be challenges for people who aren’t sure about how or when they should get started on making plans. A series of home healthcare, renovation and senior care experts offer tips on ways to begin in a column published by U.S. News & World Report. For reverse mortgage clients looking to use their loan proceeds to fund the goal of aging in place, home renovations and other preparations may be requ

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Price Growth Begins to Moderate in Once-Hot Pandemic Boomtowns

Appraisal Buzz

Over the past few years, the most popular housing markets in the U.S. have experienced significant changes, showing a pattern of ongoing development and evolution, according to CoreLogic’s May Home Price Insights report. Per CoreLogic’s research, South Dakota—home to the historical Mount Rushmore—is the state with the second-fastest rate of appreciation, and Camden, New Jersey is among the top metro areas for appreciation in March 2024.

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Consumer watchdog returns with new criticisms of C.A.R.

Real Estate News

After unveiling a scathing critique of the association’s buyer agreement last week, the CFA is back with a new report focused on C.A.R.’s listing contract.

Contracts 271
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Join our pre-event webinar: The Ultimate Guide to ICLV

Inman

Join our July 10 webinar to get the inside scoop on all things Inman Connect Las Vegas and Luxury Connect happening July 29 - Aug. 1 at the Aria Resort in Las Vegas.

Agents 178
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Opinion: Reframing the American Dream of homeownership

Housing Wire

As we celebrate Independence Day this year, it’s natural to reflect on the American Dream of homeownership. This dream, however, seems to be facing challenges. Fewer real estate transactions are occurring, and many are questioning why. Is it due to interest rate volatility, low consumer demand, or a reluctance to sell homes due to the lock-in effect?

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Government Agencies Release Mortgage Origination Data

Appraisal Buzz

A joint report from the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) have published and updated loan-level data for public use collected through mandatory demographic questions on mortgage applications through the National Survey of Mortgage Originations (NSMO). The data also provides updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from the years 2013-2021.

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How much do buyers care about mortgage rates?

Real Estate News

A recent survey found that most successful buyers aren’t put off by rate levels, but for those who’ve paused their search, high rates are a top concern.

Buyers 277
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Ultimate SEO guide to promote your profile, master your market

Inman

Digital marketing expert Marci James offers tips to help you elevate your real estate website with backlinks and on-page SEO, improve your digital footprint and earn top-of-mind name recognition in your local market and beyond.

Marketing 173
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What’s the DOJ’s endgame in NAR commission lawsuit settlements? Analysts weigh in

Housing Wire

While many had hoped the Department of Justice’s interest in the real estate industry would wane with the business practice changes outlined in the National Association of Realtors’ commission lawsuit settlement agreement , that is clearly not the case. In a message on Realtor Hub , a forum for NAR members, trade group president Kevin Sears told members that the DOJ is keeping “a close eye” on the industry, as first reported by Inman News.

Legal 451
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Bankruptcy Breakdown: Commercial, Individual Bankruptcies Up in First Half of Year

Appraisal Buzz

In a dramatic turn for the U.S. economy, commercial bankruptcies have soared in the first half of 2024, marking a significant increase from the previous year. According to data released by Epiq AACER, a provider of bankruptcy filing data, a total of 3,016 commercial chapter 11 bankruptcies were filed in the first six months of 2024. This figure represents a striking 34% rise compared to the 2,247 filings recorded during the same period in 2023.

Business 397
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Can Costco help fix the housing shortage?

Real Estate News

A proposed mixed-use apartment community anchored by a Costco warehouse store could signal a new approach to affordable housing.

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DOJ has close eye on settlement workarounds, NAR President says

Inman

In a statement sent to NAR members, Kevin Sears confirmed executives of the trade organization met with Assistant Attorney General Jonathan Kanter last week to discuss settlement updates.

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Stewart’s Iain Bryant discusses the challenges facing the title industry

Housing Wire

Like many in title , Iain Bryant, the newly appointed president of Stewart Title’s agency division, found his way into the industry through family. Bryant’s father founded A.S.K. Services , a title production business, in 1990, and after growing up surrounded by the title industry, Bryant said he was determined to never be part of the industry. “My dad also had a rule for all of his children that once you graduated, you couldn’t come back and work in the business until you’d done something else,

Agents 417
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New CFPB Rules Proposes to Ban Medical Bills from Credit Reports

Appraisal Buzz

A rule that would exclude medical bills from the majority of credit reports, strengthen privacy rights, improve credit scores and loan approval rates, and stop debt collectors from exploiting the credit reporting system to force people to pay was recently proposed by the Consumer Financial Protection Bureau (CFPB). The idea would forbid lenders from basing lending choices on medical information and restrict credit reporting companies from disclosing medical debts to lenders.

Legal 396
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Brokerage Beat: News from KW, Christie's, BHGRE, The Agency, RE/MAX

Real Estate News

KW gains Austin indie; Christie's Sereno expands in Wine Country; BHGRE grows in Colorado; The Agency opens in White Rock; RE/MAX nabs large Canadian firm.

Brokerage 256
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Matterport teams with FBS in first partnership since CoStar purchase

Inman

The deal will allow Matterport tours to accompany listing pages, with the dimensions and square footage of each property autofilled in a bid to reduce the risk of faulty data entry, executives say.

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Resilient economy keeps mortgage rates above 7%

Housing Wire

Mortgage rates rose slightly over the past week, with the U.S. economy continuing to show strength even as home sales remain tepid. According to HousingWire ‘s Mortgage Rates Center , the average 30-year rate for conforming loans stood at 7.11% on Tuesday, up slightly from 7.08% one week ago. Meanwhile, the 15-year conforming rate continued its steep rise and reached 6.99% on Tuesday after having reached a recent low point of 6.56% on June 21.

Mortgage 430
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Assessing the Challenges of Climate Change on Housing

Appraisal Buzz

In an effort to safeguard against the growing threats posed by climate change, the Federal Housing Finance Agency (FHFA) is intensifying its focus on understanding and mitigating climate-related risks within the U.S. housing finance system. Climate Scenario Analysis (CSA), a pivotal tool for evaluating exposure to climate-related risks under different future climate conditions, has emerged as a critical component of this strategy.

Finance 370
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Lawsuits pile up against EasyKnock

Real Estate News

“More than two dozen people” in Texas have sued EasyKnock over its sale-leaseback program, an NPR investigation found, adding to the company's legal woes.

Legal 243
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Homebuyer mortgage demand dips, breaking 3-week streak

Inman

Mortgage rates are on the rebound despite encouraging inflation data, as Fed policymakers warn "higher for longer" rate strategy will remain in place until they see more conclusive evidence the economy has cooled.

Mortgage 160
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Vishal Garg ruled to pay $5.5M in a decade-long lawsuit

Housing Wire

A New York jury found Vishal Garg, CEO and founder of digital mortgage lender Better.com , liable for breach of fiduciary duty and conversion in a decade-long lawsuit filed by his former partner, Raza Khan. Garg intends to appeal. The court ordered Garg to pay $5.5 million to Educational Investment & Finance Corporation (EIFC), the company the partners founded in 2009.

Finance 430
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The Week Ahead: Measuring Housing Market Dynamics

Appraisal Buzz

On Wednesday, July 10, Fitch Ratings will present, its “ U.S. Cross-Sector Housing Monitor Webinar ” at 10:00 a.m. Central. While the nation’s housing market remains tight, sales are tracking well below housing demand, and rental and homeowner vacancy rates are plummeting to multi-decade lows. These dynamics will drive growth in the U.S. residential housing economy, which represents approximately 17% of the nation’s Gross Domestic Product (GDP).

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New efforts to derail brokerage settlements, dismiss buy-side case

Real Estate News

Another group of plaintiffs has filed an appeal in the RE/MAX, KW and Anywhere settlements, while the brokerages offered new arguments for dismissing Batton.

Brokerage 239