Sat.Jun 15, 2024 - Fri.Jun 21, 2024

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Boomers struggled more than millennials to buy their first homes: Realtor.com

Housing Wire

From rising home prices to rising mortgage rates and inflation , the millennial generation hasn’t had it easy when it comes to homeownership. But new data from Realtor.com shows that millennials aren’t overly burdened in comparison to previous generations. The analysis of historic home prices, income levels and mortgage rates found that baby boomers — Americans between the ages of 60 and 78 this year — “arguably faced the toughest housing market ever for first-time buyers.“ In 1980, when boomers

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A Closer Look at the Housing Market’s Inventory Deficits

Appraisal Buzz

Despite the construction boom that happened shortly after pandemic restrictions began being lifted—that has since slowed—the U.S. housing shortage grew to a 4.5-million-unit deficit, up from 4.3 million units in 2023, according to a new analysis from the real estate firm Zillow. The deepening housing deficit is the root cause of the housing affordability crisis According to Zillow, at its core, the housing market is driven by supply and demand; when the number of people who want a home increase

Inventory 448
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Real estate math gone wild

Sacramento Appraisal Blog

A seller thinks his property is worth about one million dollars more than it actually is because he hijacked a price per sq ft from a different house down the street and applied it to his own. Doh!! This happens all the time unfortunately, and it’s an example of how simple real estate math can […] The post Real estate math gone wild first appeared on Sacramento Appraisal Blog.

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DOJ ‘formal inquiry’ delays release of C.A.R. forms

Real Estate News

The California Association of Realtors informed members that the DOJ expressed concern over new forms related to the NAR settlement and MLS practices.

Realtors 300
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Why are home prices at all-time highs with more inventory?

Housing Wire

Both existing housing inventory and home prices have been rising together year over year, which might seem odd at first glance since existing home sales are trending near all-time lows. However, I can clear up any confusion on this topic. Let’s keep it simple: total active listings are still below 2019 levels nationally, and the days on market are under 30 days today.

Inventory 468
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Household Incomes Hit Hard by High Housing Costs

Appraisal Buzz

Rapid rent increases mixed with widespread financial hardship pushed the number of cost-burdened renters to a record high of 22.4 million households in 2022, according to a new analysis from Harvard’s Joint Center for Housing Studies. With housing costs outpacing income gains, low-income renters have been hit especially hard—median residual income remaining post-rent has sunk to $310 a month, far less than the minimum for an adequate standard of living, and turning food, healthcare, and childcar

Investing 434

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Buyers get a slight reprieve as rates fall, sellers cut prices

Real Estate News

There could be a window of opportunity for would-be buyers as mortgage rates continue to ease and homes sit on the market longer, prompting price cuts.

Buyers 293
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Mortgage rates continue their slide toward the 7% mark

Housing Wire

Mortgage rates continued to inch toward the 7% mark following last week’s meeting of Federal Reserve policymakers and new inflation data that showed further cooling of consumer prices. On Tuesday, HousingWire ‘s Mortgage Rates Center showed that the average 30-year rate for conforming loans was 7.08%. That was down 11 basis points from the same time last week and exactly 50 basis points below this year’s peak rate that was recorded in early May.

Mortgage 468
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Homes Sitting on Market Longer as High Prices Curtail Demand

Appraisal Buzz

According to new Redfin research , more than three in five—an estimated 61.9%—of homes on the market in May had been listed for at least 30 days without selling. That’s up from 60% a year ago and around 50% two years ago. Since March, when new listings increased but buyer demand remained sluggish, the share of properties on the market for at least one month has increased year-over-year, as it has since mortgage rates began climbing in 2022.

Marketing 431
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Artificial intelligence is the all-in-1 tool real estate desperately needs

Inman

Using artificial intelligence, the latest technology represents an opportunity for the real estate industry to rebrand itself at a time when solutions are sorely needed, writes Inman founder Brad Inman.

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Home prices soar even as sales, construction slow

Real Estate News

The median sale price for existing homes hit a record $419,300 in May, NAR reported, but home sales were lackluster and new construction has cooled.

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Exploring the impact of housing on wellbeing

Housing Wire

The importance of housing as a social driver of health cannot be overstated, yet the intricate pathways connecting housing conditions to health outcomes remain inadequately understood. This knowledge gap is particularly impactful for low-income families who face unique challenges in establishing a sense of home. My experience as a pediatrician at WakeMed has shown me firsthand how critical stable, and quality housing is to the health and well-being of children and their families.

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Hot Rental Markets Abound: Chicago, Miami, Silicon Valley Remain Top Dogs

Appraisal Buzz

A new survey of 137 top rental markets of large-scale properties with at least 50 units found that at least two-thirds of renters are choosing to stay put and re-sign their leases. Overall, the survey found that Miami remained top-dog among rental markets as the most competitive market in the country and further strengthened Florida’s overall appeal among apartment dwellers.

Marketing 418
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Anatomy of a client consultation: A head-to-toe approach

Inman

While negotiating skills are top of mind for agents as commission confusion sets in, consultant Rachael Hite offers a step-by-step strategy that should ensure optimal service all summer long.

Clients 171
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People on the Move: New CFOs at CoStar, Inside Real Estate

Real Estate News

The companies have hired veteran financial executives to support growth efforts, with Chris Lown joining CoStar and Chris Black joining the proptech leader.

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Wells Fargo extends $5,000 closing cost credit

Housing Wire

Wells Fargo ’s program that provides up to $5,000 in closing costs for low- and moderate-income families to purchase a home has been extended to an additional 16 metro areas, the bank announced on Monday. The credit is available for borrowers with combined incomes of up to 80% of their area’s median income who are seeking to purchase a home as a primary residence.

Lending 468
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Nominate Outstanding Women – Women In Housing Leadership Awards

Appraisal Buzz

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Business 418
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Harness a modern pricing engine to maximize efficiency and ROI

Inman

CEO Dawar Alimi writes that choosing a modern and advanced pricing engine can unlock new opportunities for growth, profitability and success in an increasingly competitive landscape.

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3 regions top the list of markets most at risk for a slowdown

Real Estate News

ATTOM researchers found that counties around Chicago and NYC, as well as several in inland California, would be the most vulnerable in a housing downturn.

Marketing 271
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Michael Saleh leaves Rocket to launch brokerage firm Zoom Home Lending

Housing Wire

Michael Saleh, a former senior vice president of Rocket Mortgage who spent about two decades at the company, has transitioned from the retail lending channel to wholesale by launching independent brokerage firm Zoom Home Lending. Saleh opened the Livonia, Michigan-based firm alongside Henri Houmani and Issa Al-Sheleh, who previously worked for Rocket and migrated to the wholesale channel two years ago.

Lending 441
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Fannie Mae Reduces Home Sales Predictions 

Appraisal Buzz

According to the Fannie Mae Economic and Strategic Research (ESR) Group’s June 2024 analysis , affordability restrictions continue to limit the amount of buyers wanting and able to make home purchases, despite an increase in for-sale home listings. As a result, the ESR Group reduced its total home sales prediction to 4.82 million in 2024, marking a moderate 1.3% annual rise vs the previously projected 2.8%.

Inventory 397
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Andy Florance talks Homes.com, the fallacy of ‘pure buyer agency’

Inman

CoStar Group founder and CEO Andy Florance shares the next chapter of Homes.com's $1 billion marketing push and the fallacy of "pure buyer agency" as portals recalibrate their strategies amid a coming commission crunch.

Buyers 171
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Housing Market Decoded: Why is inflation so sticky?

Real Estate News

It’s all about housing, which has an outsized effect on the Consumer Price Index — and is contributing to the Fed’s lack of action on interest rates.

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Why Austin home prices remain stubbornly high

Housing Wire

In 2021, HousingWire published an article spotlighting Austin as one of the hottest housing markets in the country. The Texas capital was a COVID-era darling, but the city had been attracting employers and homebuyers well before the pandemic. As noted in that article, Austin had ranked No. 1 in population growth for eight straight years and The Wall Street Journal named it the hottest job market in 2019 and 2020.

Inventory 474
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The High Cost of Low Down Payments

Appraisal Buzz

In a new analysis of U.S. down payments , Zillow found that, in order to comfortably afford a typical U.S. home, a buyer making the median income needs to put down nearly $127,750, or 35.4%. Just five years ago, when mortgage rates were hovering just above 4% and the typical home was worth nearly 50% less, that home would have been affordable with no money down.

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Inside Real Estate folds kvCORE as part of major rebrand as BoldTrail

Inman

Parent company Inside Real Estate will carry the BoldTrail name in a range of iterations as they roll out this summer. The new moniker is meant in impart that real estate isn't for the faint of heart.

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Brokerage Beat: News from ERA, E&V, Sotheby's Realty, C21

Real Estate News

Large East Coast indies join ERA; Super Bowl champ signs on with Engel & Völkers Austin; Sotheby's Realty expands in Michigan; Century 21 adds Montana firm.

Realty 253
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‘Million Dollar Listing’ agents launch online marketplace for sellers and agents

Housing Wire

Redy , an online marketplace that rewards home sellers for selecting a real estate agent who best aligns with their sales goals, announced its launch in five markets on Tuesday. The Redy online platform is now available to home sellers in Atlanta , Dallas , Orlando , Phoenix and San Diego. Real estate agents Josh Altman and Matt Proman, who are also cast members of the Bravo TV show “Million Dollar Listing,” co-founded the firm.

Sellers 441
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Stale Listings Offer Buyers More Options 

Appraisal Buzz

During the four weeks ended June 16, pending home sales declined 3.8% year-over-year, representing the largest drop in over four months—according to a new study from Redfin. Buyers are also avoiding earlier stages of the house-hunting process. Redfin’s Homebuyer Demand Index, which measures requests for tours and other buying services from Redfin brokers, fell 17% year-over-year, reaching its lowest level since February.

Buyers 397
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Mark your calendars: DOJ set to weigh in on multiple antitrust cases

Inman

At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us. Mark your calendars: The U.S. Department of Justice will be weighing in on three real estate industry-related lawsuits on June 20 and 21.

Legal 167
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Freedom Mortgage hit with $4 million fine

Real Estate News

The company, which has been dubbed a “repeat offender” by regulators, faces another penalty for submitting inaccurate loan data.

Mortgage 270
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MBA to HUD: Publish notices about challenges with real estate inspection protocols

Housing Wire

The Mortgage Bankers Association (MBA) on Tuesday announced its submission of a letter to the U.S. Department of Housing and Urban Development (HUD), which urges the department to avoid reprimanding mortgage servicers for compliance lapses with the new National Standards for the Physical Inspection of Real Estate (NSPIRE) system until it is “fully accessible and usable to each participant.

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Planet Home Lending Expands Southeast Presence

Appraisal Buzz

Planet Home Lending Area Sales Manager Tom Reber National mortgage lender and servicer Planet Home Lending has hired Tom Reber as Area Sales Manager in Jacksonville, Florida. Reber brings a wealth of experience and a vision for growth in key markets, aiming to expand the company’s presence in Daytona Beach, Jacksonville, Tallahassee and Savannah, Georgia.

Lending 394
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‘Drive safe’ and 5 other ways real estate dads say ‘I love you’

Inman

From bad "dad jokes" to checking our tire pressure, dads have many unique ways to show love. Trainer Rachael Hite writes that real estate dads have mastered the Acts of Service love language.