Sat.Jan 18, 2025 - Fri.Jan 24, 2025

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Manufactured Homes and the Affordable Housing Shortage

Appraisal Buzz

Theres a shortage of affordable housing in the U.S. What can we do about it? The answer seems obvious: Build more houses, fast. Easier said than done. We fell behind on home-building after 2008 and never quite caught up. Theres a shortage of labor. Restrictive zoning and archaic codes make it slow, expensive, or even impossible in some places, to come out of the ground with new homes.

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Why didn’t we see a national home-price correction in 2024?

Housing Wire

Existing home sales ended the year on a positive note , which aligns with our weekly Housing Market Tracker data, but something surprising is that home prices firmed up late in the year as well. We observed a shift in the forward-looking data starting in the summer, which continued throughout the year. Notably, we compared the data from 2022 and 2023 and noticed positive year-over-year data starting in October 2024, which you can see in the chart below.

Inventory 482
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California’s home insurance crisis is just beginning

Real Estate News

With private insurers leaving and a state-backed program on the hook for billions in payouts owners may struggle to protect their high-risk homes.

Insurance 334
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71% of real estate agents didn’t close any deals last year

Inman

At Inman Connect New York, Redfin's Joe Rath broke down the views of active agents in the industry, who make up less than a third of all Realtors.

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Unlock The Blueprint: How To Construct A Better Payment Workflow

Speaker: Timothy Allsopp

Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.

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Where Is Housing Inventory Rising the Most?

Appraisal Buzz

The U.S. has experienced two decades of slow but steady housing market growth, paired with inventory growth that has suffered through both the Great Recession and the pandemic. Only now is it returning to 2006-2007 levels, with a typical annual increase of over 1%. A new study by StorageCafe analyzed data from nearly 500 cities from the past 18 years to determine the cities with the fastest growing housing markets, and the South was a clear winner.

Inventory 418

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Millions of young (and not-so-young) adults still live at home

Real Estate News

Facing affordability challenges, the share of 25- to 34-year-olds living with parents has risen after trending down during the pandemic.

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Moving Out of Parental Homes is On Hold

Eyes on Housing

The worst on record rental affordability conditions, depleted excess savings of the pandemic era, and high mortgage rates halted the post-pandemic trend of young adults moving out of parental homes. The share of adults ages 25-34 living with parents or parents-in-law hovered just above 19% in 2023, stagnant from 2022, according to NAHBs analysis of.

Law 182
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Home Seller Profit Margins Slip for Second Consecutive Year

Appraisal Buzz

ATTOM has released its Year-End 2024 U.S. Home Sales Report , which shows that home sellers made a $122,500 profit on typical sales nationwide in 2024, generating a 53.8% return-on-investment (ROI). But even as both measures remained near record levels, and home prices kept rising around the country, the profit margin on median-priced sales nationwide decreased from 56.9% from 2023.

Sellers 395
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Housing Rights Initiative files massive discrimination case in Illinois

Housing Wire

The Housing Rights Initiative (HRI) is taking aim at 165 real estate agents, brokerage firms and landlords in its latest series of lawsuits filed in Chicago. The group claims that this is the largest housing discrimination case in Illinois history. The lawsuits, filed on Monday, are the result of an undercover investigation conducted by HRI. In total, the housing watchdog group filed 176 complaints against 165 defendants with the Illinois Department of Human Rights.

Landlords 418
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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.

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Agents find something to cheer about: Stable commissions

Real Estate News

The latest survey from Real finds record levels of optimism and a majority of agents saying commissions have stayed about the same or improved.

Agents 298
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How to take advantage of ‘the new normal’ post-NAR settlement

Inman

At Inman Connect New York, Kendall Bonner, Russ Cofano and Christine Jacobson urged agents to change how they communicate their value.

Agents 174
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Forbearance Levels Drop to Close Out 2024

Appraisal Buzz

The Mortgage Bankers Association (MBA) has released its monthly Loan Monitoring Survey , the final report for 2024, revealing that the total number of loans now in forbearance decreased by three basis points from 0.50% of servicers portfolio volume in the prior month to 0.47% as of December 31, 2024. According to MBAs estimate, 235,000 homeowners are currently in forbearance plans, and mortgage servicers have provided forbearance to approximately 8.5 million borrowers since March 2020.

Mortgage 412
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Appraiser at center of Rocket Mortgage lawsuit has license revoked

Housing Wire

The Colorado Board of Real Estate Appraisers executed a Stipulation and Final Agency Order for public censure, fines, and revocation of the license for Maksym Mykhailyna, according to an announcement in early January. Mykhailyna, who is based in Denver, had previously held both a Colorado certified residential appraiser license and a controlling appraiser license.

Appraisal 418
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Late-year gains fail to push home sales above 2023 levels

Real Estate News

Despite an uptick in December, existing home sales ended the year at just over 4 million, the lowest rate since 1995.

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Dolly Lenz tells agents to ‘stay in your clients’ pants’

Inman

Lenz's point not to be taken literally was to be in constant contact with clients and aware of what they do on a day-to-day basis and what they need, all of which impacts how they buy and sell real estate.

Clients 175
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California Wildfires Cripple LA New Housing Supply  

Appraisal Buzz

The most damaging wildfires in California history are expected to occur in the recent Los Angeles fires. Since the emergency is still ongoing, it is too soon to determine the entire extent of the damage. However, it is evident that one outcome is a shock to the housing supply, or a sharp decline in housing production. It is challenging to estimate the magnitude of the housing supply stock at this time.

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TCPA changes requiring permission for robocalls start next week

Housing Wire

Real estate agents who rely heavily on cold calling may need to rethink some of their marketing tactics. Changes to the Telephone Consumer Protection Act (TCPA), including the one-to-one consent rule, go into effect on Monday, Jan. 27. Under the consent rule, anyone soliciting a consumers business through a phone call or text message must obtain the consumer’s written consent prior to sending robocalls or texts.

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Why one broker took on NAR: ‘They just keep overreaching’

Real Estate News

A Texas lawsuit is about more than membership rules, its about forcing NARs hand. The louder we roar, the more likely we are to actually make them change.

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Spencer Pratt and Heidi Montag sue LA over fires, water shortage

Inman

The reality TV stars along with 21 others are suing the city for its failure "to properly construct, inspect, maintain and operate its water supply system," which, they allege, led to the loss of their home in the Palisades fire.

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Insurance Crisis Continues to Weigh on Homeowners

Appraisal Buzz

Its not just home prices that are expensive, as they hover at historically high levels; rising insurance premiums are contributing to the growing costs of homeownership and property management. Homeowners insurance prices have increased 74% from the Great Recession to the present, while home prices have increased more than 40% (even after adjusting for inflation).

Insurance 379
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MBA Opens Doors announces disaster relief program for LA fires

Housing Wire

The MBA Opens Doors Foundation announced yesterday the launch of the MBA Opens Doors Disaster Relief Program, which aims to support children and families affected by the wildfires in the Southern California area. The foundation will provide an additional $100,000 to Childrens Hospital Los Angeles (CHLA). As one of Opens Doors 13 hospital partners through its Home Grant Program, CHLA can access the funding until the full $100,000 has been exhausted.

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LA fires spark a call for real estate ‘unity’

Real Estate News

Industry veterans and pro musicians channel their hopes into a song thats meant to point people toward positive change in a time of "so much hate.

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Existing Home Sales at Nearly 30-Year Low Despite December Gains

Eyes on Housing

Despite higher mortgage rates and elevated home prices, existing home sales jumped to a 10-month high in December, marking three monthly gains in annual growth, according to the National Association of Realtors (NAR). However, existing home sales end 2024 at 4.06 million, the lowest level since 1995 as the median price reached a record high.

Realtors 167
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Single-Family Rents Climb to Record High

Appraisal Buzz

According to Zillow s most recent market report, rented single-family homes are currently the most notable item on the real estate market, with prices 20% higher than those of a typical multifamily apartment. That is the biggest difference Zillow has ever seen. While builders response has kept multifamily rent growth steady for several months and stubbornly high mortgage rates are limiting buyer demand and home value increases, detached single-family home rentals are still rising at an accelerat

Inventory 370
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Struggling homeowners often don’t understand escrow

Housing Wire

Mortgage escrow accounts are an important, yet widely misunderstood asset in the housing market. Although 80% of mortgage holders have escrow accounts, only 60% fully understand them, up from 52% in early 2024. And those who don’t understand are paying dearly. That finding comes from a survey released Tuesday by tax and flood services provider LERETA.

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Private listing tool a response to ‘strong demand’ amid CCP debate

Real Estate News

For brokerages looking to capture more off-market listings, Luxury Presence has a new product that aims to help them "succeed in any scenario.

Tools 280
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Martech is the future of real estate

Inman

Tune in to Inman Access, and learn how marketing technology will impact the way you market yourself and your listings.

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Metrics | What Poetry and Data Analysis Have in Common

Appraisal Buzz

What Poetry and Data Analysis Have in Common We will call this place our home. The dirt in which our roots may grow Though the storms will push and pull We will call this place our home. We’ll tell our stories on these walls. Every year, measure how tall And just like a work of art We’ll tell our stories on these walls. Verses 1 and 2 of North, by Sleeping At Last They may seem worlds apart, but poetry and market analysis have something in common.

Appraisal 248
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All the ways the wildfires could make LA housing more expensive

Housing Wire

The sight of beautiful houses in Los Angeles transports you to an idyllic version of the city found in classic Hollywood movies. But the harsh realities of its pricy housing market more resemble the citys dark underbelly reflected in a David Lynch LA noir film. And the wildfires ripping through Los Angeles could make its housing affordability crisis worse.

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KW's Mark Willis trades CEO role for new leadership position

Real Estate News

After 14 months at the helm, Willis is moving into a new C-level role focused on teaching and developing leaders within the company.

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Economists no longer expect big drop in mortgage rates this year

Inman

Elevated rates chill the prospects of a 2025 sales rebound from the lowest level in 30 years, as many would-be homebuyers and sellers would stay on the sidelines.

Sellers 166
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Fannie Mae Multifamily Closed 2024 With More Than $55 Billion in Volume

Appraisal Buzz

Fannie Mae provided more than $55 billion in financing to support the U.S. multifamily market in 2024, the firm reports. That includes more than $6.3 billion in multifamily affordable housing, $4.7 billion in small loans, $1.3 billion in manufactured housing, and $6.6 billion in structured transactions, the company says in a release. Notably, the company saw a 101% year-over-year gain in its green financing loan production, up from $7.5 billion in 2023 to $15.1 billion in 2024.

Finance 221