Sat.Aug 19, 2023 - Fri.Aug 25, 2023

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Mortgage lender AmeriFirst Financial files for bankruptcy

Housing Wire

Retail lender AmeriFirst Financial Inc. filed for Chapter 11 bankruptcy protection in Delaware, just two months after it got back into the forward mortgage origination business. The Mesa, Arizona-based company listed estimated assets and liabilities as much as $100 million each, according to a filing in the U.S. Bankruptcy Court for Delaware. RCP Credit Opportunities Fund is listed as the largest unsecured creditor in the AmeriFirst Chapter 11 case — with a claim of $17.9 million, court pleading

Mortgage 370
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Higher rates, insurance, & the stock market vs real estate

Sacramento Appraisal Blog

Rates have gone up, but have they sucked all the demand out of the market? Nope. Let’s talk about that today by looking at a few stats. Also, someone asked if the stock market is connected to the housing market, so l made a cool graph. I have a few thoughts on insurance in California […] The post Higher rates, insurance, & the stock market vs real estate first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Scope or Hypothesis?

George Dell

Scope of Work is required in legacy appraisal practice. Data Science (and Evidence Based Valuation) are more based on principles of good science. Editor’s Note: This is Standards, part 3.11 of George Dell’s series on How Do I Move to EBV? Links to the earlier posts are here. To sum up, the goal of traditional […] The post Scope or Hypothesis?

Valuation 195
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Maui broker: Hanging up on vultures, holding on to hope

Real Estate News

Chris Speicher feels "numb" in the wake of devastating wildfires but is committed to helping the community rebuild — in the right way.

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Zillow Home Loans rolls out 1% down payment option program

Housing Wire

Zillow ‘s mortgage arm launched a down payment assistance program where the company will cover 2% of the borrower’s down payment at closing, allowing buyers to pay just 1% upfront. The program is available for eligible borrowers in Arizona and will expand to additional markets, Zillow Home Loans said in a release. The 2% portion of the down payment will be paid during closing and not as a payment to the borrower. “For those who can afford higher rent payments but have been held

Mortgage 366
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Is Zero Messages In Your Inbox Possible?

The Appraiser Coach

My inbox is my to-do list. If I talk to someone and they need something done, I tell them, “Send me an email.” If.

More Trending

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eXp agents facing “catastrophic” Rapattoni outage get Northstar fix

Real Estate News

More than 4,000 eXp Realty agents in 12 markets will be helped by NorthstarMLS, which has offered to assist other major companies as well.

Agents 246
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Higher mortgage rates haven’t increased inventory

Housing Wire

Last week, mortgage rates hit a 21st-century high, the 10-year yield closed slightly higher than my peak forecast for 2023 , and housing inventory growth was still slow. Purchase application data didn’t budge much on the week-to-week data. Weekly active listings rose by only 4,401. Mortgage rates went from 7.19%% to 7.37%. Purchase apps were flat week to week.

Inventory 368
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Keller Williams cuts profit sharing for agents who fled to competitors

Inman

The franchisor will drastically slash profit share for "vested KW agents who actively compete with our brokerages" unless they return within six months, Keller Williams President Marc King said Tuesday.

Agents 148
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Missing Middle Construction Weakens

Eyes on Housing

The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the second quarter of 2023, there were just 3,000 2- to 4-unit housing unit construction starts.

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Zillow rolls out 1% down home loan program

Real Estate News

The company said the new program, initially launching in Phoenix, will help ease one of the biggest barriers to entry for buying a home.

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Better’s shares plummet 93% in Nasdaq debut 

Housing Wire

Shares of Better Home & Finance Holding , the parent of digital lender Better.com, collapsed during its debut on Nasdaq Thursday. The company went public after merging with the special purpose acquisition company (SPAC) Aurora Acquisition Corp. the prior day. Better’s class A common stock, listed under the ticker “BETR,” declined to $1.15 at the closing on Thursday.

Insurance 366
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The Agency rides into Kentucky with Louisville franchise

Inman

As the luxury brokerage continues to expand its Midwestern presence, it has strategically moved into Kentucky with Managing Partner Jason Farabee leading the new office, according to the company.

Brokerage 148
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Market in Focus: Georgia Population Growth Bounces Back After Low Growth in 2021

Eyes on Housing

Between 2021 and 2022, the state of Georgia gained 124,827 residents. This was the fourth largest population gain in the U.S. and one of only four states to have a nominal population increase above 100,000. In percentage terms, Georgia’s population grew at 1.2% between this time. This was the state’s highest percentage increase in population since 2016.

Marketing 147
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KW to slash profit sharing for former agents

Real Estate News

Starting next July, former KW agents who compete against the company will see their profit share distribution reduced from 100% to 5%.

Agents 246
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RE/MAX lays off 7% of staff in reorg

Housing Wire

Denver -based real estate giant RE/MAX announced that it was laying off 7% of its staff on Friday. According to the company’s filing with the Securities and Exchange Commission , layoffs were part of a reorganization, which RE/MAX said is “intended to streamline the Company’s operations and yield cost savings over the long term.” The filing stated that RE/MAX expects the reorganization to be substantially complete by the end of the quarter.

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4 ways the agent/mortgage broker relationship benefits homebuyers

Inman

When it comes to finding a house to call home and securing a mortgage, the overwhelming number of options, lack of communication and never-ending paperwork can leave even the most experienced agents frustrated and homebuyers feeling discouraged.

Agents 147
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Multifamily Absorption Rates Move Higher

Eyes on Housing

Data from the Census Bureau’s latest Survey of Market Absorptions of New Multifamily Units (SOMA) indicates that demand for newly completed multifamily units remains solid as mortgage rates continue to climb. Only an estimated 39% of the 82,310 unfurnished apartment units completed in the first quarter of 2023 are available for rent three months past construction completion.

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A wave of housing forecast updates point the same way: up

Real Estate News

Researchers from Zillow, Freddie Mac, and Goldman Sachs all issued revised, rising 2023 home value and price forecasts in the past week.

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KW will cut profit sharing for agents who joined rivals

Housing Wire

Keller Williams is going with the carrot and the stick approach. The franchisor just announced a significant adjustment to its profit sharing program, aimed at rewarding agents who stay with the company and punishing vested agents who left for competitors. Keller Williams President Marc King last week wrote in an email that the company will cut the profit share distribution for vested “former” KW agents (agents who joined the company before April 1, 2020) who jumped ship to another brokerage fro

Agents 365
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Industry veteran Katie Kossev is Side’s new Texas managing broker

Inman

The Kossev Group founder Katie Kossev will be responsible for helping Side's 60 Texas partners grow their businesses through hands-on coaching and support, the company said.

Business 148
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How Much Is Your Home Worth? The Intricacies of Determining Property Value

Realtor

Photo-Illustration by Realtor.com; Source: Getty Images We all get a thrill when a home near ours sells for a nice juicy price, and we think maybe that’s what our property is worth, too. But the truth is, what determines property value isn’t always a one-size-fits-all number. Instead, property value is determined by everything from the year your home was built to its proximity to transportation to the number of bedrooms.

Sellers 123
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Brokers in Focus: "We want fewer agents who do more business"

Real Estate News

Red Oak Realty CEO Vanessa Bergmark has clear goals for growth — and for finding and keeping great agents, no matter the market.

Agents 244
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Opinion: Title companies committed to promoting homeownership for all

Housing Wire

Prospective homebuyers face an obstacle course of challenges – from financing to logistics – once they make the decision to purchase a home. This process can be even more difficult to navigate for those with limited financial resources, first-time homebuyers , and minority borrowers, especially in today’s competitive real estate environment in which prices are high, homes sell fast, and supply is at an all-time low.

Insurance 365
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Keller Williams agent killed in boat accident before Mega Agent Camp

Inman

Beloved Keller Williams Moorestown agent Rob Montalbano died in a Lake Travis boating accident on Aug. 13. His brokerage and community have rallied to raise more than $68,000 for funeral costs.

Agents 146
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3 Key Roadblocks to Digital Healthcare Data Capture

GoForrmz

A strategic discussion around the barriers to digital data capture in global healthcare The global healthcare industry has seen more than its fair share of concerns and upsets over the last few years, and from those unprecedented moments, we’ve learned a lot about the future of healthcare data. While we may not have all the answers or the best solutions implemented, we do know a lot more about what challenges we may face in the future, and some of the ways we can work together as a global commun

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Brokerage Beat: News from C21, Realty ONE, Pinnacle, Christie's

Real Estate News

Century 21 gains Arkansas firm, names new CEO in Chicagoland; Realty ONE enters Belize; Texas mega-team joins Pinnacle; Ansley Christie's nabs top E&V agent.

Realty 207
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Housing sector is showing signs of picking back up: Powell 

Housing Wire

In a hawkish tone, Jerome Powell said that Federal Reserve (Fed) officials are prepared to raise the federal funds rate further and hold it at high levels until they are confident that inflation is moving sustainably down to the 2% target. And that’s unclear at this point. There are some sources of pressure on U.S. prices — among them is the housing market, Powell said Friday morning during an economic policy symposium in Jackson Hole, Wyoming. “So far this year, GDP [gross domestic

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Forecasters see home sales bottoming out this year, and then?

Inman

MBA forecasters expect rates to ease and sales to rise next year, but Fannie Mae economists predict home sales will remain subdued even if the Fed pulls off a soft landing.

Mortgage 146
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AD&C Loans: Rising Rate & Tightening Trends Continue

Eyes on Housing

Interest rates on loans for Acquisition, Development & Construction (AD&C) continued to climb in the second quarter of 2023, according to NAHB’s quarterly Survey on AD&C Financing. Quarter-over-quarter, the contract interest rate increased on all four categories of loans tracked in the AD&C Survey: from 8.50% to 8.62% on loans for land acquisition, from 8.19% to 8.70% on loans for.

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New home sales still hot, but will fall bring a chill?

Real Estate News

New construction got another boost in July, with sales up 31.5% year-over-year. Rising mortgage rates may reverse that trend.

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Mortgage payments increased 17% annually to $2,162 in July

Housing Wire

Homebuyer affordability remained unchanged in July from June, according to Mortgage Bankers Association ‘s (MBA) Purchase Applications Payment Index (PAPI). The index measures how new monthly mortgage payments vary across time, relative to income, drawing from data from MBA ’s weekly applications survey. The national median payment applied for by purchase applicants was $2,162 in July, up $318 from a year prior but unchanged from June.

Mortgage 361
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Homebuyer mortgage demand falls to lowest level since 1995

Inman

As mortgage rates hit new post-pandemic highs on inflation worries, an MBA survey finds applications for purchase loans fell for the sixth consecutive week last week and are down 30 percent from a year ago.

Mortgage 143
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Inclusive ‘Living Conditions’ Study Ranks Fla. No. 6

Empire Appraisal Group

NEWS & MEDIA fizkes, iStock, Getty Images Source: [link] Inclusive Living Conditions’ Study Ranks Fla. No. 6 By Kerry Smith “Livability” is subjective, but an exhaustive study attempted to rank states based on how happy they’ll make residents. Fla. was No. 6 – but No. 1 in some categories. ORLANDO, Fla. – Around 8.6% of Americans moved last year, a slight uptick from the year before.