Sat.Aug 26, 2023 - Fri.Sep 01, 2023

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Why the Fed is celebrating after jobs week

Housing Wire

Jobs week cleared up the skies for the Federal Reserve members, who are smiling — big time — after a series of data lines gave them what they wanted: a softer labor market! While the labor market isn’t breaking , it has become more pliant in the data lines the Fed focuses on. After Friday’s jobs report , which had some one-time variables, we can say that the economy is heading into an area where the Fed will feel much more comfortable, and we should not have any more rate hikes.

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The eye-candy of assuming a loan

Sacramento Appraisal Blog

Assumable loans are eye candy in today’s housing market. The idea of taking over somebody’s 2.5% loan sounds amazing, right? It’s technically possible on paper for some loan types, but it’s challenging to pull off in the real world. Yet, if mortgage rates remain high, this is something we’re likely going to hear more about, […] The post The eye-candy of assuming a loan first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Ex-Zillow CEO: NAR lawsuits ‘a seismic event’ for agents, portals

Real Estate News

Spencer Rascoff said home search portals may need to pivot in a world where buyers agents are no longer paid via the listing agent’s commission.

Agents 317
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Cleaning Up Your Inbox

The Appraiser Coach

If there’s one thing that consistently stresses out small business owners more consistently than anything else, it’s the dreaded inbox. Especially as an appraiser, I.

Business 195
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NAR’s Kenny Parcell resigns after sexual harassment allegations

Housing Wire

Two days after a New York Times exposé of alleged sexual harassment and a culture of fear at the National Association of Realtors , President Kenny Parcell announced his resignation. Parcell was called out for alleged sexual harassment by 16 of the more than two dozen current and former NAR employees interviewed by the Times. “I am deeply troubled by those looking to tarnish my character and mischaracterize my well-intended actions,” Parcell wrote in a letter to NAR’s Executive Committee and Boa

Realtors 450
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Imaginary Adjustments? Part 1

George Dell

You MUST make adjustments. Everybody knows that! Or not. In USPAP and The Appraisal of Real Estate (TARE) we have two predominant topical sources. The USPAP standards do not require adjustments. The word “comparable” is not defined, nor is the word “adjustment” found in USPAP. Nothing about adjustments nor picking comps. However, we note that […] The post Imaginary Adjustments?

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NAR throws support behind Bob Goldberg in face of growing unrest

Inman

Support for the embattled CEO, who many expected to announce his early retirement as a result of a fast-moving harassment scandal, came late Thursday with a statement from new president Tracy Kasper.

Realtors 203
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Announcing the 2023 HW Insiders!

Housing Wire

In its 8th year, the HW Insiders program is spotlighting the talented operations professionals who are laying the foundation of success for their organizations. Through the development of improved and sophisticated systems, protocols and technology, these operations leaders are driving their companies to growth and success. This year 75 honorees were honored as HW Insiders.

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July Gains in Private Residential Construction Spending

Eyes on Housing

NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 1.4% in July after an increase of 1.5% in June and 3.5% in May. Spending stood at a seasonally adjusted annual pace of $879 billion. However, total private residential construction spending is still 5.5% lower compared to a year ago. The total construction monthly increase is.

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NAR stands with CEO amid turmoil

Real Estate News

NAR leaders affirmed Bob Goldberg as CEO during an emergency meeting days after the association’s president resigned following sexual harassment allegations.

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Agents: Kenny Parcell’s resignation is the ‘beginning’ of fixing NAR

Inman

Agents and industry leaders said National Association of Realtors President Kenny Parcell's resignation is the first step in making the organization safer for female employees and members.

Agents 191
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Logan Mohtashami on CNBC: How rates are impacting supply

Housing Wire

HousingWire Lead Analyst Logan Mohtashami appeared on CNBC‘s Squawk on the Street on Wednesday to talk about the health of the housing market , and more specifically about today’s pending home sales data. Mohtashami explained how demand for existing homes is still trending near 21st-century lows. As long as mortgage rates stay near 23-year highs, Mohtashami believes we will see softness in data.

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2022 Single-Family Starts by Census Division

Eyes on Housing

According to NAHB analysis of the Survey of Construction (SOC), new single-family starts decreased in 2022. Nationally, 1,018,495 new single-family units started construction in 2022, 10% fewer than the number of units started in 2021. It marked the first decrease since 2011 but was still the second highest count since the Great Recession. Among all nine Census divisions, the South.

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Maui agents warn of land grabs, disregard for locals

Real Estate News

Following the Lahaina wildfires, "predatory capitalism" has taken hold in the historic community as locals are faced with the decision to rebuild or sell.

Agents 293
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Homebuyer mortgage demand picks up for 1st time in 6 weeks

Inman

After dipping to the lowest level since April 1995, applications for purchase mortgages edge up 2 percent week over week but are still down 27 percent from a year ago as mortgage rates retreat from 2023 highs.

Mortgage 189
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Pending home sales rose 0.9% in July

Housing Wire

Mirroring the trend for new home sales (+4.4%), pending home sales rose 0.9% in July, according to data released Wednesday by the National Association of Realtors (NAR). Year over year, pending home sales were down 14%, a smaller decrease than the 15.6% annual drop recorded in June. However, unlike the market for new homes , which has recovered convincingly above last year’s lows (+31.5%), pending home sales continue to lag behind year-ago levels (-14.0%).

Inventory 414
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Home Price Appreciation Continues in June

Eyes on Housing

In June, national home prices continued to increase. Limited inventory and solid but weakened demand put upward pressure on home prices, despite rising mortgage rates. Locally, all 20 metro areas, reported by S&P Dow Jones Indices, had positive home price appreciation in June. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at.

Inventory 159
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NAR pocket listing case goes back to the courts on appeal

Real Estate News

A case filed by the Top Agent Network targeting NAR's Clear Cooperation policy was reinstated after previously being dismissed in 2021.

Agents 305
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John Davis files a racketeering lawsuit against Keller Williams

Inman

Three months after a Texas judge sent former Keller Williams CEO John Davis' $300 million fraud suit against the franchisor to arbitration, Davis is back with new racketeering claims.

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Opinion: The hidden opportunities of high mortgage rates

Housing Wire

A couple of weeks ago, mortgage rates soared to a new 2023 high, reaching over 7% on a 30-year fixed-rate loan for the first time since November 2022. While higher rates are generally viewed with dismay, they often are the end result of a strong economy. Case in point, the private sector added 497,000 jobs in June — more than double many economists’ expectations — while compensation climbed 6.4% from a year ago.

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The GoFormz and Box Integration

GoForrmz

Originally published on 10/07/2015 Streamline record-keeping and reduce administrative overhead with the GoFormz and Box integration Whether you find yourself routinely filling out digital waivers or in need of a digital sign-in sheet template , GoFormz possesses the ability to seamlessly convert your existing forms into exact digital replicas. The potential of digital forms extends far beyond the diverse data capture opportunities; in fact, it's just the beginning.

Design 139
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Buyers will drop agents who aren't showing their value

Real Estate News

A survey of buyers found that trustworthiness and the ability to provide high-value services were key to landing — and keeping — them as a client.

Buyers 270
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‘It must have 16 cabinets’: 6 deals that died for wild and silly reasons

Inman

Real estate agents recently revealed to Inman the most unexpected reasons they've lost deals — including a fear of snakes, hatred of Glade Plug-ins, bad vibes and, apparently, off-kilter feng shui.

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Mortgage rates drop but still at 22-year high

Housing Wire

Mortgage rates ticked down modestly after job openings data for July came out yesterday, but rates remain elevated. Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.18% as of Aug. 31, down from last week ’s 7.23%. By contrast, the 30-year fixed-rate mortgage was at 5.66% a year ago at this time.

Mortgage 412
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Job Openings Data Reveal Labor Market Cooling

Eyes on Housing

The count of open, unfilled jobs for the overall economy continued to moved lower in July, falling to 8.8 million. While certain inflation readings have raised the likelihood of a September Federal Reserve interest rate increase, the JOLTS survey is another data point indicating an ongoing but gradual cooling of macro conditions due to elevated interest rates.

Marketing 137
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Pending home sales up for a second month but still sluggish

Real Estate News

Pending sales in July rose a modest 0.9%, but that could reflect an extended homebuying season as inventory has stifled buying activity.

Inventory 279
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How a typical Realtor rises through the ranks within NAR

Inman

The Realty Alliance CEO Craig Cheatham illuminates the frequently byzantine path many Realtors follow on their journey up the National Association of Realtors's formidable org chart.

Realtors 184
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John Davis files racketeering suit against Gary Keller

Housing Wire

The pile of lawsuits facing Gary Keller and the real estate firm he co-founded, Keller Williams , just got larger. Former KW CEO John Davis filed his second lawsuit against the firm on Wednesday in the Western District of Texas. In the filings, which name Keller Williams , Keller, former KW president Josh Team, Business MAPS Ltd. and Business MAPS Management LLC as defendants, Davis alleges that the defendants inflated key profitability metrics including company sales and profits to convince ind

Contracts 404
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How Real Estate Appraisals Empower CPAs: A Short Summary

Boston Appraisal

In today’s increasingly complex financial landscape, Certified Public Accountants (CPAs) are the unsung heroes behind successful businesses. Their role is multifaceted, touching upon asset valuation, regulatory compliance, risk management, and more. One essential yet often overlooked component of their job involves real estate appraisals. Here, we delve into some of the key intersections between CPAs and real estate appraisals, incorporating insights from our appraisers.

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Brokers in Focus: 'We're really a marketing and branding company'

Real Estate News

Emily Clark, president of Robert Paul Properties, discusses her top goals for the year and why agents should pay more attention to the industry.

Marketing 265
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Brokers fear losing commissions, agents if lawsuits succeed: Survey

Inman

Real estate professionals are preparing for painful changes and the upending of the status quo if courts rule in favor of plaintiffs in two key lawsuits, a survey on commissions conducted by Intel shows.

Agents 183
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Image Analytics from CoreLogic helps users analyze property images quickly and accurately

Housing Wire

Reviewing appraisal imagery, an essential step in the valuation review process, is time-consuming and laborious. CoreLogic developed Image Analytics to drive innovation in the appraisal review process and help lenders and mortgage industry professionals analyze property images quickly and accurately. This technology eliminates the need for manual, multi-touchpoint review, which saves time and reduces errors.

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Unemployment Rises to 3.8% in August

Eyes on Housing

The recent employment data indicates that the labor market is cooling gradually due to rising interest rates. Total employment increased by 187,000 and the unemployment rate rose to 3.8% from 3.5%. Wage growth slowed. In August, wages grew at a 4.3% year-over-year growth rate, down 1.1 percentage points from a 5.4% gain in August 2022. The Bureau of Labor Statistics.

Marketing 103
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ICE, Black Knight merger on track to close next week

Real Estate News

Following an FTC settlement in which Black Knight agreed to sell off a portion of its company, the deal is set to close on Sept. 5.

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