Sat.Nov 11, 2023 - Fri.Nov 17, 2023

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Mr. Cooper hit with consumer class-action lawsuits over cyberattack 

Housing Wire

Mr. Cooper Group became the target of at least four consumer class-action lawsuits after disclosing a cyberattack at the end of October when customer information was compromised and the company shut down certain systems. On Oct. 31, the Dallas-based servicer and lender said it had experienced a cybersecurity incident with an unauthorized third party accessing certain portions of its technology systems and customer data.

Legal 544
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The housing market feels like leftovers

Sacramento Appraisal Blog

The housing market feels like leftovers right now. It’s that time of year where we see less new listings due to sellers hibernating for the holidays, and some of the existing inventory just feels as stale as Aunt Tina’s green bean casserole that nobody wants to see during Thanksgiving. Wait, did I say that out […] The post The housing market feels like leftovers first appeared on Sacramento Appraisal Blog.

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Texas commissions lawsuit targets teams, associations

Real Estate News

Texas Realtor associations and 20+ brokerages and teams are being sued by a home builder and magazine publisher who call NAR the “creator of the conspiracy.

Brokerage 320
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Bloomberg TV – Yes. We Are In A Housing Crisis

Miller Samuel

I got to join the gang at Bloomberg Surveillance on Tuesday morning. Always fun and smart. The focus seems to be figuring out what the exit of this era of tight housing inventory looks like and when rents will come down since inflation is tangibly falling. My journey to the city for the Bloomberg interview: catching the 5:49 am train – waiting in the green room – and working my way up the guest list to go on.

Training 195
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14 real estate trends Gen Z buyers are looking for

Housing Wire

Baby boomers and millennials have dominated the home-buying conversation in recent decades, but a new generation of homeowners is browsing online listings, heading to open houses and planning their home-buying budget. Gen Z — born between 1997 and 2012 — is making waves in the market with their approach to homebuying. Here are 14 real estate trends Gen Z buyers won’t pass up. 1.

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EBV© Now or Later?

George Dell

EBV© (Evidence Based Valuation) is the future of professional appraisal. EBV is the best response (and advantage) to the dramatic changes in residential appraisal practice. Change in the nature of commercial/industrial valuation will follow, as it usually does. Editor’s Note: This is Standards, part 3.18 of George Dell’s series on How Do I Move to […] The post EBV© Now or Later?

Valuation 195

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Bloomberg’s At The Money Podcast (ATM): The Best Way To Buy A House

Miller Samuel

I joined my friend Barry Ritholtz on his new podcast, At The Money (or cleverly, ATM). Masters in Business is still going strong, but he had a new idea – create a really good personal finance-focused show. We recorded this on Tuesday – it’s currently located in the Master in Business podcast feed but will be available in its own feed everywhere on January 1.

Finance 195
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Housing inventory growth slows to a halt

Housing Wire

Total housing inventory growth has been slow in 2023, but with rising mortgage rates over the last few months, inventory has grown a bit faster than average. The question now is: Have we hit the seasonal peak in inventory for 2023? The housing inventory growth rate has decelerated for three weeks, and we were barely positive last week, with an increase of only 59 homes.

Inventory 482
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Leaders in luxury: Delroy Gill

Inman

Delroy Gill doesn’t just sell homes — he builds relationships. Born and raised in London, England, he understands complex transactions and international relocation and brings world-class service and out-of-the-box thinking to every detail of real estate transactions.

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First-time homebuyers ‘tiptoe back’ as median income tops $100k

Real Estate News

NAR’s annual Profile of Home Buyers and Sellers report revealed higher down payments, as more people reported living with friends or family before purchasing.

Sellers 260
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Lumber and Steel Products Lead Building Materials Prices Lower

Eyes on Housing

According to the latest Producer Price Index report, the price level of inputs to residential construction less energy (i.e., building materials) declined 0.1% in October (not seasonally adjusted) following a 0.2% increase in September. The index has increased 1.0%, year-to-date, marking the smallest YTD gain through October since it fell 0.1% over the first 10 months of 2019.

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Freddie Mac to roll out fee-based repurchase pilot program in 2024

Housing Wire

Freddie Mac will launch a new fee-based repurchase alternative pilot program for performing loans in 2024, designed to improve the quality of performing loans through a potential replacement of its current repurchase policy for defective performing loans. “The pilot will use a fee-based structure that is more efficient, transparent and rewards lenders that deliver high-quality loans,” the GSE said.

Design 452
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The role of the buyer’s agent isn’t ending. It’s evolving

Inman

Former arbitrage trader, current team leader and new Inman contributor Jen Berbas speaks to the vital due diligence role real estate professionals play for consumers, even after Sitzer et al.

Agents 193
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Realtor.com CEO: World without buyer agency a ‘dangerous scenario’

Real Estate News

Damian Eales talked to Real Estate News about why the industry “should be careful what some people are wishing for” and his perspective on NAR.

Buyers 269
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Single-Family Starts Flat in October

Eyes on Housing

Single-family construction held steady in October as high mortgage rates depressed demand but more buyers turned to new homes because of a lack of existing inventory. Overall housing starts increased 1.9% in October to a seasonally adjusted annual rate of 1.37 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S.

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NAR’s Lawrence Yun predicts lower rates, 15% jump in existing-home sales in 2024

Housing Wire

Although high mortgage rates, elevated home prices and limited housing inventory have crippled the 2023 housing market, the outlook for 2024 is brighter, according to Lawrence Yun, chief economist with the National Association of Realtors (NAR). Yun took the stage on Tuesday at NAR NXT , the trade group’s annual conference in Anaheim, California. He began his presentation during the “Residential Economic Issues and Trends Forum” by analyzing the data points that impacted 2023 real es

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NAR won’t use lobbying chops for ‘legislative fix’ to commission suits

Inman

At a forum for reps of 50 large brokerage firms, The Realty Alliance CEO Craig Cheatham asked why the nearly 1.6 million-member trade group can't use its political influence for an "existential threat.

Realty 191
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Commissions case won't be finalized until 2024

Real Estate News

Although the jury reached a verdict in the Sitzer/Burnett lawsuit on Oct. 31, post-trial motions will keep any judgment on hold until spring.

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Builders and Lenders Agree: Credit is Tightening

Eyes on Housing

During the third quarter of 2023, availability of loans for residential Land Acquisition, Development & Construction (AD&C) continued to tighten, according to both NAHB’s survey on AD&C Financing and the Federal Reserve’s survey of senior loan officers. Each of the surveys produces a net easing index that is positive when credit is easing and negative when credit is tightening.

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Mortgage rates trend down for the third straight week

Housing Wire

Mortgage rates fell this week as the October inflation report drove down the yield on the 10-year Treasury. On Thursday, investors priced in a 99.7% chance that the Fed will hold interest rates steady in December, according to the CME Group’s FedWatch tool. The 30-year, fixed mortgage averaged at 7.44% as of Nov. 16, according to Freddie Mac ‘s Primary Mortgage Market Survey.

Mortgage 448
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Mortgage rates post biggest 1-day drop since onset of the pandemic

Inman

Tuesday's big drop in rates followed an encouraging inflation report, with bond market investors now convinced the Fed is done hiking rates and may reverse course in the spring.

Investors 189
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Mortgage rates dip to lowest level since September

Real Estate News

As rates decline for a third straight week, mortgage applications have risen, suggesting the possibility of a jump in year-end home sales.

Mortgage 260
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Multifamily Developer Confidence Comes in Weak in Third Quarter on Financing Concerns

Eyes on Housing

Confidence in the market for new multifamily housing was in negative territory for the third quarter, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 38 – well below the break-even point of 50 –.

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As commission lawsuits mount, personal injury lawyers see an opportunity

Housing Wire

As copycat commission lawsuits spread across the country in the wake of the Sitzer/Burnett jury verdict, a new demographic of plaintiffs’ attorneys are getting in on the action: so-called “ambulance chasers.” While the plaintiffs in the Moehrl , Sitzer/Burnett and Nosalek lawsuits are all represented by large law firms with class-action experience, the plaintiff in the relatively small Burton suit in South Carolina is represented by attorneys at Knie & Shealy Law Offices in Spar

Law 443
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Real estate CEOs: Big changes from bombshell suits ‘improbable’

Inman

The bombshell verdict of Sitzer | Burnett rocked the real estate industry, but recent earnings reports suggest many of its most recognizable CEOs don't anticipate major disruptions.

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Brokerage Beat: News from eXp, Century 21, @properties, The Agency

Real Estate News

eXp begins search for new CFO; Century 21 strengthens Georgia presence; @properties Christie's International promotes key execs; The Agency opens Toronto office

Brokerage 233
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Using Discrimination As a Bully Tactic

Appraiserblogs

As an appraiser who has been appraising in rural south for 20 years I have seen a few things. This wave of discrimination has gotten out of control. Sure, there has been some discrimination going on which is not the norm, but to accuse someone of discrimination because the value came in lower than an expected value is pure asinine. It is not our job to validate lenders and borrowers expected values.

Appraisal 114
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Fannie Mae extends Positive Rent Payment pilot program through December 2024

Housing Wire

Fannie Mae announced on Tuesday that its Multifamily Positive Rent Payment (PRP) pilot program, originally scheduled to expire this year, has been extended through December 2024 in light of new survey data and an impact analysis. As part of the extension and to encourage adoption, Fannie Mae will cover the cost for property owners who enroll in PRP through the extension period.

Finance 441
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New bombshell lawsuit targets Texas Realtor orgs, local teams

Inman

A homebuilder and holding company filed the case Monday. But unlike other suits against NAR, this one lists the Texas Association of Realtors and other local organizations as defendants.

Realtors 186
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AI 'more disruptive' than lawsuits, Sanford tells eXp agents

Real Estate News

New buyer agency agreements are coming in light of the Sitzer/Burnett verdict, but the focus should be on relationships, eXp’s CEO said in a YouTube broadcast.

Agents 230
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Single-Family Permits Down in September 2023

Eyes on Housing

Over the first nine months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 693,908. On a year-over-year (YoY) basis, this is 13.3% below the September 2022 level of 800,424. Year-to-date ending in September, single-family permits declined in all four regions. The range of permit decline spanned 10.8% in the Northeast to 19.3% in the West.

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UWM’s Jason Bressler on the role of failure in tech innovation

Housing Wire

HousingWire Editor in Chief Sarah Wheeler sat down with Jason Bressler , CTO at United Wholesale Mortgage (UWM) to talk about how the lender is developing a smart, innovative IT team by giving them a safety net to fail. This interview has been edited for length and clarity. Sarah Wheeler: UWM develops all their software in-house. What are some of the advantages of that?

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Adam Contos reflects on leadership, embracing technology

Inman

As part of his Snapshot series, Brandon Doyle peers into the mind of a distinguished leader who's helped shape the real estate landscape on a global scale: Adam Contos, the former CEO of RE/MAX.

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We want to be No. 1 with ‘no tricks,’ Realtor.com CEO says

Real Estate News

In response to Homes.com’s huge traffic growth, Damian Eales said “poor-quality audience and stunts lead to low-quality leads.

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