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

article thumbnail

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.

Contracts 544
article thumbnail

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.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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.

article thumbnail

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?

Appraisal 195
article thumbnail

The homebuilders’ war for market share fueling the economy

Housing Wire

When market players say housing leads us into a recession, it traditionally means the Federal Reserve raised rates too much, housing slowed down as a result and a job-loss recession isn’t too far off. But a funny thing happened this year for the U.S. economy: single-family permits kept rising as new home sales were showing year-over-year growth. How did this happen when mortgage rates rose from the lows earlier in the year?

Marketing 504
article thumbnail

Feeling a little nervous? Here’s how to recession-proof your business

Inman

If a recession comes, writes Jimmy Burgess, keep in mind that it is not just a time of challenges but also of opportunities. Here he lays out ways to lead gen and lead nurture now.

Business 192

More Trending

article thumbnail

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.

article thumbnail

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.

article thumbnail

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.

article thumbnail

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 110
article thumbnail

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.

Mortgage 167
article thumbnail

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.

Mortgage 466
article thumbnail

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 184
article thumbnail

8 Home Appraisal Cost Factors in BC: What You Need to Know

D Fritz Appraisals

What Can Impact the Cost of a Home Appraisal Whether you are buying, selling or looking to refinance your home, you will most likely need a home appraisal. While an appraisal fee is something you will need to add to your budget or closing costs, the good news is the cost of a home appraisal shouldn’t be a deal breaker. A home appraisal is a key part of the financing portion of any new or refinanced mortgage or loan agreement.

Appraisal 103
article thumbnail

Best Quarter for Townhouse Construction Since 2007

Eyes on Housing

Despite weakness for single-family construction in 2023, townhouse construction recorded the best quarter for starts in 16 years. According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, during the third quarter of 2023, single-family attached starts totaled 43,000, which is 16% higher than the third quarter of 2022.

article thumbnail

Homebuilders slash prices to clear inventory as confidence sinks again in November

Housing Wire

Elevated mortgage rates sank builder confidence again in November, but recent economic data suggests housing conditions will pick up in the coming months. Builder confidence dropped six points to 34 in November, the fourth consecutive monthly drop, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The data collected for the survey was submitted ahead of Tuesday’s release of the October Consumer Price Index (CPI) report from the U.S.

Inventory 466
article thumbnail

Software provider for MLSs latest to partner with Local Logic

Inman

Local Logic’s tool set for turning granular community data into marketing advantages for real estate agents is now part of a prominent MLS software provider’s value proposition, according to a November 14 press release.

article thumbnail

[Video] GoFormz Office Hours: Discover the Latest Updates (November 2023)

GoForrmz

From improved mobile experiences to a Workflow Dashboard, here are the latest GoFormz updates Recorded live on November 16th, 2023, Kelsey Rose, VP of Product at GoFormz, and GoFormz Marketing Manager, Victoria Horn cover the latest GoFormz feature updates, and provide a look at what features are soon to be released, as well as some ideas and functionalities for the future.

Design 78
article thumbnail

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.

article thumbnail

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 491
article thumbnail

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.

article thumbnail

The Hot New Homebuyers’ Accessory? ADUs

Empire Appraisal Group

NEWS & MEDIA John Keeble, Getty Images Source: [link] The Hot New Homebuyers’ Accessory? ADUs An accessory dwelling unit (ADU) gives homebuyers a chance to charge rent that offsets their mortgage costs – or helps kids or parents who need housing. NEW YORK – The latest homeowners’ accessory is an accessory dwelling unit (ADU) – a free-standing miniature home as small as a studio apartment and tucked away in a backyard, once sometimes called in-law suites or granny flats.

article thumbnail

Builder Sentiment Down Again, but Better Building Conditions are in View

Eyes on Housing

High mortgage rates that approached 8% earlier this month continue to hammer builder confidence, but recent economic data suggest housing conditions may improve in the coming months. Builder confidence in the market for newly built single-family homes in November fell six points to 34 in November, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).

Mortgage 157
article thumbnail

Rocket Mortgage faces class-action lawsuit for unsolicited telemarketing calls

Housing Wire

Detroit-headquartered lender Rocket Mortgage faces a class-action lawsuit for making repeated, unsolicited telephone calls, violating the Telephone Consumer Protection Act (TCPA). According to the suit filed in the U.S. District Court for the District of Arizona on Tuesday, Kellie Deits – a resident of Arizona — received a call from a Rocket Mortgage representative in April who offered her mortgage products and services she had not requested nor inquired about.

Mortgage 466
article thumbnail

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.

article thumbnail

Planning Your Data Capture Strategy for 2024

GoForrmz

Enhanced data capture can help your business stay ahead in any industry In the dynamic business landscape of 2024, where data capture can make or break your company’s future, a strategic approach to data capture is essential for businesses of all sizes and industries. This blog post will guide you through the crucial elements of planning your data capture strategy or improving upon the one you’ve already implemented.

Tools 78
article thumbnail

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 –.

Finance 137
article thumbnail

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 458
article thumbnail

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.

Mortgage 181
article thumbnail

[Video] Automate Repetitive Tasks with GoFormz Workflows

GoForrmz

Streamline your daily workflow with automations Welcome back to the third and final installment of the Intro to GoFormz webinar series, all about getting started with GoFormz and the features that can help you streamline your documentation and data capture. Join Alicia Bryan, Director of Customer Success, and Implementation Lead, Emily Switzer, as they walk you through the process of customizing your GoFormz account with automated workflows.

article thumbnail

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.

article thumbnail

New-home mortgage applications surged nearly 40% annually in October: MBA

Housing Wire

Mortgage demand for new homes jumped in October as the inventory for existing homes remained depleted. Mortgage applications for new-home purchases rose 39.7% in October on a year-over-year basis and were up 6% from the previous month, according to the Mortgage Bankers Association (MBA) Builder Application Survey for October. “Home builders have been able to temper this high-rate environment by offering buyers rate buydowns and other incentives,” Joel Kan, MBA’s vice president and deputy chief e

Mortgage 458
article thumbnail

5 things the NYC Marathon taught me about achieving excellence

Inman

On Nov. 5, Phil Lang joined 50,000+ others in running the New York City Marathon and finished in 2:43, a two-minute personal best from seven years prior. Here he shares five things that he learned in getting to the top 0.5 percent of finishers.

Brokerage 184
article thumbnail

[Video] Customer Story: Reynolds Machinery

GoForrmz

“ We’ve saved time using GoFormz which means we’ve saved money! ” — Steve Mays, Vice President, Reynolds Machinery About Reynolds Machinery Located in Dayton, Ohio, Reynolds Machinery is a family-owned business that has operated for over 80 years and specializes in distributing and selling CNC machine tools. These CNC machine tools are primarily used for metal cutting and known for their substantial size, weight, and considerable cost.

Tools 78