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

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Will hotter inflation send mortgage rates back over 7%?

Housing Wire

Given the hotter inflation reported in Tuesday’s CPI data , can mortgage rates go above the 2022 peak of 7.37%? Initially the 10-year yield fell after the report, then rose higher, only to fall back down again. For all the hype around today’s stock market close, it was a dud of a Valentine’s date if you ask me. A lot of times, on days when big economic reports are released, you can get wild intraday action but not have much happening by the end of the day.

Mortgage 428
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Looking out for two housing market bottoms

Sacramento Appraisal Blog

There is so much talk about the housing market bottoming out, and I want to give some perspective on what to watch for. I hope this helps. UPCOMING (PUBLIC) SPEAKING GIGS: 3/06/23 Matt the Mortgage Guy YouTube Live 3pm PST 3/08/23 Matt Gouge Event TBD 3/10/23 PCAR Market Update Lunch & Learn 3/28/23 Downtown Regional MLS meeting […] The post Looking out for two housing market bottoms first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Agents Decoded: Who needs a coach, and how do you pick one?

Real Estate News

Anyone can benefit from coaching — even experienced pros — if you find the right fit. Veteran agent Jay Thompson offers tips on how to choose a great coach.

Agents 242
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Going All-in

The Appraiser Coach

I recently celebrated an exciting milestone. I have officially gone one full year without eating sugar! Now that’s not 100% – everything has sugar in it these days. But I.

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Housing Market Tracker: Inventory drops as mortgage rates move higher

Housing Wire

The housing market experienced more volatility last week, with housing inventory dropping as mortgage rates moved higher. Here is a quick rundown from last week : Purchase application data had a 3% week-to-week increase. The start of 2023 has been good, considering mortgage rates have stayed above 6% most of the time. Weekly housing inventory continues to decline, as we saw a decrease of 13,238 units, double the amount we had this time last year.

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Measure the Neighborhood?

George Dell

Editor’s Note: This is Part 6 of the series on Neighborhood. We’re told we should analyze a neighborhood. This is mostly a residential concept. For non-residential appraisal the focus is often a “district” – a group of similar property uses. (Rather than a group of complementary uses.) In previous Analogue Blogs, we have looked at […] The post Measure the Neighborhood?

Appraisal 195

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Single-Family Built-for-Rent Growth Strong in 2022

Eyes on Housing

Single-family built-for-rent construction ended 2022 strong with a rising total market share. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately 17,000 single-family built-for-rent (SFBFR) starts during the fourth quarter of 2022. This is 6% higher compared to the fourth quarter 2021 total.

Design 194
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Weaker economy, inflation caused mortgage delinquency uptick in Q4

Housing Wire

The overall national mortgage delinquency rate rose in the fourth quarter of 2022, due in part to a weaker economy and ongoing inflationary pressures. The delinquency rate for mortgage loans on one- to four-unit residential properties rose 51 basis points from the previous quarter to a seasonally adjusted rate of 3.96% of all loans outstanding in the fourth quarter of 2022, according to the Mortgage Bankers Association (MBA).

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National Association of Realtors’ Canadian twin is betting big on tech

Inman

The Canadian Real Estate Association, which owns and controls Canada's most popular listing site, is spinning off into a tech company. Ex-CREA Chair Cliff Stevenson shared what's in store.

Realtors 163
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J. Lennox Scott is ready to grow: 'This is the start of the next 10-year cycle'

Real Estate News

Scott, chairman and CEO of John L. Scott Real Estate in the Pacific Northwest, said the market is poised to enter a new period of growth.

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Market Share of All-Cash New Home Sales Hits 32-Year High

Eyes on Housing

NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the U.S. Census Bureau reveals that cash purchases made 11.2% of new home sales in the fourth quarter of 2022—the largest share since 1990. The share of cash purchases has climbed each of the past four quarters and six of the last seven. Although the median prices.

Finance 193
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Rocket Companies CEO Jay Farner to retire

Housing Wire

Jay Farner will retire as CEO of Rocket Companies in June, ending his 27-year stint at the firm. He stepped down as member of the board of directors last week, Rocket disclosed in a filing with the Securities and Exchange Commission. On February 8, Farner notified the board of directors of Rocket of his intent to retire as CEO effective June 1 and as vice chairman and member of the board effective immediately, according to the company’s 8-K filing on Monday.

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Real Tea: ‘Buying Beverly Hills’ agents dish on rookie mistakes

Inman

Netflix's "Buying Beverly Hills" centers around rookie agents and their high-profile team leaders and mentors at The Agency. From mispronouncing finishes to being ill-prepared for showings, these agents dish on learning the tough lessons while being filmed for reality TV.

Agents 159
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Corcoran's Pam Liebman: 'We want people to live their best life on their terms'

Real Estate News

During Liebman’s two decades of leadership, Corcoran has grown from a boutique firm to a national franchise with plans to expand into Europe.

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Single-Family Permits Declined 2022

Eyes on Housing

For 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 972,180. On a year-over-year (YoY) basis, this is 12.5% below the 2021 level of 1,111,414. Year-to-date ending in December, single-family permits declined in all four regions. The South posted a decline of 10.4%, while the Western region reported the steepest decline of 15.9%.

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Mortgage demand declines amid persistently high inflation 

Housing Wire

Expectations that high inflation may persist for longer than previously projected put pressure on mortgage rates last week. In turn, it affected borrowers’ appetite for home loans. The latest Mortgage Bankers Association (MBA) survey showed that mortgage loan application volume declined 7.7% for the week ending Feb. 10 from the previous week. Compared to the same week last year, mortgage apps are down 57%.

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The USDA Loan Process From Beginning to End—and How Long It Will Take

Realtor

Illustration by Realtor.com / Getty Images Getting a mortgage to buy a home is a process, with many hoops and hurdles to jump through and over before reaching the finish line. And this is particularly true for certain specialized loans, like those offered by the United States Department of Agriculture. USDA loans offer fantastic terms—including 0% down payments and low-interest rates—for homebuyers in rural areas, and while many assume they’re just for farmland, properties on 97% of U.S. l

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3 things to know when recruiting new agents

Real Estate News

To find the right match, you need to know yourself first. Assess your strengths, determine what kind of agent you need, and always keep your eyes open.

Agents 235
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Slow Progress for Inflation

Eyes on Housing

Consumer prices in January saw the smallest year-over-year gain since October 2021 with a seventh consecutive month of a deceleration. However, this disinflation pace was much slower than expected, partially because new methodology introduces higher weights for shelter and lower weights for food and energy to reflect changes in consumer spending in 2021.

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Mortgage balances increased by nearly $1 trillion in 2022

Housing Wire

Americans’ debt balances continued to compound in 2022 as inflation put pressure on budgets and the cost of borrowing increased. Aggregate household debt, which includes all outstanding credit market debt held by consumers, increased by $394 billion in the fourth quarter of 2022 alone, according to the Federal Reserve Bank of New York ‘s Q4 Household Debt and Credit report — and mortgage balances were no small part of the equation.

Mortgage 352
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Fresh off Super Bowl baby bump, Rihanna’s starter home hits market

Inman

The seven-bedroom Beverly Hills home was also occupied by John Legend and Chrissy Teigen from 2016 to 2021. After an initial unsuccessful offering of $19.25 million, the current owner is attempting to offload it at a loss.

Marketing 150
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Foreclosures creating ripples, but not waves

Real Estate News

The number of distressed properties remains well below pre-pandemic levels, thanks to a strong job market and federal moratoriums, but they're creeping up.

Marketing 226
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Credit for Builders Tightens as Rates Climb

Eyes on Housing

During the fourth quarter of 2022, credit continued to become less available and generally more costly on loans for Acquisition, Development & Construction (AD&C) according to NAHB’s Survey on AD&C Financing. To analyze credit availability, responses from the NAHB survey are used to construct a net easing index, similar to the net easing index based on the Federal Reserve’s survey.

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Tim Bowler named president of ICE Mortgage Technology

Housing Wire

Timothy Bowler, president of Intercontinental Exchange, Inc. Benchmark Administration (IBA) , will take on a new role as president of ICE Mortgage Technology starting on March 1. Bowler will be in charge of ICE’s business segment, which is focused on automating elements of the mortgage industry and delivered a revenue of $1.1 billion in 2022, the firm said Tuesday.

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The secret is out! 23 ways Realtors can use ChatGPT

Inman

The agents who utilize this technology will become more efficient and productive, freeing up time for building the relationships needed to grow their businesses.

Realtors 156
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Real estate tech firm forges ahead with power buyer program

Real Estate News

The software company zavvie has introduced its cash offer and buy-before-you-sell products to brokerages in 11 states, with plans to expand later this year.

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Staff Reductions at AMCs

Appraiserblogs

Making massive staff reductions in the appraisal management department, including the Chief Appraiser and the Administrative Manager, who both are licensed appraisers. Appraisers, it’s not ‘just us’ who have taken the slowdown in lending “in the shorts.” I have confirmed changes at THREE different AMCs: CoreLogic is laying off all W-2 ‘staff’ appraisers, and most of the staff administering those folks.

Appraisal 136
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Divvy Homes reportedly makes another round of layoffs

Housing Wire

Rent-to-own startup Divvy Homes has reportedly conducted a new round of layoffs on Wednesday, which included cuts to a number of high-level positions. This is at least the second round of layoffs for the company in the last six months. Divvy has yet to confirm the layoffs, which were first reported by Inman. However, a number of former employees have posted to LinkedIn about the layoffs, and at least six employees were affected, including a software engineer and a senior project manager. “

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Zillow sees revenue dip in Q4, but manages to trim losses

Inman

The portal giant brought in $435 million in revenue during the fourth quarter of last year and lost $72 million, according to 4Q22 earnings released Wednesday afternoon.

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People On the Move: Gorman moves on, Miami association gets a new leader, more

Real Estate News

Ryan Gorman leads btcRE consultancy, Ines Hegedus-Garcia chairs MIAMI board, Dave Howe now CEO at MetroList, Nicole Aissa first president at Red Oak.

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Assistance options expanding for mortgage payments

Valuation Review

Loss mitigation options for borrowers struggling to pay their Federal Housing Administration-insured mortgages #FederalHousingAdministrationinsuredmortgages

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Inflation cooled again in January in a bumpy downward trend

Housing Wire

Consumer prices continued to climb in January, but they rose at the lowest yearly pace recorded since October 2021, according to data released Tuesday by the Bureau of Labor Statistics (BLS). This is welcome news for the Federal Reserve , which is continuing to raise interest rates in an attempt to curb inflation via consumer spending. The Consumer Price Index rose by 6.4% in January compared to a year ago.

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Keller Williams launches new franchise in Germany

Inman

Keller Williams has opened its first master franchise in Germany, according to an announcement early Thursday. KW Germany will operate out of Berlin and serve Germany's top seven real estate markets, Keller Williams Worldwide President Bill Soteroff explained.

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Want to keep your top agents? Work on your relationships

Real Estate News

In a down market, the grass might look greener elsewhere. But if you regularly — and genuinely — connect with your agents, they'll have a reason to stay.

Agents 213