Sat.Jun 08, 2024 - Fri.Jun 14, 2024

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VA issues temporary fix to allow buyer-paid broker fees

Housing Wire

The U.S. Department of Veterans Affairs (VA) on Tuesday issued a temporary fix that will allow homebuyers using VA loans to pay for their real estate agent’s commission — i.e., the buyer-broker fee. The change, a result of the National Association of Realtors’ (NAR) commission lawsuit settlement agreement , was anticipated late last month and commented on by Michelle Corridon, the deputy policy director at the VA.

Buyers 521
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Sellers Slash List Prices as Buyers Face Record High Home Costs

Appraisal Buzz

Home sales dipped 1.7% month-over-month in May on a seasonally adjusted basis, and 2.9% year-over-year, according to a recent Redfin study. There have only been two months in the last decade with fewer home sales: October 2023, when mortgage rates reached a 23-year high, and May 2020, when the pandemic brought the housing market to a halt and home sales to an all-time low.

Sellers 435
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An open letter to overpriced sellers

Sacramento Appraisal Blog

Dear Sellers, if you’re overpriced, I have some thoughts for you today. This is coming from a good place, and I want you to have success in selling your home if that’s what you really want to do. Scroll by topic and let me know if you have any questions or thoughts. I hope this […] The post An open letter to overpriced sellers first appeared on Sacramento Appraisal Blog.

Sellers 337
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Mortgage rates decline for a second week, boosting applications

Real Estate News

Buyers have more inventory to choose from, but the uptick in demand could be short-lived as the lock-in effect and price growth continue to stymie sales.

Inventory 299
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Should we be worried about the number of underwater homes?

Housing Wire

Should we be concerned about the number of homeowners who are underwater on their homes? Recent data from Attom showed that 1 out of every 37 homes were severely underwater, something I talked about on CNBC recently , but CoreLogic data provides a reality check on this topic. Let’s dig in. One of the most alarming aspects of the housing bubble crash was the staggering number of Americans who were underwater on their homes.

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Single Dads & Single Moms: Who Is More Likely to Be a Homeowner? 

Appraisal Buzz

Homeownership remains a common aspiration for many Americans, yet it is often difficult to obtain. This is especially true for single parents, who often have less money to purchase a home than married couples. This is according to Jacob Channel , Senior Economist for LendingTree. We’ve previously discussed single-parent problems, and discovered that the majority of single mothers do not own a home.

Appraisal 418

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The state of mortgage rates depends on which state you're in

Real Estate News

A new survey of lenders reveals a 38 basis point difference between mortgage rates by state, which can mean hundreds of dollars a year for borrowers.

Mortgage 287
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How much longer will we have to deal with higher mortgage rates?

Housing Wire

Given last week’s surprising jobs report, how much longer will we have to deal with higher mortgage rates ? The labor data will be the key to answering that question. It’s essential to track the labor data along with inflation because the key to getting lower mortgage rates for longer lies with the labor data more than inflation. That makes this week another one to watch since we will have CPI inflation and the Federal Reserve meeting results on Wednesday.

Mortgage 502
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VA Shifts Policy to Address NAR Compensation Settlement

Appraisal Buzz

The U.S. Department of Veterans Affairs (VA) has announced in Circular 26-24-14 that eligible veterans, active-duty servicemembers, and surviving spouses who use VA-guaranteed home loan benefits can pay for certain real estate buyer-broker fees when purchasing a home. The VA home loan program, which celebrates its 80th anniversary later this month, has provided more than 28 million loans to veterans to date.

Realtors 418
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VA officially unveils rules to allow vets to pay broker commissions

Inman

The temporary rules were first announced in May ahead of Memorial Day and came in response to calls from Realtors who feared veterans would become less competitive in the new landscape.

Realtors 181
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Agents, consumers split on NAR settlement outcomes

Real Estate News

A recent survey from Clever found that 70% of agents are unhappy with the deal, but two-thirds of consumers think commissions practices should change.

Agents 278
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US home sales fall to historically low level: Redfin

Housing Wire

Elevated mortgage rates, high home prices and a lack of for-sale listings continue to hamper U.S. home sales, with Redfin reporting Friday that sales in May 2024 dropped to one one of the lowest levels of the past decade. The annualized rate of home sales, adjusted for seasonality, fell below 408,000 last month. That was down 1.7% from the prior month and 2.9% below year-ago levels.

Sellers 475
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Seller Concessions Adjustments Revisited

Appraisal Buzz

There seems to be continued debate among appraisers, reviewers, and underwriters regarding seller concessions. A particular point of contention in this debate is whether or not it is appropriate to adjust seller concessions on a dollar-for-dollar basis. I must admit, that point of contention is somewhat understandable, as the ‘Sales or Financing Concessions’ portion of the Fannie Mae Selling Guide has always appeared to be a little contradictory (see B4-1.3-09, Adjustments to Comparable Sales

Sellers 418
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Coldwell Banker Warburg welcomes 2 ‘boomerang’ agents

Inman

Broker Bill Kowalczuk and agent David Harris were not gone for long before realizing they missed Coldwell Banker Warburg's robust support systems. Agent Guy Hobson has also joined the firm.

Agents 177
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MLS PIN to DOJ: Stay out of our settlement

Real Estate News

Attorneys argue that if the federal agency wants to make policy changes, it should do so through the legislature, not an antitrust settlement.

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Inflation and Fed day: A crucial moment for the housing market

Housing Wire

Today’s double event of the CPI inflation report and the Fed meeting gave us something that I have been waiting for: a hint from Fed Chairman Jay Powell that the labor market has softened. Today he acknowledged what I have been talking about for months: the Fed’s key data lines are at pre-COVID-19 levels today. Before the Fed held its press conference, we got a softer-than-anticipated CPI report, which sent the 10-year yield (and mortgage rates ) lower at first.

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How to Build Volume in Today’s Market

Appraisal Buzz

This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. In today’s low-volume market cycle, mortgage originators can build business by focusing on purpose-built loan products designed to overcome the specific challenges homebuyers face in the current market. In a landscape marked by limited turnkey housing inventory, significant affordability issues, and relentless competition from cash-rich investors, homebuyers need more than plain vanilla home loans.

Marketing 396
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4 fair housing essentials any real estate professional can champion

Inman

Fair housing goes beyond knowing the protected classes. Dr. Lee Davenport offers a primer on 4 levels of fairness involved in fair housing and how to communicate the facts to buyers and sellers.

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Nick Bailey: 5 lessons for leaders of public real estate companies

Real Estate News

Bailey, the former CEO of RE/MAX, discussed the keys to success when leading a business that is accountable to both customers and shareholders.

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Offerpad and Realtor.com team up to make cash offers available to portal users

Housing Wire

The iBuying platform Offerpad and Realtor.com are teaming up. In an announcement on Tuesday, the firms said that Offerpad was integrating with Realtor.com. According to the release, the integration will allow Offerpad to provide a cash offer to more sellers and will extend Offerpad’s reach to a larger audience of potential sellers. “Over the past year, with all of the adversity happening for buyers and sellers and the industry in general, we have really been focused on trying to find buyers and

Sellers 475
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Sellers Listing Their Homes … But Buyers Aren’t Biting 

Appraisal Buzz

Home sellers are returning to the market, but buyers are hesitant, according to a recent Zillow market report. In May, new property listings exceeded sales, allowing buyer competition and price rise to slow—and more price relief is expected. “Rate lock’s hold seems to be loosening—homeowners who may have put off listing their homes are done waiting.

Sellers 397
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Newrez laying off nearly 500 workers after Rithm acquisitions

Inman

Pending layoffs of 420 Newrez employees in Colorado and 53 workers in Florida follow $1.4 billion in acquisitions as parent company Rithm seeks to diversify beyond mortgage lending.

Lending 166
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Brokerage Beat: News from Onward, United, Side, Corcoran, more

Real Estate News

Parks leaders form new firm; TX indie merges with United; NYC brokerages join Side; Corcoran gains music legend; C21 grows in AL; Chicago duo joins E&V; more.

Brokerage 252
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Opendoor announces partnership with My State MLS

Housing Wire

Opendoor has partnered with nationwide multiple listing service My State MLS to equip more than 60,000 agents in each of the 50-plus markets Opendoor serves with access to the iBuyer’s cash-offer solution. My State MLS is a nationwide multiple listing service that allows members to list and search properties anywhere in the U.S. According to a news release, through the partnership, My State MLS agent members will be able to receive estimated cash offers on qualifying properties within minutes to

Sellers 475
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Foreclosure Starts Tick Upward in May 

Appraisal Buzz

ATTOM’s May 2024 Foreclosure Market Report found that there were a total of 32,621 U.S. properties with foreclosure filings during the month—default notices, scheduled auctions, or bank repossessions—up 3% from April 2024, but down 7% from a year ago. “May’s foreclosure activity highlights nuanced shifts in the housing market,” said Rob Barber, CEO at ATTOM.

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5 coaches on how to show your value to get the commission

Inman

There are several ways in which agents can prove just how much they're worth — and why anyone would want to sign a buyer-broker agreement and pay their commission.

Buyers 172
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KW tackles commissions questions, tries to calm agent fears

Real Estate News

At a town hall event, Keller Williams leadership addressed agents’ concerns, acknowledged that “change is not comfortable.

Agents 285
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Boomers, millennials locked in ‘showdown’ over housing: Fortune

Housing Wire

As baby boomers increasingly seek to age in place in their own homes — a scenario supported by both the preferences of older homeowners and the realities brought on by elevated mortgage rates — this is clashing with the desires of millennials who wish to enter the housing market, as the combination of limited inventory and high costs are keeping these buyers on the sidelines of the mortgage market.

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Simplifying the Digital Mortgage Payment Process

Appraisal Buzz

This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. Mortgage delinquency rates in early 2024 are trending upward as a result of economic pressure bouncing back from unusually low levels of the past year. The trend of increasing mortgage delinquencies for all loan types can be traced back to the emergence from the pandemic economy in 2022.

Mortgage 393
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Elevate your Inman Connect networking experience this July

Inman

Inman Connect is all about connecting. In fact, we’re famous for it. On this side of event planning, we have one goal in mind: to help the real estate industry connect with each other. Elevate your NOI (network of influence) at Inman Connect Las Vegas. Here's how.

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VA makes mortgage rule change official

Real Estate News

A temporary policy revision allows military borrowers to pay their agents, something that was previously prohibited under VA lending rules.

Lending 264
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Two parties appeal final approval of RE/MAX, Keller Williams and Anywhere settlement agreements

Housing Wire

The path forward for the settlement agreements reached by Anywhere , RE/MAX and Keller Williams with the home seller plaintiffs in the commission lawsuits has become a bit murkier. Last week, two parties filed appeals with the Eighth Circuit Court of Appeals that seek to overturn Judge Stephen R. Bough’s May 9 decision to grant final approval of the three settlement agreements.

Sellers 460
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Continuing Monthly Rent Declines Suggest Lingering Inflation 

Appraisal Buzz

Rents declined in May for the tenth consecutive month, and the speed of the decline has slowed since earlier this year, suggesting potential challenges for additional reductions in total inflation. This is according to the Realtor.com Rental Report for May. The report suggests that this could possibly complicate the Fed’s policy decisions and also underlines the need for increased home construction, particularly in those locations where a lack of rental supply is leading to rising costs.

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Proposed DOJ ban on commission offers against the law, MLS says

Inman

MLS PIN on Monday urged a district court to reject the Department of Justice's arguments against a settlement with homeseller plaintiffs in the Nosalek antitrust commission case.

Law 161