Sat.Jan 06, 2024 - Fri.Jan 12, 2024

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Fewer homes will take a price cut in spring 2024

Housing Wire

Will the number of homes that take a price cut this year drop below 2023 levels? Yes! If the current trends continue into the strong seasonal pricing period, we will see fewer homes that are discounted before selling. I believe this was the most overlooked housing story of the last year because even as mortgage rates rose all the way to 8% , the home price cut percentage data was always about 4% lower year over year.

Inventory 542
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It was a weird housing market in 2023

Sacramento Appraisal Blog

Last year was a strange time in housing. On paper, it looked like home prices should have tanked in 2023 since we had some of the worst sales volume ever. Yet, prices didn’t dip that much. Today, let’s talk about what happened in a big recap. I hope you get something out of this. Any […] The post It was a weird housing market in 2023 first appeared on Sacramento Appraisal Blog.

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Critical Thinking?

George Dell

Is thinking necessary? Are there different types of thinking? Can I avoid thinking about this? As the appraisal profession transitions to data analysis methods – we discover that judgment becomes more important – not less important. In fact, it does require we think about thinking! Let’s go! We can contrast a critical thought process with […] The post Critical Thinking?

Appraisal 195
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Your Business is Your Business

The Appraiser Coach

When I first started coaching, I was told by many people that I should write a book. I was on fire with the good news that you didn’t have to be frustrated with your job, working long hours and getting nowhere. I had a model that I had found to be successful for me, and I was ready to share it with the world. It didn’t take me long to learn, however, that not everyone runs their business the same way.

Business 195
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Reverse mortgages could be a long-term care option: Kiplinger

Housing Wire

Among the numerous issues that retirement preparation can present to those near the end of their careers, long-term care (LTC) provides an increasingly common discussion point. One potential product that could assist in paying for LTC and its insurance could be a reverse mortgage, according to personal finance publication Kiplinger. LTC is already an expensive prospect and is projected to become a more common necessity as the U.S. population grows older in the coming years.

Mortgage 516
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NAR President Tracy Kasper resigns, alleges blackmail

Inman

The National Association of Realtors' leader said she recently received a "threat to disclose a past personal, non-financial matter unless she compromised her position at NAR.

Realtors 203

More Trending

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Why Should You Hire an Appraiser for Divorce Appraisals?

Appraisal Partners Blog

Indeed, having a divorce is quite complex and traumatic to handle. During this time, not only do you feel emotional loss, but dealing with assets can be daunting. However, facing such a scenario is not a failure at all. And you are not the only one who goes through this process. Fortunately, there are professionals […] The post Why Should You Hire an Appraiser for Divorce Appraisals?

Appraisal 148
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Inflation data still pointing toward rate cuts in 2024

Housing Wire

Inflation came in hotter than expected on Thursday, but we are still talking about rate cuts in 2024! The 10-year yield had a mild reaction to today’s data , increasing a few basis points early. It’s now at 3.98% , a far cry from 5.04% as we saw last year. This, while jobless claims data is still historically low. As I have stressed time and time again, when the market believes the Federal Reserve is done hiking rates, the markets make a big move lower with the 10-year yield and mortgage r

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NAR, KW and HomeServices seek new trial in Sitzer | Burnett suit

Inman

The defendants point to "legal errors at trial" they say justify setting aside the jury's historic, multi-billion-dollar verdict and giving the defendants another chance to make their case in court.

Legal 199
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Building Materials Price Growth Plummets in 2023

Eyes on Housing

According to the latest Producer Price Index report, growth in the average price level of inputs to residential construction less energy (i.e., building materials) fell from 15.0% in 2022 to 1.3% in 2023 (not seasonally adjusted). On a monthly basis, building materials prices rose 0.1% in December after increasing 0.1% in November (revised). Monthly price increases averaged 0.2% in 2023, down.

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Appraisers Destroying Goliath’s Messaging

Appraiserblogs

Goliath’s strength is in his messaging. It is appraisers who are destroying the message. The seeming destruction of the appraisal profession by the federal government, GSEs and lending stakeholders is a collective action problem. Appraisers are responding to new GSE and lending dictates with reactions based on our own personal well-being. Not enough people speak up or stand up to change the trajectory of the narrative.

Appraisal 130
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Cyberattack at loanDepot brings systems down

Housing Wire

Top-15 U.S. mortgage lender loanDepot confirmed Monday morning that it is the industry’s latest cyberattack victim. The incident has brought loanDepot’s systems down. The California-based lender, which originated roughly $17 billion in mortgage loans from January to September 2023, said it has launched an investigation with the support of cybersecurity experts.

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Jump in key inflation gauge may delay mortgage rate relief

Inman

Futures markets still hold out hope for a March rate cut, even as annual inflation increased to 3.4 percent in December, moving away from the Fed's 2 percent goal for the first time since September.

Mortgage 195
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Housing Costs Persist in Driving Inflation Higher

Eyes on Housing

Consumer prices rose again in December, driven by higher energy prices and sticky housing costs. Despite the increase, overall inflation has moderated by nearly half, declining from 6.5% in 2022 to 3.4% by the end of 2023. However, even after peaking in March 2023, shelter costs continue to put upward pressure on inflation, accounting for over two-thirds of the total.

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Biden’s Remark on Home Values Sparks Backlash

Appraiserblogs

President Biden’s recent comment about the discrepancy in home values between Black and white families has sparked backlash on social media, with many accusing him of being a “divider”. During a campaign speech at Charleston Church in South Carolina, Biden stated that homes owned by Black families are often valued at less than those owned by white families, even if they are built by the same builder.

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Mortgage demand picks up again: MBA

Housing Wire

Despite an uptick in mortgage rates at the beginning of 2024, mortgage demand surged after adjusting for the holiday. Mortgage applications increased 9.9% for the week ending Jan. 5 compared to one week earlier, according to data from the Mortgage Bankers Association (MBA). The 30-year fixed mortgage rate averaged 6.62% as of Jan. 4, according to Freddie Mac ’s Primary Mortgage Market Survey.

Mortgage 506
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LoanDepot is latest real estate company to be targeted by hackers

Inman

Mortgage lender says an unauthorized party accessed its systems and encrypted some of its data, a tactic employed by ransomware groups to target more than 1,000 companies and organizations.

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Consumer Credit Outstanding Climbs as Credit Card Debt Surges

Eyes on Housing

According to the Federal Reserve’s latest G.19 Consumer Credit report, total consumer credit outstanding totaled $5.00 trillion (seasonally adjusted) for the first time in November—a 5.7% monthly increase (seasonally adjusted annual rate). The increase reflected a 17.7% surge in revolving credit and a more modest 1.5% rise in nonrevolving credit (SAAR).

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Foreclosures in Black Communities Due to Overvaluation

Appraiserblogs

What were the results? Most had foreclosures. They bought a house worth much less than they paid for it and never planned or budgeted to make a mortgage payment in the first place. About 2 years before the crash of ‘08, I ran across a company out of DC called “Metro Grapevine” and “Metro Dream Homes.” It was a Ponzi scheme marketed by a black to blacks only.

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US Supreme Court to hear mortgage escrow case in February

Housing Wire

The U.S. Supreme Co urt last week scheduled oral arguments for seven pending cases to take place in February, including one that will decide whether “the National Bank Act preempts the application of state escrow-interest laws to national banks,” according to a publication of the argument schedule and reporting at SCOTUSblog. The court will decide whether or not national banks will be required to follow state-level laws governing escrow accounts’ accumulation of interest.

Law 488
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Navy Federal faces lawsuits over discriminatory lending allegations

Inman

Lawmakers are demanding a federal investigation in the wake of a CNN analysis that concluded the nation's largest credit union denied more than 50 percent of Black mortgage applicants in 2022.

Lending 190
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Modest Increase in Mortgage Activity to Start 2024

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending January 5th, total mortgage activity increased 9.9% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate rose five basis points to 6.81%. After the total mortgage activity index fell 10.7% in the last week of December, it bounced back in the first week of the year.

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Limitations for Damages Against Appraisers

Appraiserblogs

Why would any damages against an appraiser be more than the actual fee paid to the appraiser? House Bill 53 has been introduced into the 2024 Virginia General Assembly, directly impacting Virginia Real Estate Appraisers. The legislation introduced by R. Lee Ware places a statute of limitations for damages against appraisers and appraisal management companies at 5 years.

Appraisal 108
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Opinion: More financing options for ADUs are needed

Housing Wire

In the ongoing struggle for attainable housing, one positive development has been the increased availability of funding options for homeowners seeking to incorporate Accessory Dwelling Units (ADUs) into their properties. A recent survey by Villa noted that some ~60% of rental tenants said that living in an ADU has allowed them to live in a neighborhood they would not otherwise be able to afford — that’s a big deal.

Finance 493
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3 top agents from Realogics Sotheby’s move to The Agency

Inman

As agents continue to reevaluate their brokerage affiliations heading into the new year, Seattle-based Sandra Hines, Blake Waggoner and Dave Janssens have all left Realogics Sotheby's International Realty for The Agency.

Agents 190
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[Video] Building in 2024: How to Successfully Implement Data Automation

GoForrmz

Watch this panel discussion to see how easy it is to implement data automation on your job sites Held live on January 11, 2024, this webinar brings together The Rollout Crew, Bryan Builders, and GoFormz for a panel discussion about bringing data automation to your construction sites. You can watch the full video recap here, followed by detailed timestamps of individual portions of the discussion.

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McKissock Ditches PAREA

Appraiserblogs

On January 1, 2024, McKissock announced that they were pulling the plug on their PAREA project. The primary factor contributing to this cancellation was the substantial resource cost, which exceeded initial estimates and resulted in a higher-end price for customers. This decision was made with the recognition that a higher cost would create a new barrier to entry into the appraisal profession, potentially hindering individuals from pursuing a career due to financial constraints.

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More homeowners might be ready to sell despite the lock-in effect: Redfin

Housing Wire

Despite the still-challenging rate environment, some homeowners might opt to bite the bullet and give up their low rate to move, according to a Redfin study. Nationwide, the share of homeowners with relatively low rates has fallen modestly from a record high of 92.8% in mid-2022. In the third quarter of 2023, 88.5% of U.S. homeowners with mortgages had an interest rate below 6%.

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Real estate’s AI boom is behind the curve on lead generation: Triple-I

Inman

More than 30 proptech leaders who responded to the Inman Intel Index monthly sentiment survey signaled the areas where they believe artificial intelligence will most change real estate in 2024.

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Market Update – Coral Springs – Nov 2023 and Q3 2023

Empire Appraisal Group

Market Update – Coral Springs – Nov 2023 and Q3 2023 For over 20 years we have been providing real estate valuation services to Coral Springs and the rest of Broward County. We specialize in setting an accurate listing price for your home whether you are selling for sale by owner or using an agent, we value the marital home for divorce / dissolution of marriage, for estates we can provide the properties value as of the date of death, for immigration purposes as part of an affidavit

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Best Practices for Evaluating Your SaaS Provider

GoForrmz

A step-by-step guide to evaluating potential SaaS providers Now more than ever, choosing the right Software as a Service (SaaS) platform is pivotal to your business success. Whether you’re a startup or a well-established corporation, the decision to opt for a SaaS solution demands a thorough evaluation process. The following best practices for evaluating a SaS platform can help ensure a seamless partnership for your organization that aligns with your business needs and goals.

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NAR President Kasper resigns following blackmail threat

Housing Wire

National Association of Realtors President Tracy Kasper has resigned following a threat made against her, the trade group said Monday. “Kasper informed NAR’s Leadership Team that she recently received a threat to disclose a past personal, non-financial matter unless she compromised her position at NAR,” NAR said in a written statement. “She refused to do so and instead reported the threat to law enforcement.

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Illinois’ 3rd commission suit names @properties, champions buyers

Inman

A Chicago homeowner is the latest to allege NAR policies amounted to a conspiracy to keep commissions high for buyers; @properties vows to "vigorously defend" against the new lawsuit.

Buyers 184
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Birmingham Housing Stats: A Final Look at 2023

Birmingham Appraisal

A Final Look at 2023 Birmingham Housing Stats If asked what their final thoughts are about the 2023 real estate market coming to an end most agents would probably reply “Good riddance”! The 2023 real estate market was not good to most in the industry and today we’re going to look at what happened in December with Birmingham Housing Stats as well as the year in general.