Housing Wire
JANUARY 6, 2024
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.
Sacramento Appraisal Blog
JANUARY 11, 2024
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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Real Estate News
JANUARY 8, 2024
Kasper had been in the role for just over four months following the resignation of former president Kenny Parcell. Kevin Sears is taking over as president.
George Dell
JANUARY 10, 2024
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?
Housing Wire
JANUARY 9, 2024
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.
The Appraiser Coach
JANUARY 9, 2024
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.
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Inman
JANUARY 8, 2024
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.
Housing Wire
JANUARY 8, 2024
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.
Eyes on Housing
JANUARY 8, 2024
The year-over-year (YOY) growth rate for residential building worker wages decelerated to 0.6% in June 2023. Over the past five months, wage growth accelerated moderately and reached 4.0% in November. Overall, average hourly earnings for residential building workers* increased at a relatively slower pace in the past year, compared to the peak rate of 8% in October 2021.
Real Estate News
JANUARY 10, 2024
The brokerage’s new Private Label initiative gives teams access to Real’s platform and revenue sharing model while maintaining their independent brand.
Inman
JANUARY 10, 2024
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.
Housing Wire
JANUARY 11, 2024
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
Eyes on Housing
JANUARY 12, 2024
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.
Real Estate News
JANUARY 11, 2024
Realtor.com ranked the top spots for younger buyers and found that smaller towns scattered across the Northeast and Midwest hold the most potential.
Inman
JANUARY 11, 2024
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.
Housing Wire
JANUARY 10, 2024
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.
Eyes on Housing
JANUARY 11, 2024
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.
Real Estate News
JANUARY 6, 2024
In its latest report, the CFA continues to cast a critical lens on what it sees as a bloated industry where too few agents can succeed.
Inman
JANUARY 8, 2024
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.
Housing Wire
JANUARY 9, 2024
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.
Eyes on Housing
JANUARY 9, 2024
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).
Real Estate News
JANUARY 10, 2024
For the second year in a row, the Swanepoel Power 200 designated Sue Yannaccone, Anywhere Brands president and CEO, as the most powerful female leader.
Inman
JANUARY 12, 2024
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.
Housing Wire
JANUARY 12, 2024
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.
Appraisal Partners Blog
JANUARY 9, 2024
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?
Real Estate News
JANUARY 9, 2024
The defendants seek to overturn the nearly $1.8 billion verdict, arguing in motions filed Jan. 8 that the evidence doesn’t meet the bar for antitrust damages.
Inman
JANUARY 8, 2024
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.
Housing Wire
JANUARY 8, 2024
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.
Appraiserblogs
JANUARY 8, 2024
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.
Real Estate News
JANUARY 11, 2024
Claim forms will be sent to eligible class members soon, but it's not clear how much money individual sellers will receive.
Inman
JANUARY 12, 2024
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.
Housing Wire
JANUARY 12, 2024
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%.
Appraiserblogs
JANUARY 11, 2024
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.
Real Estate News
JANUARY 8, 2024
The two firms — the only major brokerage companies yet to settle in the commissions cases — are on track to finalize their agreements this May.
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