Sat.May 11, 2024 - Fri.May 17, 2024

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Inflation eases for the first time in three months

Housing Wire

The most anticipated economic report of the month showed that inflation cooled down a little in April, bringing relief to investors and housing industry professionals. Consumer prices in April were up 3.4% from a year earlier, down from 3.5% in March , according to data released by the Bureau of Labor Statistics on Wednesday. The reading, which came on the heels of the past three stronger-than-expected CPI releases, aligned with economists’ forecasts.

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Geographic “Data” Competency?

Appraisal Buzz

I recall receiving MLS books once a month and being thrilled that a whole new population of sales were available to be considered within the pages of each book. By the time I got the new book, the sales were already a bit dated, and since they were only closed sales – they had actually sold a few weeks to months prior. Each month there was a new book, but every 6 months, there was a combined book with the last 6 months of sales in one bound and printed book.

Appraisal 347
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Planning for a Home Renovation: A Guide

Cleveland Appraisal Blog

Hello, dear readers! Thank you for being here! Many homeowners have decided not to sell their homes but to renovate them instead. If you find yourself in this situation, this article will provide you with a guide that may be helpful to you. This week, I invite back a guest blogger, Tina Martin. I hope you enjoy her article! Planning for a Home Renovation: A Guide When it comes time to renovate your home, there are a few things you should know.

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Has the housing market peaked for the spring?

Sacramento Appraisal Blog

Has the spring market peaked? There is a good chance it has. Let’s talk about that today. This post is designed to skim by topic or digest slowly. UPCOMING SPEAKING GIGS: 5/15/24 KW Roseville Event (open to real estate pros) 6/5/24 Marketing Mastermind (register here) 6/6/24 Golden 1 Credit Union (details TBA) 6/11/24 Elk Grove […] The post Has the housing market peaked for the spring?

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Majority of recent homebuyers have regrets: survey

Housing Wire

A report released this week by St. Louis-based Clever Real Estate found that recent homebuyers, as well as people who are considering a home purchase in the next year, are experiencing a laundry list of difficulties. Last month, Clever surveyed a total of 920 Americans about their views of the home purchase process and real estate agents. The respondents included 420 people who bought a home in 2023 or 2024, and another 500 who plan to do so in 2024 or 2025.

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Keller Williams cancels plan to cut profit share for ex-agents

Real Estate News

President and CEO Mark Willis called the move “unprecedented," and said the vote by the company’s agent-led IALC passed by an “overwhelming majority.

Agents 293

More Trending

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7 reasons great real estate agents will always be needed

Inman

Now is the time to expand your skill set, broaden your knowledge and provide value at a higher level than you’ve ever provided, Jimmy Burgess writes, so that you won't just survive, you'll thrive.

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UWM cuts out title insurer with updated TRAC+ program, rolls out 0% down purchase initiative

Housing Wire

United Wholesale Mortgage (UWM) has launched a new service to handle all the title work for its brokers on refinancings. As a result, brokers no longer need to deal with a title company or settlement agent to close a refi. The top U.S. mortgage lender announced the service on Thursday during an annual meeting with its broker partners in Pontiac, Michigan.

Insurance 450
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Down payments have doubled in the past 4 years

Real Estate News

The latest data points to some easing, but payments could hit a new peak later in the year. Regionally, payments are down in areas with rising inventory.

Inventory 270
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Mortgage Advisory Firms STRATMOR Group and Teraverde Have Merged 

Appraisal Buzz

STRATMOR Group and Teraverde have merged to create a powerhouse mortgage advisory firm poised to serve clients across entire mortgage banking spectrum. Both firms will operate under the STRATMOR brand in the near future. The new firm combines each company’s respective programs, technology, and subject-matter expertise to deliver superior advisory solutions to now serve the entire mortgage banking spectrum.

Mortgage 195
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Mortgage rates headed under 7% on encouraging inflation data

Inman

Homebuyers have yet to respond in force to drop in rates, which have been in retreat from 2024 highs for three consecutive weeks following Fed easing and soft jobs and CPI reports.

Mortgage 187
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California leads all states for highest bankruptcy risk to seniors

Housing Wire

Across all states, California poses the highest risk of bankruptcy for Americans ages 65 and older, according to a study released by personal finance website Moneywise. The study analyzed 11 factors to determine which states put elderly U.S. citizens at the greatest risk of bankruptcy. It determined each state’s risk of bankruptcy by assigning a risk score on a scale of 100 based on factors like poverty rates, debt-to-income ratios, health care expenses and overall cost of living.

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Housing Market Decoded: The mortgage rate 'lock-in' effect

Real Estate News

Rates have gone up considerably in the past few years, but is the fear of losing a low-rate mortgage really keeping homeowners from selling?

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Redfin: New and Active Listings Increased in April as Home Prices Continued to Rise

Appraisal Buzz

The median U.S. home sale price increased 6.2% year over year in April to $433,558 — the highest level on record, according to Redfin. Today’s housing market is much slower than it was during the pandemic home buying boom, but prices continue climbing due to low inventory. New listings increased 1.7% month over month in April and were up 10.8% year over year.

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Affordability Pyramid Shows 64.8 Million Households Cannot Buy a $250,000 Home

Eyes on Housing

As described in a previous post, NAHB recently released its 2024 Priced-Out Estimates showing 103.5 million households are not able to afford a median priced new home and an additional 106,031 households would be priced out if the price goes up by $1,000. This post focuses on the related U.S. housing affordability pyramid, showing how.

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Chase Home Lending increases its closing guarantee

Housing Wire

Chase Home Lending , the consumer and commercial banking arm of JPMorgan Chase & Co. , has raised its closing guarantee from $5,000 to $20,000 until July 27, 2024, the bank announced on Thursday. The guarantee means that the bank promises an on-time closing on or before the contract closing date, or it will pay the homebuyer $20,000. This grant can be used to discount underwriting fees paid at closing, or to reduce the interest rate and down payment.

Lending 457
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eXp CEO: ‘Treat your buyers like you treat your sellers’

Real Estate News

Company leaders hosted a livestream to discuss NAR settlement outcomes, including buyer agreements and how to talk to sellers about buy-side compensation.

Sellers 259
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LoanCare Hires David Vida as EVP, Chief Revenue Officer 

Appraisal Buzz

Mortgage industry veteran David Vida has joined subservicer LoanCare as executive vice president, chief revenue officer. Vida is a seasoned leader with a robust background in residential mortgage servicing and originations-related services. He has over 30 years of experience and most recently served as chief operating officer at Weston Portfolio Group.

Clients 195
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State Level Employment Situation: April 2024

Eyes on Housing

Nonfarm payroll employment increased in 38 states and the District of Columbia in April compared to the previous month, while 11 states saw a decrease. Alaska reported no change during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 175,000 in April, following a gain of 315,000 jobs.

Marketing 180
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Why is real estate tech a hot topic?

Housing Wire

At “ The Gathering ” this year, every room seemed to share a certain buzz. Conversations across panels, roundtables, announcements, and everywhere in between seemed to trend toward the same general topic: How do we make the most of a market that continues to offer as many challenges as it does chances? Expectations for real estate professionals are higher than ever—along with mortgage interest rates , the length of time that listings spend on the market, and the percentage of listings off-mark

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Builder confidence takes a hit as rates, costs remain high

Real Estate News

Sentiment drops for the first time since November, with persistent inflation and concerns about new federal rules dampening builders’ outlook.

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Freddie Mac: Mortgage Rates Decrease for a Second Consecutive Week

Appraisal Buzz

The average rate for a 30-year fixed-rate mortgage fell to 7.02% this week, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS). A year ago at this time, the average rate for a 30-year was 6.39%. “Mortgage rates decreased for the second consecutive week,” says Sam Khater, chief economist for Freddie Mac, in a release. “Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates.

Mortgage 195
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Your essential marketing toolkit for a post-NAR settlement landscape

Inman

Ready to transform the way you communicate your value to clients? Marketing expert Marci James helps you reshape the agent-client relationship by prioritizing clear communication and exceptional results.

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Are mortgage rates about to fall?

Housing Wire

Mortgage rates and the bond market have fallen a bit recently and the spreads between the 10-year yield and 30-year mortgage rate have improved over last year’s levels. In the past two years, demand has always picked up whenever mortgage rates have moved lower with some duration. Even last week, purchase apps grew week to week. What should we expect this week and what should we focus on for the rest of the year?

Mortgage 458
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CoStar CEO says competitors are ‘going to adopt our model’

Real Estate News

Will Homes.com sell buyer agent leads? “Never,” says Andy Florance, who believes all the portals will eventually move to “your listing, your lead.

Agents 247
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Snapdocs’ eVault and SitusAMC’s ProMerit Now Integrated

Appraisal Buzz

Snapdocs eVault is now integrated with SitusAMC ’s ProMerit platform, allowing warehouse lenders to manage e-note transactions seamlessly and securely from within their warehouse lending system of record. “Today, e-note adoption by mortgage originators is just under 10 percent, and projections indicate it will reach nearly 30 percent of all new loan originations within a few years,” says Camelia Martin, vice president of e-mortgage strategy at Snapdocs, in a release.

Lending 195
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What should I tell clients? Question leads to free-for-all at NAR midyear

Inman

May 6 remarks from Anthony Lamacchia spurred at least one NAR midyear attendee to leave the MLS Forum in protest, others to hurl steering accusations, and NAR's senior counsel to intervene.

Clients 176
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Fidelity CEO says federal government’s title insurance proposals are ’misguided’

Housing Wire

Despite persistently high interest rates , big four title firm Fidelity National Financial recorded a much stronger start to 2024 than it did a year ago. In first-quarter 2024 , Fidelity reported total revenue of $3.299 billion, up from $2.474 billion a year ago. Its net earnings were $248 million, compared to a $59 million net loss in Q1 2023. The firm attributed its stronger results to better performance from both its F&G segment and its title insurance segment.

Insurance 450
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‘More wiggle room’ for buyers as rates, supply show promise

Real Estate News

Squint and you can see a bright side as housing starts bounce back and mortgage rates drop a bit (but stubbornly stay above 7%).

Buyers 263
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Clever: 43 Percent of Recent Homebuyers Have Struggled to Make Mortgage Payments on Time

Appraisal Buzz

Forty-four percent of recent home buyers have had to take on additional debt to maintain their lifestyle, and 43% have struggled to make mortgage payments on time, according to Clever Real Estate’s American Home Buyer Report. Further, 47% of recent home buyers say they feel in over their head financially since purchasing their home. About 85% of buyers compromised on their priorities when purchasing a home, according to the report.

Mortgage 195
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10 answers to the questions confused sellers are asking now

Inman

The changing real estate landscape and media misinformation are creating confusion for homesellers. Mega-team leader Carl Medford lays out the facts so that you can educate your clients.

Sellers 177
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FSOC recommends more regulation and liquidity for nonbank servicers

Housing Wire

A recently published report by the Financial Stability Oversight Council (FSOC) identified vulnerabilities at nonbank mortgage servicers that pose risks to financial stability. It recommended increased regulation and initiatives to improve these companies’ liquidity during moments of stress, but mortgage trade groups have different reactions to the proposals.

Finance 450
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Realtor.com CEO takes aim at ‘deceptive’ claims

Real Estate News

Damian Eales told Real Estate News that he loves competition but takes issue with Homes.com’s traffic claims and says they have “disparaged” buyer agents.

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PIMCO is Winning Bidder on Three Pools of Reperforming Loans Auctioned by Fannie Mae

Appraisal Buzz

Pacific Investment Management Company LLC (PIMCO) is the winning bidder on three pools of reperforming mortgage loans recently auctioned by Fannie Mae. Reperforming loans are loans that have been or are currently delinquent but have reperformed for a period of time. The deal, announced on April 16, included the sale of 6,484 loans totaling $1.47 billion in unpaid principal balance (UPB).

Investing 195