Sat.Oct 12, 2024 - Fri.Oct 18, 2024

article thumbnail

Buyers and Sellers Embrace Market in Wake of Mortgage Rate DipĀ 

Appraisal Buzz

According to the Realtor.com September Rental Report, there remains a geographical gap in the rental market despite a national trend of overall rent declines. Despite a nationwide decline in rent, nine of the ten Midwestern markets included in the 50-metro survey experienced year-over-year increases in rent in September. On the other hand, eight out of ten of the markets that saw the largest rent cuts last month were in the South, primarily due to an increase in the number of new multi-family ho

Sellers 418
article thumbnail

One mortgage lender abandons the Florida condo market

Housing Wire

California-based Provident Funding Associates LLC is getting out of the Florida condo lending business , it told broker partners on Friday. In an email sent Friday morning, Provident said that it would “no longer be accepting new applications for condominiums ” effective that day. Provident told broker partners that all loans in the pipeline must be locked by 11:59 p.m.

Marketing 524
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

A decade ago, real estate got a warning ā€” did we heed it?

Real Estate News

The DANGER Report took a ā€œfrank and sometimes searingā€ look at the risks facing agents, brokers, associations, MLSs and the National Association of Realtors.

article thumbnail

Which neighborhoods are doing better than others?

Sacramento Appraisal Blog

Who is buying in today’s housing market? Some say it’s only the wealthy or institutional investors, and first-time buyer are missing in action. What do stats show when we look at forty local neighborhoods? Let’s find out. UPCOMING SPEAKING GIGS: 10/18/24 Prime Real Estate (private) 10/22/24 Culbertson and Gray Group (private (I think)) 10/23/24 SAFE […] The post Which neighborhoods are doing better than others?

article thumbnail

Hispanic Homeowners Reduce the Home Value Gap

Appraisal Buzz

Zillow has found that Hispanic homeowners are making great strides in narrowing the home value gap with white homeowners over the past two yearsā€”regaining ground lost during the pandemic. The gap is now the narrowest ever observed. Hispanic-owned homes are currently worth 11.9% less than homes owned by non-Hispanic white households, down from 12.1% last year and a recent high of 12.4% in December 2021.

article thumbnail

Fairway, accused of redlining in Alabama, agrees to settle for $1.9M

Housing Wire

Fairway Independent Mortgage Corp. has agreed to settle with the Consumer Financial Protection Bureau (CFPB) and the U.S Department of Justice (DOJ) over the regulators’ allegations of mortgage lending discrimination in majority-Black neighborhoods of the Birmingham, Alabama , metro area. The agreement, which was submitted for court approval, requires the Madison, Wisconsin-based mortgage lender to pay a $1.9 million civil penalty.

More Trending

article thumbnail

A 25-acre ā€˜tree houseā€™ haven with an airplane guest room hits market

Inman

The unique getaway completed in 2010 by late craftsman and entrepreneur Reggie Whibley is on the market for $1.75 million. The hunt is on for a buyer who doesn't care about cell or internet service.

Marketing 189
article thumbnail

Single-Family Home Starts Rise for Second Straight Month

Appraisal Buzz

The U.S. Census Bureau and the U.S. Department of Housing & Urban Development (HUD) have announced new residential construction statistics for September 2024. Single-family housing starts in September improved for the second consecutive month, as builder sentiment has improved. HUD and the Census Bureau found that privately-owned housing starts in September were at a seasonally adjusted annual rate of 1,354,000, which was 0.5% below the revised August estimate of 1,361,000, 0.7% below the Se

article thumbnail

FCC says new rules for robocall and text opt-outs will take effect in April 2025

Housing Wire

The Federal Communications Commission (FCC) ā€” the regulatory body that oversees communications across a wide variety of media including radio, telephone and the internet ā€” announced that new rules related to the Telephone Consumer Protection Act (TCPA) will go into effect in April 2025. The new guidelines are designed to make it easier for consumers to revoke consent for unwanted robocalls and texts.

Design 482
article thumbnail

Up for negotiation: Commission fees

Real Estate News

More than half of recent sellers say they negotiated with their agent to lower the commission, according to new survey data from Zillow.

Sellers 271
article thumbnail

Flagstar shedding 1,900 workers, but many could land at Mr. Cooper

Inman

A majority of the 1,200 Flagstar employees being let go in $1.4 billion sale of the company's mortgage servicing business will be offered the opportunity to transfer to Dallas-based Mr. Cooper.

Business 186
article thumbnail

Renting vs. Buying: Single-Family Homes Offer Tenants More OptionsĀ 

Appraisal Buzz

While some believe the ā€œAmerican Dreamā€ is still attainable in todayā€™s market, new Point2 data showed that a growing number of prospective homebuyers do not see themselves as homeowners, citing a combination of factors such as mortgage rates, availability, and growing home prices. Because many Americans donā€™t believe homeownership is likely in their future, renters of single-family homes have grown to be a major force in the residential market, greatly influencing the post-pandemic environment.

Tenants 370
article thumbnail

Reshaping appraisals: Jaroā€™s high-tech solutions innovate the appraisal process in an evolving real estate market

Housing Wire

As mortgage rates fluctuate based on decreasing housing inventory volume, the appraisal market is more volatile than ever in key areas such as urban and rural communities states like California and Texas. With higher rates, lower transaction volumes usually plague the industry, translating to fewer appraisals as homeowners hunker down with their lower rates.

article thumbnail

Could portals ā€˜go full-blown brokerageā€™ if Clear Cooperation goes away?

Real Estate News

A panel of industry veterans debated the policy and discussed various scenarios for residential real estate should the CCP be repealed.

Brokerage 258
article thumbnail

Strong economy may prop up home prices, mortgage rates

Inman

Fannie Mae economists say surprising strength of the U.S. economy means home prices are likely to keep rising, and mortgage rates may not come down as quickly as previously expected.

Mortgage 186
article thumbnail

New Home Purchase Mortgage Applications Increase From Last Year

Appraisal Buzz

According to statistics from the September 2024 Builder Application Survey (BAS) by the Mortgage Bankers Association (MBA), mortgage applications for the purchase of new homes grew by 10.8% over the previous year. The number of applications fell by 6% from August 2024. There is no adjustment made for normal seasonal variations in this alteration. ā€œApplications for new home purchases declined in September, consistent with seasonal patterns, and continued to run ahead of last yearā€™s pace,ā€ said Jo

Mortgage 396
article thumbnail

Fannie Mae expands voucher program for multifamily landlords

Housing Wire

Fannie Mae on Tuesday announced enhancements to its Expanded Housing Choice (EHC) initiative, opening it up to all jurisdictions without source-of-income protections. The government-sponsored enterprise (GSE) said the Housing Choice Voucher program, which launched in 2022, assists very low-income families, seniors and people with disabilities in being able to afford stable and quality housing in the private market.

Landlords 476
article thumbnail

Rising rates a bummer for buyers, but builders are more bullish

Real Estate News

Mortgage rates moved up again, but for the market as a whole, ā€œthe worst may be behind us.ā€ Plus, improving builder optimism could mean more future supply.

Buyers 254
article thumbnail

Listing agents hold the line against downward commission pressure

Inman

More than 89 percent of active sellers told Intel they're open to covering the buyerā€™s commission ā€” even as homebuyers increasingly seek to negotiate lower commission rates with their own agents.

Agents 186
article thumbnail

ā€˜Extra Staleā€™ Listings Linger On Market as Home Sales Slip

Appraisal Buzz

The largest percentage for any August since 2019 is found in nearly half (48%) of all listings that have been active for at least 60 days. For the seventh consecutive month, the percentage of residences left unoccupied for at least 60 days increased annuallyā€”whereas it was 43.2% last month. For the fifth consecutive month, the percentage of homes listed for 60 days increased, according to recent Redfin data.

Marketing 366
article thumbnail

Mortgage rates could reach 5.7% next year, but will sellers give up their 3% rates?

Housing Wire

The U.S. economy appears to be on firmer footing than previously thought, mortgage rates are forecast to end 2024 at 6% and home-price growth is also on the move. These are conclusions drawn by economists at Fannie Mae ‘s Economic and Strategic Research (ESR) Group. They’re now projecting gross domestic product (GDP) growth to fall from 3.2% in 2023 to 2.3% in 2024 and 2% in 2025.

Sellers 511
article thumbnail

Buy a house before this election? First-timers vote no

Real Estate News

Nearly a quarter of first-time buyers may wait even longer, to see if down payment help or other candidate promises materialize in 2025, a Redfin survey found.

Buyers 251
article thumbnail

Hereā€™s your Clear Cooperation opinion roundup: The Download

Inman

Industry heavyweights are all lining up for and against Clear Cooperation. Find out which side of the topic real estate's biggest names are standing on.

article thumbnail

Fannie Mae: Home Price Growth Expected to Decelerate in 2025Ā 

Appraisal Buzz

The October 2024 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group revealed that the economy now looks to be on firmer footing than previously thought, following annual revisions to the national accounts and an improvement in payroll employment growth in both August and September. The ESR Group still anticipates a slowdown in economic growth from the strong 3.2% pace seen in 2023, but it will be less severe than previously anticipated.

Mortgage 397
article thumbnail

Prices for FICO scores are predicted to rise ā€” again ā€” in 2025

Housing Wire

Wall Street investors and analysts forecast that mortgage credit-score costs will rise in 2025 as lower interest rates may drive an increase in home loan applications. Fair Isaac Corp. (FICO), the company that retains the rights to the marketā€™s widely adopted consumer credit-risk assessment methodology, is expected to raise the price for mortgage credit scores from $3.50 to at least $5, according to the estimates.

Investors 531
article thumbnail

Housing Market Decoded: Can we predict where mortgage rates are headed?

Real Estate News

A range of competing factors are driving volatility in rates, making it harder to forecast their direction ā€” but they're likely to decline further this year.

article thumbnail

6-step listing launch plan thatā€™s just right for todayā€™s market

Inman

The better your listing marketing plan, the better the results, and the more listing opportunities you will have in the future. Jimmy Burgess offers a step-by-step strategy for winning now.

Marketing 185
article thumbnail

Mortgage Credit Availability Tightens in SeptemberĀ 

Appraisal Buzz

The Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) based on data analysis from ICE Mortgage Technology , indicates a drop in mortgage credit availability in September. Key Findings from the Mortgage Credit Availability Index: In September, the MCAI dropped by 0.5% to 98.5. While increases in the index point to looser credit, a decrease in the MCAI suggests tighter lending requirements.

Mortgage 387
article thumbnail

Opinion: How real estate will come back stronger

Housing Wire

The latest tumult in real estate feels like our world has been turned upside down yet again. But underneath all the frenzy, I see a genuine opportunity for us to turn this into a positive and come back even stronger than before. I often think of the term ā€œAnti-fragileā€ from the book of the same name by Nassim Taleb. The principle is that people and organizations can build their success around being able to come back even stronger after a wallop, instead of just withstanding the impact.

article thumbnail

DOJ weighs in on ā€˜super hotā€™ topic of data sharing

Real Estate News

A new statement from the agency suggests that when information is shared only among competitors ā€” like trade group members ā€” it sets off antitrust alarm bells.

251
251
article thumbnail

Breaking bad news: How to have tough client conversations

Inman

The energy you bring to client communication, Rachael Hite writes, can be the difference between a peaceful process and buyer or seller meltdown.

Clients 181
article thumbnail

Which U.S. States Could Shift More Red or Blue in the Election?Ā 

Appraisal Buzz

Realtor.com has produced a new analysis ahead of the November presidential election that attempts to forecast how demographic changes can alter the political landscape using proprietary data on county-level 2020 election results and geographic home shopping trends. In addition to changing views on important issues like housing affordability for both homeowners and renters, shifting opinions on these issues could influence the outcome of this presidential election.

Buyers 369
article thumbnail

The great stay: Why homeowners are staying put

Housing Wire

About a year ago, I started noticing a parallel between the housing market and the labor market. Unemployment in the country is very low. Everyone has a job. The conventional wisdom for almost three years has been that job market must weaken, unemployment must be rising. But for three years, unemployment has stayed low. Normally when unemployment is this low, people are confident that they’ll find a new job and they are much more likely to quit a current gig that isnā€™t right for them.

Inventory 505
article thumbnail

Veterans could drive homebuying demand in 2025

Real Estate News

A recent survey found that while both veterans and civilians are feeling more prepared to buy, veterans are more likely to purchase a home in the next year.

241
241