Sat.May 04, 2024 - Fri.May 10, 2024

article thumbnail

How housing credit is shaping housing inventory

Housing Wire

Housing credit channels directly impact housing inventory channels. What does that mean? Home prices escalated out of control after 2020 and when we look at why that happened, we can see that housing credit mattered more to inventory data than most people realize. Let’s see how this has played out in different stages of the economy. On March 18, 2020, purchase application data broke out to pre-cycle highs in demand.

Inventory 483
article thumbnail

Mortgage Rates Fall for First Time in Five Weeks

Appraisal Buzz

The average rate for a 30-year fixed-rate mortgage fell to 7.09% this week, down from 7.22% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey. It was the first time in five weeks that mortgage rates decreased. “After a five-week climb, mortgage rates ticked down following a weaker than expected jobs report,” says Sam Khater, chief economist for Freddie Mac, in a statement.

Mortgage 365
Insiders

Sign Up for our Newsletter

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

article thumbnail

CoStar CEO on Matterport deal: Virtual tours, real advantage

Real Estate News

Andy Florance discusses the “transformative technology” and his plans to rapidly expand the company while rolling out generative AI features later this year.

article thumbnail

Buyers seek surprise injunction to halt commission suit settlements

Inman

The plaintiffs in a suit known as Batton 1 have filed for a temporary restraining order preventing the final approval of the Keller Williams, Anywhere and RE/MAX settlements.

Buyers 186
article thumbnail

Warren Buffett: Real estate agent commission structure “has worked out very well”

Housing Wire

Legendary investor Warren Buffett and Greg Abel, the CEO of Berkshire Hathaway Energy , addressed the commission lawsuits and HomeServices of America’s recently announced settlement of the suits, during Berkshire Hathaway’s annual shareholder meeting on Saturday. “There is no question that the industry will go through some transitions because of the settlements — ours and every other major player in the industry settled, the National Association of Realtors settled for more than $400 million ,”

article thumbnail

Strong Home Price Growth Pushes Total U.S. Homeowner Tappable Equity to Record $11 Trillion

Appraisal Buzz

Strong home price growth – propelled by lack of inventory – pushed U.S. mortgage holders’ tappable equity to a record $11 trillion in March, according to ICE Mortgage Technology’s Mortgage Monitor report. Though the inventory situation has improved slightly, a continuing deficit of homes for sale this spring is helping prices remain resilient, ICE says.

Inventory 370

More Trending

article thumbnail

Judge approves Keller Williams, Anywhere, RE/MAX settlements

Inman

The ruling by Judge Stephen R. Bough on Thursday resolves antitrust claims in the Sitzer | Burnett, Moehrl and Nosalek commission cases. However, it won't quash other existing suits from buyers.

Buyers 178
article thumbnail

Did lower mortgage rates slow housing inventory growth?

Housing Wire

My model for inventory growth with higher mortgage rates came crashing down last week. After two weeks of significant increases , inventory growth slowed dramatically and is far from my 11,000-17,000 growth model with mortgage rates over 7.25%. Did the recent dip in mortgage rates play a role here or is this the average choppy weekly data we have seen in past years?

Inventory 466
article thumbnail

Going to Extremes

Appraisal Buzz

Does the cost of homeowners insurance affect the price of a home? In some markets, the answer is increasingly yes. In recent years, insurance companies have pulled out of some markets altogether after sustaining massive losses due to wildfires, flooding, and other climate-related disasters. Add to this rising replacement costs and legal fees, increased government regulation, inflation, and fraud, and companies are bleeding about a billion dollars every three weeks.

HOA 370
article thumbnail

Warren Buffett: Real estate is ‘fundamental’

Real Estate News

The Berkshire Hathaway CEO, along with Vice Chair Greg Abel, spoke about the HomeServices settlement and more during the company's annual shareholder meeting.

article thumbnail

‘Godspeed’: Enforcement of NAR settlement changes shifts to MLSs

Inman

At the Realtors Legislative Meetings earlier this week, MLS executives were told they would be responsible for making sure real estate agents and brokers follow the new commission rules.

article thumbnail

Redfin settles commission lawsuits for $9.25 million

Housing Wire

Redfin has joined the growing list of real estate brokerages that have settled the commission lawsuits. In a document filed with the Securities and Exchange Commission (SEC) on Monday, the brokerage announced that it had reached a nationwide settlement agreement on Friday with the plaintiffs in the consolidated Gibson and Umpa commission lawsuits. As part of the settlement agreement, Redfin has agreed to pay $9.25 million into a qualified settlement fund within 30 days of the court’s preliminary

Brokerage 451
article thumbnail

Redfin: Declining Home Affordability is Hitting America’s Low-Income Buyers Hardest

Appraisal Buzz

The progress that was made in providing mortgages to to a higher percentage of low-income homebuyers during the pandemic years has been reversed in the past two years due to higher mortgage rates and rising home prices, a report from Redfin shows. “There was a sweet spot in 2020 when mortgage rates were ultra low and home prices had yet to skyrocket, allowing some lower-income Americans to break into the housing market,” says Elijah de la Campa, senior economist for Redfin, in the report.

Buyers 363
article thumbnail

Real Brokerage revenue up 86% as agent count soars

Real Estate News

The company remains on a rapid-growth trajectory, but net losses also increased this quarter, largely due to a recent commissions lawsuit settlement.

Brokerage 264
article thumbnail

Realtor.com CEO delivers full-throated speech in support of NAR

Inman

Realtor.com CEO Damian Eales took to the podium on Monday at the MLS Forum of the Realtors Legislative Meetings to refute rival CoStar's earlier claims about Homes.com's growing traffic.

Realtors 176
article thumbnail

What a 15-year market share high means for the broker industry

Housing Wire

Recent data from Inside Mortgage Finance shows a significant leap in broker market share, jumping to 24.3% in Q4 2023, the highest number we’ve seen since 2009. This is a true testament to the care, commitment and passion brokers across the country have for their borrowers. The big question is, what caused this increase? First and foremost, there has been a noticeable shift in consumer behavior.

Retail 437
article thumbnail

Embracing Change in the Appraisal Industry

Appraisal Buzz

On today’s episode of the Appraisal Buzzcast, host Hal Humphreys speaks with Jason Feifer, Editor in Chief of Entrepreneur Magazine and our keynote Speaker this year at Valuation Expo. He is also the bestselling author of Build for Tomorrow: An Action Plan for Embracing Change, Adapting Fast, and Future-Proofing Your Career. The valuation space is going through a lot of change right now, through technology as well as other factors.

Appraisal 329
article thumbnail

Mortgage rates ease, but buyers still aren't getting a break

Real Estate News

After five weeks of increases, rates pulled back slightly, but rising home prices and record-high mortgage payments continue to hamper affordability.

Buyers 231
article thumbnail

What if NAR went away? Examining the catastrophic potential

Inman

Although it may seem righteous to dismantle the institution that NAR has built, brokerage founder Sean Frank writes, the collapse of NAR would equate to the collapse of the modern real estate market as we know it.

article thumbnail

Assumable mortgage platform Roam partners with national lender on down payment assistance

Housing Wire

New York -based assumable mortgage platform Roam rolled out a new partnership with national lender Spring EQ to provide second-lien loans to Roam customers, the company announced on Thursday. The new service, Roam Boost, will cater to people with credit scores of at least 640 and down payments of at least 15%. Consider, for example, a home that costs $400,000, with an assumable mortgage amount of $280,000.

Mortgage 413
article thumbnail

Xactus Now Integrated With Empower LOS

Appraisal Buzz

Xactus , offering verifications solutions for the mortgage industry, recently announced that several of its verification services are now available via Dark Matter Technologies ‘ Empower loan origination software. Lenders utilizing Dark Matter’s LOS can obtain access to Xactus’ Employment VerificationX, Social Security VerificationX and Credit ReportX.

article thumbnail

Redfin: Revenue is up, Kelman is bullish despite losses

Real Estate News

Even as net losses increase, Redfin’s CEO says the company is in a good place: “When you give people a better deal, they actually beat a path to your door.

224
224
article thumbnail

Real Brokerage posts sharp uptick in revenue and agent count in Q1

Inman

The Real Brokerage reported revenue of $200.7 million in the first quarter of 2024 as gross profit soared to $20.8 million, according to Q1 earnings data released Tuesday morning.

Brokerage 168
article thumbnail

NAR magazine devotes space to reverse mortgages and seniors

Housing Wire

The official magazine for the National Association of Realtors (NAR) recently touched on the topic of reverse mortgages, mentioning products such as the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) and addressing topics like the desires of baby boomers to age in place in their homes. Describing reverse mortgages as originating in 1961 before coming to greater prominence through the establishment of the HECM program during the Reagan administration, one of two recent NAR articles dea

Mortgage 433
article thumbnail

ATTOM: Share of Properties That Are ‘Equity Rich’ Decreased in Q1

Appraisal Buzz

The share of residential properties that are considered “equity rich” decreased to 45.8% in the first quarter, down from 46.1% in the fourth quarter and down from 47.2% in the first quarter of 2023, hitting the lowest point in two years, according to ATTOM’s U.S. Home Equity & Underwater Report. By “equity-rich” ATTOM means that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values.

article thumbnail

Agents Decoded: Want to prove your value? Bone up on assumable mortgages

Real Estate News

Mortgage assumptions aren’t new, but they’re about to get a lot more popular because the math works for both sides of the closing table.

Mortgage 244
article thumbnail

Mortgage demand picks up as rates retreat from 2024 highs

Inman

Some borrwers were quick to spring into action, with applications for purchase loans rising by a seasonally adjusted 2 percent and requests to refinance up 5 percent week over week.

Mortgage 167
article thumbnail

ADU options set to expand in California

Housing Wire

Las Vegas -based housing technology startup BOXABL on Tuesday announced that it has received approval to begin selling a factory-built accessory dwelling unit (ADU) in California , which could provide more options in a state strapped for affordable housing options. The company’s “Casita” product is a 361-square-foot home with a full kitchen, bathroom, living area and sleeping area.

article thumbnail

MCT’s Base Rate Generator Lets Lenders Share Better Rate Sheets With Their LOs

Appraisal Buzz

Mortgage Capital Trading (MCT) has introduced Base Rate Generator, a new solution that allows mortgage lenders to directly inform their front-end rate sheet pricing with their back-end capital markets executions. By combining live agency API connections, co-issue executions, aggregator pricing, and custom TBA indications, the MCT Base Rate Generator allows mortgage lenders to improve margin management and competitive performance.

article thumbnail

Homebuyers try to halt approval of commissions settlements

Real Estate News

Anywhere, RE/MAX and KW deals at risk after new documents reveal a plan to include immunity from buy-side lawsuits, plaintiffs in the Batton case allege.

220
220
article thumbnail

Inman Connect Las Vegas: Your guide to real estate’s new era

Inman

Real estate’s new era is upon us. At Inman Connect Las Vegas in July, we’re bringing together real estate’s most trusted voices to cut through the noise and give our community the information and tools it needs to succeed moving forward.

Tools 168
article thumbnail

Despite industry headwinds, Real believes it can continue growing agent count

Housing Wire

With a 67% annual increase in agent count to 16,680 agents during the first quarter of 2024 , it is no surprise that The Real Brokerage also recorded an 86% annual increase in revenue to nearly $201 million. The uptick in agent count contributed to a 74% yearly jump in transaction count to 19,032 sides, good for a total sales volume of $7.5 billion and an 88% year-over-year increase.

Agents 424
article thumbnail

CoreLogic: Home Prices Increased 1.2 Percent in March

Appraisal Buzz

Home prices increased 1.2% in March compared with February and were up 5.3% compared with March 2023, according to CoreLogic’s home price index report. “Home prices increased again this March beyond the typical seasonal uptick, despite mortgage rates reaching this year’s high and the affordability crunch continuing to keep many prospective buyers on the sidelines,” says Selma Hepp, chief economist for CoreLogic, in a statement.

Inventory 195
article thumbnail

Judge denies effort to delay commissions settlement hearing

Real Estate News

Buy-side plaintiffs who claim the Anywhere, RE/MAX and KW deals go too far will still get their chance to make that argument in court May 9.

228
228