Housing Wire
MAY 8, 2024
Home prices trended up in almost all U.S. metro areas during the first quarter of 2024. Out of 221 metro markets analyzed, 205 (93%) posted yearly home price gains in Q1 2024, while 30% experienced double-digit price gains during the same period — up from 15% in the fourth quarter of 2023 — according to the National Association of Realtors ’ (NAR) newest quarterly report.
Appraisal Buzz
MAY 9, 2024
Despite higher mortgage rates, more than 90% of U.S. metros posted home price gains in the first quarter, according to the National Association of Realtors (NAR). “Astonishingly, greater than 90% of the country’s metro areas experienced home price growth despite facing the highest mortgage rates in two decades,” says Lawrence Yun, chief economist for NAR, in a statement.
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Cleveland Appraisal Blog
MAY 9, 2024
Last year I purchased a pickleball set and have threatened to give it a try. It’s on me and my wife’s list of things to do this summer. We’ve determined that while we could throw our back out just standing up, bending over to pick something up, or sneezing, we still need to keep moving. According to the article below, “Nearly 70% of adults reported reduced stress and anxiety after playing pickleball, and 64% called the sport “uplifting,” according to a report
Real Estate News
MAY 4, 2024
Andy Florance discusses the “transformative technology” and his plans to rapidly expand the company while rolling out generative AI features later this year.
Housing Wire
MAY 8, 2024
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.
Appraisal Buzz
MAY 7, 2024
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.
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Real Estate News
MAY 6, 2024
The Berkshire Hathaway CEO, along with Vice Chair Greg Abel, spoke about the HomeServices settlement and more during the company's annual shareholder meeting.
Housing Wire
MAY 6, 2024
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 ,”
Appraisal Buzz
MAY 6, 2024
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.
Inman
MAY 8, 2024
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.
Real Estate News
MAY 8, 2024
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.
Housing Wire
MAY 6, 2024
U.S. home prices continued to climb in March as a persistent shortage of homes for sale helped to buoy the housing market, according to the Intercontinental Exchange (ICE) Home Price Index. And while prospective homebuyers cope with the challenges of rising housing unaffordability, existing homeowners are reaping the benefits of historically strong price gains.
Appraisal Buzz
MAY 6, 2024
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.
Inman
MAY 8, 2024
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.
Real Estate News
MAY 9, 2024
Despite a last-minute motion to delay the hearing, the proceedings went on as scheduled, ending buyer agent commissions litigation for the three brokerages.
Housing Wire
MAY 4, 2024
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?
Appraisal Buzz
MAY 9, 2024
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.
Inman
MAY 9, 2024
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.
Real Estate News
MAY 9, 2024
After five weeks of increases, rates pulled back slightly, but rising home prices and record-high mortgage payments continue to hamper affordability.
Housing Wire
MAY 6, 2024
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
Appraisal Buzz
MAY 8, 2024
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.
Inman
MAY 7, 2024
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.
Real Estate News
MAY 7, 2024
In a recent survey by the New York Fed, consumers said they expect rates to hit 8.7% in a year and 9.7% in three years.
Housing Wire
MAY 7, 2024
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.
Appraisal Buzz
MAY 8, 2024
Roughly 79% of U.S. consumers say now is a bad time to buy a home, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI) report for April. The survey results are relatively unchanged compared with March, which could be a sign that negative sentiment is plateauing as consumers continue to adjust to the higher interest rate and home price environment.
Inman
MAY 7, 2024
Questions of agency, agreements and compensation are on the line. Do you have the information you need to move forward now?
Real Estate News
MAY 6, 2024
The company is the 10th brokerage to agree to pay into a settlement fund, which is approaching $1 billion.
Housing Wire
MAY 6, 2024
Inventory increases aren’t occurring at a super fast pace, but the number of homes on the market across the country keeps expanding. As mortgage rates stay elevated and the number of unsold homes on the market grows — especially in the South — the leading indicators for future home sales prices continue to be softer than the current headlines suggest.
Appraisal Buzz
MAY 10, 2024
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.
Inman
MAY 4, 2024
Real estate professionals have survived upheaval and change in the past, and we'll do so again, broker-owner Teresa Boardman writes, even if we don't yet know quite how.
Real Estate News
MAY 7, 2024
The company remains on a rapid-growth trajectory, but net losses also increased this quarter, largely due to a recent commissions lawsuit settlement.
Housing Wire
MAY 7, 2024
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.
Appraisal Buzz
MAY 10, 2024
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.
Inman
MAY 8, 2024
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.
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