Sat.Jul 13, 2024 - Fri.Jul 19, 2024

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Mortgage rates head lower, helped by better mortgage spreads

Housing Wire

In 2023, following the collapse of Silicon Valley Bank , the spreads between the 30-year mortgage and 10-year yield were at their worst, leading to new cycle highs. This meant mortgage rates were significantly higher than average. However, this year, we’re seeing a different trend with the spreads: they’re improving, and mortgage rates are trending better as a result, even with the 10-year yield still above 4%.

Mortgage 514
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Average Housing Payments Dip Below Record Highs

Appraisal Buzz

Great news for buyers: the latest Consumer Price Index report showed that inflation is cooling—which is good—but that news came alongside a report from Redfin that monthly housing payments have also eased back from record highs hit a few months ago, making it that much sweeter for buyers. According to Redfin, the typical monthly housing payment was $2,722 mid-July, $115 lower than the all-time high which occurred in April.

Buyers 418
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Mortgage rates tumble; time for buyers to ‘get serious’

Real Estate News

Despite falling rates, homebuyer demand remains weak. Now could be a chance to make offers before inventory tightens and prices rise further, one expert says.

Buyers 307
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Ed Zorn: Why mandatory buyer contracts are a ‘big consumer win’

Inman

California Regional MLS's general counsel talks offers of compensation, seller concessions, steering and buyer agency agreements ahead of his appearance at Inman Connect Las Vegas.

Contracts 200
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Will mortgage rates drop in time to help single-family construction? 

Housing Wire

Higher mortgage rates have increased recession risk by targeting the one sector that always falls before every recession: residential construction workers. And higher rates are also impacting the future supply of homes, as housing permits have been in a downtrend for a while. Single-family permits fell again in today’s housing starts report. Of course, the one solution that can change the tide for this concerning downtrend is lower mortgage rates.

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Jumping in June: New Home Purchase Mortgage Application Data

Appraisal Buzz

According to data from the Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS) for June 2024, the number of mortgage applications for the purchase of new homes increased by 0.7% from the previous year. The number of applications fell by 16% from May 2024. This change does not include any adjustment for typical seasonal patterns “Applications for new home purchases slowed in June, consistent with broader declines in single-family construction and new building permits as well as

Mortgage 397

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Who You Know or What You Know? Pt 1

George Dell

Who you knew was important when I was a trainee. What you knew was simple: compare comps. Find some comps. Make adjustments. Or — avoid adjustments. (My expert MAI trainer said “if you make adjustments, then the other attorney will ask you how you got the number.” “Just say better, worse, or similar!) Finding comps […] The post Who You Know or What You Know?

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Coldwell Banker adds generative AI to Listing Concierge

Housing Wire

Artificial intelligence has taken the real estate industry by storm over the past two years and Coldwell Banker is no exception. On Thursday, the Anywhere Real Estate brand announced that it had equipped its exclusive marketing platform tool Listing Concierge with generative AI capabilities. Through this update, the firm says the platform will now allow agents and concierge coordinators to automate the generation of listing descriptions, captions of images and property attributes.

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Commercial Foreclosures Jump Nearly 50%

Appraisal Buzz

ATTOM has released its updated monthly report on U.S. Commercial Foreclosures , revealing a continued increase in commercial foreclosures over the years, from a low of 141 in May 2020, to the current figure of 647 in June 2024. Since January 2014, ATTOM has been analyzing data, a period marked by the nation’s emergence from economic uncertainty, with commercial foreclosures numbering 740 nationwide.

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Will a fall rate cut kick-start home sales?

Real Estate News

The Fed is expected to cut rates in September, which may spur buyer activity — but after Canada’s central bank cut rates for the first time in June, sales fell.

Buyers 278
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Housing inventory is climbing back. So why are leads still lagging?

Inman

Inventory is rising again, but agents are still scrounging for new listings. Hundreds of brokers and agents shared what's working in still-tight markets in new responses from the Intel Index survey.

Inventory 195
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What happens to the housing market when mortgage rates finally come down?

Housing Wire

Is it darkest before the dawn? If we look at the housing market right now, sales are down, new listings are down and prices are decelerating. But if we look at the data right now, things look the most bullish they’ve been all year. Good inflation data came in last week, the bond market rallied and mortgage rates took a notable dip below 7% for the first time in months.

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Housing Demand and Supply Inch Closer Together

Appraisal Buzz

According to Fannie Mae’s most recent Home Price Index (HPI), single-family home prices increased 6.9% year-over-year during the second quarter, a pullback from the first quarter’s growth rate of 7.3%. On a quarterly basis, home prices rose a seasonally adjusted 1.3% in the first quarter of 2024, down from the revised 2.0% growth during the first quarter of 2024.

Design 397
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Arizona Realtors unveils new forms that are ‘to the point’

Real Estate News

The state association is rolling out buyer agreements and other forms that it believes offer a balance of simplicity and agent protections.

Realtors 274
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You can’t ‘fake it ’til you make it’ when it comes to gratitude

Inman

Authenticity and genuine gratitude offer profound benefits for personal and professional relationships and well-being, broker and coach Aaron Hendon writes.

Brokerage 195
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Opinion: Brokers should consider a new model for post-Burnett world

Housing Wire

There is no escaping the reality that the recent NAR/Sitzer/Burnett settlements is already changing the real estate world as we know it. Amongst the most substantial terms of that agreement is a blanket ban on the requirement that agents subscribe to MLSs to offer or accept compensation for their work. There has been quite a bit of discussion already about how this will impact the traditional residential purchase.

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Exploring Opportunities in Manufactured Housing

Appraisal Buzz

This piece originally appeared in the July 2024 edition of MortgagePoint magazine, online now. The popularity of manufactured housing has ebbed and flowed over the last several decades, after striking an all-time high on shipments in the early 1970s. Since taking a dip in 2009, there has been a slow, but steady climb with more than 100,000 manufactured homes shipped in 2021, and a post-recession high reached in 2022 with 112,000 manufactured homes shipped, according to a 2023 report by the Joi

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A brokerage built to last with ‘passion, stamina, grit’

Real Estate News

Michael Saunders has always been driven, building her brokerage into a multibillion-dollar company with the goal of making a difference.

Brokerage 273
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Yes, you can talk politics on social media. Here’s how

Inman

Is it still impolite to talk about politics? Maybe not, and social media expert Jessi Healey says talking about it might gain you more followers than you think.

Marketing 194
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Secondary market for construction financing could help spur multifamily developments

Housing Wire

“A national secondary market for construction financing could allow lenders, like state housing finance agencies and banks, to provide the investment capital needed to get multifamily housing projects built and keys in families’ hands.” This is the conclusion of a new report published by the Center for Public Enterprise , a nonprofit organization that promotes the expansion of public sector projects.

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U.S. Housing Stock on the Rise

Appraisal Buzz

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Foreign purchases of U.S. homes falls to the lowest level on record

Real Estate News

A new report shows major drops in international purchases of U.S. real estate, at a time when legal efforts to restrict buyers from certain countries ramped up.

Legal 264
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Elevated mortgage rates drive homebuilder confidence downward

Inman

Homebuilders exhibited little optimism as the housing market showed little improvement month-to-month, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today.

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Consumer watchdog releases criteria for evaluating buyer agency agreements

Housing Wire

After slamming the California Association of Realtors (CAR) for a draft of its buyer representation agreement, the Consumer Federation of America (CFA) on Tuesday released its proposed criteria for evaluating buyer representation agreements. The CFA said the proposed criteria was created after the group received requests from several unnamed real estate companies.

Buyers 488
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Study: Financial Literacy Gaps Hurting House-Hungry Consumers

Appraisal Buzz

Updating a survey that was previously conducted in 2015, 2018, and 2023, Fannie Mae released the results of a consumer survey that uncovered opportunities to close knowledge gaps around mortgage qualifications and underscored the need to continue to improve education around the mortgage buying process. While knowledge of the mortgage process is a mixed-bag amongst most consumers, Fannie Mae—and the industry at large—can help close that knowledge gap by making the mortgage process more intuitive

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Dancing with Mauricio: On NAR, commissions and what scares him

Real Estate News

The TV star and founder of The Agency says running an association is “a pain” but sees opportunities to improve the agent experience and “fragmented” MLS space.

Agents 264
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FCC ready to crack down on AI-generated robocalls

Inman

The FCC announced on Tuesday a plan to help consumers identify and block AI-generated robocalls. The plan, if passed, could impact a key part of real estate agents' lead generation methods.

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Biden unveils housing proposal that includes nationwide cap on rent increases

Housing Wire

President Joe Biden released a legislative proposal on Tuesday that’s rankling the real estate industry — nationwide rent control. Biden’s new plan would cap annual rent hikes at 5% for two years for landlords who manage 50 or more rental units, which the administration said would cover 20 million units, or roughly half of all rental units in the country.

Landlords 488
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June 2024 Home Price Index Report

Appraisal Buzz

First American Data & Analytics, a division of First American Financial Corporation specializing in property-centric information and valuation solutions, unveiled its latest Home Price Index (HPI) report July 16. The report—a key indicator of national housing market trends—provides detailed insights into home price fluctuations across various geographic levels and market segments.

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Housing Market Decoded: Why are home prices still rising?

Real Estate News

High mortgage rates, which increase the cost of buying, should push prices down — right? But the relationship between rates and home prices isn’t that simple.

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How to break down the pros and cons of buying down interest rates

Inman

Interest rate buydowns involve a trade-off between upfront costs and long-term affordability. Clever CEO Luke Babich offers strategies to help clients make the choice.

Clients 189
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Texas housing inventory jumps 40%, but prices stay flat

Housing Wire

They say everything is bigger in Texas — and apparently that includes housing inventory growth. While available homes for sale are growing all over the country , it’s happening at a dramatic scale in Texas. According to a second-quarter 2024 report from Texas Realtors, the number of active listings from April to June of this year were up 40.8% compared to the same period last year.

Inventory 476
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Forecasting Remodeling Spending Through First Half of 2025

Appraisal Buzz

According to the most recent Leading Indicator of Remodeling Activity (LIRA) from the Joint Center for Housing Studies (JCHS) , homeowner spending on upgrades and repairs is anticipated to increase through the first half of 2025 following a slight decline. According to the LIRA, through the second quarter of 2025, the yearly drop in spending on owner-occupied home maintenance and improvements is projected to only slide -0.5%.

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Brokerage Beat: News from Lamacchia, Real, RE/MAX, C21, eXp, more

Real Estate News

Lamacchia grows with MA acquisition; Real reaches 20k agents; RE/MAX gains 60-agent firm; C21 franchise and Florida indie merge; eXp joins Fortune 1000; more.

Brokerage 263