Housing Wire

MAY 21, 2024

The United States Department of Veterans Affairs will soon release a circular that “bridges the gap” on an agency law that prohibits a VA buyer from paying their real estate agent compensation, a VA official announced on Tuesday. Michelle Corridon, deputy policy director at the VA, announced at the Mortgage Bankers Association ‘s Secondary & Capital Markets Conference in New York that the circular would be issued between now and June 12.

Buyers 513

Buyers Agents Real Estate Agent Real Estate 513

Appraisal Buzz

MAY 22, 2024

Mortgage application volume increased 1.9% during the week ended May 17, as the average rate for a 30-year- fixed-rate mortgage fell to to 7.01%, down from 7.08% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances increased 7% compared with the previous week and were up 21% compared with the same week one year ago.

Mortgage 431

Mortgage Government Inventory Buyers 431

Sacramento Appraisal Blog

MAY 23, 2024

It wasn’t on my housing market bingo card to be paying such close attention to insurance, but this is a huge deal for California (and some other states). I promise this won’t become an insurance crisis blog, but today I have some brand new stats to share for Sacramento and the Bay Area. UPCOMING SPEAKING […] The post An insurance crisis wasn’t on my bingo card first appeared on Sacramento Appraisal Blog.

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Insurance Housing Market Appraisal Marketing 331

Real Estate News

MAY 19, 2024

A “consumer-centric” approach to buy-side commissions is better for all agents, industry leaders say. Here’s why, and what you need to know about the DOJ.

Agents 296

Agents 296

Housing Wire

MAY 20, 2024

A coalition of Democratic and independent members of the U.S. Senate , led by Sen. Elizabeth Warren (D-Mass.), is expected to introduce a new bill on Monday that seeks to immediately renew a push for the funding of public housing to the tune of $70 billion. “Expanding our supply of quality housing is the only way to dig ourselves out of this housing crisis,” Sen.

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Law Development Investing Finance 502

Appraisal Buzz

MAY 24, 2024

Mortgage bankers continued to lose on originations in the first quarter, as the average pre-tax net loss per loan was $645, according to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Report. That’s a decrease from the reported loss of $2,109 per loan in the fourth quarter of 2023. “While the first quarter of 2024 marks the eighth consecutive quarter of net production losses, these losses were less severe than the previous two quarters,” says Marina Walsh, vice p

Mortgage 396

Mortgage Business Appraisal 396

Real Estate News

MAY 22, 2024

Comments made by a Department of Veterans Affairs official Tuesday “ensures veterans have the same opportunity as others to compete in a tight housing market.

Agents 268

Agents Housing Market Marketing 268

Housing Wire

MAY 22, 2024

I anticipated solid year-over-year home-price growth in today’s existing home sales report, so I’ve tried my best on social media to inform people that we have a low bar in home-price comps for this report and the next one. This is the context for why the home-price growth data was strong, which took some people by surprise. As you can see below, even though home prices rose in 2023, the median sales price showed negative year-over-year growth in April, May and June of last year.

Inventory 450

Inventory New Listings Housing Market Contracts 450

Appraisal Buzz

MAY 22, 2024

Today, host Hal Humphreys meets with Jeff Allen, President of CubiCasa. Jeff has been an integral part of the valuation industry for a while, and he gets us up to speed on what his experience has involved. There have been a lot of new changes coming to the valuation space. What are some recent changes happening in valuation technology Where is the future of valuation going, and just how long will it take us to get there?

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Valuation Technology Appraisal Modernization 368

Inman

MAY 24, 2024

The luxury market is back. That was Compass co-founder and CEO Robert Reffkin's primary message during his latest appearance on CNBC's "Squawk on the Street," where he talked about home price trends, mortgage rates, and stock market ebbs and flows.

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Marketing Mortgage Brokerage 183

Real Estate News

MAY 20, 2024

With many owners of existing homes hesitant to give up their low mortgage rates, new homes continue to account for an outsize share of the market.

Construction 283

Construction Mortgage Marketing 283

Housing Wire

MAY 22, 2024

Online real estate auction marketplace Xome is launching a DIY sales platform for investors. Platform users will not need to use a real estate agent to complete their transaction, according to an announcement from the firm on Wednesday. Xome is an indirect, wholly owned subsidiary of Mr. Cooper Group that provides mortgage servicers with end-to-end asset marketing and disposition strategies, recapture solutions, and real estate and data services.

Agents 446

Agents Real Estate Agent Investors Real Estate 446

Appraisal Buzz

MAY 21, 2024

A combination of increased listings and weakening affordability continued to dampen home price appreciation in April – a trend that will likely to continue, according to First American. “After years of historically low levels of homes for sale, the pace of existing-home listings has modestly increased, bringing much-needed supply to the housing market,” says Mark Fleming, chief economist for First American, in a statement.

Inventory 370

Inventory Housing Market Marketing Appraisal 370

Inman

MAY 22, 2024

Deputy Director of Policy Michelle Corridon said Tuesday the agency would lift rules preventing vets from using low-cost VA loans to pay agents until it engages in a formal rule-making process.

Agents 186

Agents Clients Buyers Tools 186

Real Estate News

MAY 21, 2024

An appeals court ruled that the government could reopen its investigation. NAR says that decision involved “far-reaching and exceptionally important” errors.

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Government 265

Housing Wire

MAY 20, 2024

Fraud and forgery claims represented more than one-fifth of the total dollars spent by title insurers on claims expenses and losses over the past decade, according to a study conducted by Milliman and commissioned by the American Land Title Association (ALTA). Between 2013 and 2022, title insurers recorded 203,181 claims for policies written during that time, and they paid out $4.4 billion in claims related to losses and loss expenses.

Insurance 443

Insurance Inspection Government Mortgage 443

Appraisal Buzz

MAY 20, 2024

As an appraiser, you’re already familiar with buzzwords like seller’s and buyer’s markets. A seller’s market indicates demand is high and inventory is low, while a buyer’s market means inventory is high and demand is low. Interest rates impact the housing market significantly — demand can rise or fall any time they go up or down. When the market enters a phase more favorable to sellers, appraisers may find themselves caught in a crossfire between what buyers think is fair and what the homeowner

Appraisal 370

Appraisal Marketing Valuation Sellers 370

Inman

MAY 24, 2024

The red brick Georgian mansion, known by children all over the world as Kevin McCallister's home, is back on the market after 12 years and comes with a large Kevin Lego figure for the home theater.

Marketing 180

Marketing 180

Real Estate News

MAY 24, 2024

David Mele, the longtime leader of CoStar’s home search site, confirmed to Real Estate News that he has left his position as president of Homes.com.

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Real Estate 259

Housing Wire

MAY 23, 2024

The Federal Housing Administration (FHA) on Thursday published Mortgagee Letter (ML) 2024-10 , outlining reporting requirements that lenders must follow if they detect a cybersecurity intrusion. Effective immediately and applicable to all FHA-insured mortgage programs, the letter states that all lenders “that experience a potential or actual cyber incident must notify HUD via the FHA Resource Center at answers@hud.gov and HUD’s Security Operations Center at cirt@hud.gov within 12 hours of detect

Law 429

Law Design Insurance Tools 429

Appraisal Buzz

MAY 23, 2024

New home sales in April were at a seasonally adjusted annual rate of 634,000, a decrease of 4.7% compared with March and down 7.7% compared with April 2023, according to estimates from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The median sales price of a new single-family home sold in April was $433,500. The average sales price was $505,700.

Mortgage 248

Mortgage Construction Buyers Inventory 248

Eyes on Housing

MAY 21, 2024

An expected impact of the virus crisis was a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended.

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Real Estate News

MAY 23, 2024

Buyers may be able to take advantage of lower rates and increasing inventory, but many are still priced out, dampening sales.

Inventory 284

Inventory Buyers Mortgage 284

Housing Wire

MAY 18, 2024

New listings data has been moving lower over the last few weeks. I usually wouldn’t care too much about this as its a data line that can be volatile week to week but now it’s been three weeks. The moves haven’t been significant and our weekly pending contracts data picked up this week. But, we need to see more growth in new listings data just to grow from 2023 levels. 2023 new listings data was the lowest ever on record, so it’s already a low bar.

New Listings 433

New Listings Inventory Mortgage Contracts 433

Appraisal Buzz

MAY 23, 2024

Mortgage rates fell this week, with the average rate for a 30-year, fixed-rate mortgage dropping to 6.94%, down from 7.02% last week, according to Freddie Mac’s Primary Mortgage Market Survey. “Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month,” says Sam Khater, chief economist for Freddie Mac, in a statement.

Mortgage 195

Mortgage Inventory Housing Market Appraisal 195

Inman

MAY 23, 2024

Newly built homes available on the market rose to 480,000, representing a supply of 9.1 months at the current sales rate, up from an 8.5 month supply in March, according to U.S. Census Bureau data.

Inventory 180

Inventory Marketing Agents 180

Real Estate News

MAY 24, 2024

CEO John Berkowitz says the home search company offers agents and consumers “a better chance of succeeding” than its deep-pocketed competitors.

Agents 253

Agents 253

Housing Wire

MAY 21, 2024

In a supply-constrained housing market , even landing a deal at foreclosure auction has become challenging, but those deals tend to be more readily available in markets or neighborhoods that are off the beaten path. “It’s oddly enough in states where people are leaving,” said Florida-based real estate investor Paul Lizell of the markets where he is more focused on acquiring investment properties in 2024.

Marketing 423

Marketing Investors Real Estate Investing 423

Appraisal Buzz

MAY 23, 2024

Truity Credit Union , a member-owned credit union with locations in Oklahoma, Kansas and Texas, is using Dark Matter’s Empower loan origination system to provide loan officers and members a modern, mobile-friendly experience across home purchase, refi, home-equity and construction loan originations. According to Joe Beffer, Truity’s senior vice president and director of lending, the credit union chose Dark Matter for its mobile-friendly borrower portal and for features that will help its interna

Loan Officers 195

Loan Officers Modernization Construction Lending 195

Inman

MAY 21, 2024

James Dwiggins spoke at the inaugural Inman Connect Miami on Tuesday, arguing that clinging to the current status quo when it comes to commissions is a recipe for disaster.

Realty 178

Realty Brokerage Agents 178

Real Estate News

MAY 20, 2024

Minnesota’s largest multiple listing service embraces its “broker-centric, tech-forward focus” as it works through rules changes and pursues collaboration.

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Housing Wire

MAY 22, 2024

Housing policy analysts expect discussions about the U.S. debt limit and the end of tax breaks to dominate the fiscal agenda in Washington, D.C., in 2025, obscuring talks about a potential return of Fannie Mae and Freddie Mac to the private sector. In addition, considering the two leading candidates for the 2024 presidential race, the chances of discussing the end of the conservatorship for the government-sponsored enterprises (GSEs) are higher in a potential new Trump administration than for a

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Investors Legal Law Government 410

Appraisal Buzz

MAY 23, 2024

Down Payment Resource , offering homebuyer assistance program data and solutions, recently announced an integration with ICE Mortgage Technology that embeds down payment assistance program support into Encompass. The integration helps lenders make affordable home financing opportunities more accessible while growing business and forging referral partnerships, Down Payment Resource says in a release.

Mortgage 195

Mortgage Loan Officers Lending Finance 195

Inman

MAY 22, 2024

Several months after Kofi Nartey announced his team's move to Real, the brokerage has launched a new luxury division with Nartey serving as executive director.

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Brokerage 182