Sat.Oct 19, 2024 - Fri.Oct 25, 2024

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Are Student Loans Hindering Homeownership?

Appraisal Buzz

Student loans are frequently listed as the primary obstacle for young buyers’ c. But even though loan debt is higher than ever, are loans really the barrier some claim them to be? A new study from First American reviewed the data from the 2022 Survey of Consumer Finances to determine exactly how much impact student loan debt has on the search for home ownership.

Buyers 397
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Florida has built 77,000 new homes in high-risk flood areas

Housing Wire

Since 2019, the state of Florida has built more than 77,000 new properties in areas with a high risk of flooding. This is the most among all states, according to an analysis by climate-modeling firm First Street Foundation on behalf of the The Wall Street Journal. The construction activity is likely to place the housing industry and its financing partners on a “collision course” with insurers, the outlet said.

Insurance 497
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Stop expecting lightning speed in real estate

Sacramento Appraisal Blog

Properties were selling in lightning speed a few years ago, but that’s not the vibe today. The truth is it could easily take twice as long to sell today, but the stats actually feel somewhat normal. I wonder if we’ve forgotten what the market used to feel like before 2020. Let’s talk about it. UPCOMING […] The post Stop expecting lightning speed in real estate first appeared on Sacramento Appraisal Blog.

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Real estate’s moment of opportunity

Real Estate News

From agent pay to association changes, a new report identifies 20 ways the industry can improve itself — and help homebuyers and sellers in the process.

Sellers 334
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Renters Seek Ways to Overcome Homeownership Hurdles 

Appraisal Buzz

According to a new study by LendingTree , the current state of the home buying market seems so unattainable for many, as the American dream of home ownership continues to elude many hampered by continued affordability concerns. More specifically, for renters, LendingTree found that 62% of those who rent expressed that they are worried they will never be able to own a home.

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22 U.S. metros where buying a home is cheaper than renting

Housing Wire

Many renters think they’re saving money by renting, but long term, that might not be true. In some of the U.S.’s largest metros, a monthly mortgage payment is less expensive than the average rent. But there are many factors surrounding affordability—how do city dwellers make this decision? A new report from Zillow Home Loans outlines some key trends and factors for renters to consider when evaluating a home purchase.

Inventory 476

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Industry Decoded: It’s time to do away with NAR’s arbitrary rules

Real Estate News

The Clear Cooperation Policy — a misguided attempt to level the playing field — doesn't meet the needs of consumers or support principles of free enterprise.

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U.S. Commercial Foreclosures Spike YoY  

Appraisal Buzz

A monthly report on commercial foreclosures in the U.S. has been provided by ATTOM. According to the research, commercial foreclosure rates are still high and far higher than they were before to the epidemic. The number of foreclosures increased dramatically beginning in June 2023, reaching a peak of 752 in May 2024 before leveling off at 695 in the most current data released by ATTOM in September 2024.

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DOJ sues Rocket, appraisal companies over alleged discrimination

Housing Wire

Another regulator has sued Rocket Mortgage for allegedly discriminating against a Black homeowner by undervaluing her home during an appraisal in Colorado three years ago. And the Detroit-based lender believes it’s a “massive overreach.” On Monday, the U.S. Department of Justice —following a move made by the U.S. Department of Housing and Urban Development (HUD) in July—filed a lawsuit against the lender, appraiser Maksym Mykhailyna and his company, Maverick Appraisal Group ,

Appraisal 511
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Broker files multimillion-dollar suit over ‘forced’ NAR membership

Inman

Maurice Muhammad alleges a "monopoly" by NAR, the state Realtor association and the local MLS limits competition, inflates prices, and disproportionately affects minority brokers and agents.

Realtors 187
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NAR hit with another lawsuit over ‘forced membership’

Real Estate News

A case filed in Pennsylvania challenges membership rules and accuses associations of discriminatory treatment of minority real estate professionals.

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Are Homebuyers Satisfied With Advances in AI? 

Appraisal Buzz

Cloudvirga , a subsidiary of Stewart Information Services Corporation , has announced the findings of a consumer survey that highlights the increasing digitalization of the front-end of the mortgage origination process and growing homebuyer expectations for an even more automated, digital experience. The survey questioned recent homeowners, the majority of whom were first-time buyers, a series of questions about their experience during the mortgage application and closing process, including thei

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Higher mortgage rates keep the market subdued even as more sellers list their homes

Housing Wire

Mortgage rates continue to rise, serving as a bucket of cold water for lenders and consumers that were warming to lower borrowing costs just a few months ago. According to HousingWire ‘s Mortgage Rates Center , the average 30-year conforming rate was 6.61% on Tuesday. That was up 15 basis points (bps) from one week ago and 30 bps higher than on Sept. 18, when the Federal Reserve lowered benchmark rates by 50 bps.

Sellers 468
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9 ways agents should be using AI to drive real estate sales

Inman

Creating content for your website, communicating with your sphere of influence and marketing your latest listing are all easy with the help of artificial intelligence, Luke Babich writes.

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A disappointing September pushes home sales to 14-year low

Real Estate News

Lower mortgage rates and rising inventory failed to entice buyers, particularly first-timers, as prices continued their year-over-year climb.

Inventory 278
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Home Prices Dip in Top U.S. Cities 

Appraisal Buzz

The U.S. housing market is showing signs of relief for buyers, as home prices drop in more than half of the largest metropolitan areas. According to the Realtor.com® September Housing Market Report , prices in some regions have declined by over 12%, marking a shift from the record highs of 2023. “The median price of homes for sale this September dropped by 1% year-over-year, settling at $425,000,” reports Realtor.com economist Joel Berner.

Buyers 368
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Portrait of a pre-foreclosure peacemaker

Housing Wire

anely Sandoval’s calling to be a pre-foreclosure peacemaker started when she was in high school. “My mom and stepdad went into pre-foreclosure,” said Sandoval, a real estate agent and investor who specializes in working in low-income, often Latino neighborhoods in Southern California. “I knew things were going down, but I didn’t know how bad it was until people started knocking on our door.

Retail 448
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Smarter AI, agent banking take stage at Real’s RISE conference

Inman

With a new level of omnipresence within an agent’s user experience indicated by a pulsing, always-on chat environment, the Siri-inspired Leo CoPilot is designed to be at the beck and call of Real dealmakers.

Agents 183
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10 questions every agent should be able to answer

Real Estate News

NAR’s latest consumer guide tells buyers exactly what to ask a prospective agent. Agents should be prepared with compelling responses that play up their value.

Agents 263
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Jumbo Mortgage Origination Volume Drops to 10-Year Low 

Appraisal Buzz

An examination of CoreLogic data indicates that, in comparison to prior years, jumbo mortgage originations saw a discernible drop in both dollar quantities and market share in 2023 and 2024. The decline in mortgage origination activity was probably caused by a combination of high interest rates and continuously rising home prices over the previous two years.

Mortgage 370
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Demand for distressed homes is dropping. What that means for the housing market

Housing Wire

Online real estate marketplace Auction.com released data this week showing that demand for distressed homes — including bank-owned properties and foreclosures — shrank for a second straight quarter. The company’s Auction Market Dispatch for third-quarter 2024 included a survey conducted in late September of more than 140 active buyers on the platform.

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Beetlejuice mansion opens for haunted tours on Airbnb

Inman

The three-hour “Haunt the Beetlejuice House” tours will be available from Nov. 16 to 27, with booking open until Nov. 4. Each tour accommodates up to six guests, who must be 18 or older, with any accompanying guests aged 13 and up.

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Real Brokerage bolsters agent financial tools, AI-powered tech

Real Estate News

The company announced a number of product updates this week, including the release of its much-anticipated Real Wallet and enhancements to its Leo AI assistant.

Tools 261
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How Many U.S. Homeowners Remain Equity-Rich? 

Appraisal Buzz

According to Q3 2024 U.S. Home Equity & Underwater Report released by ATTOM , some 48.3% of mortgaged residential properties in the US were deemed equity-rich in Q3, which means that the total estimated amount of loan balances secured by those properties was no more than half of their estimated market values. From a recent peak of 49.2% in Q2 of 2024, that level was lower.

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New-home sales beat estimates but need a dose of reality

Housing Wire

With new-home sales growing since 2022, why are housing starts at recessionary levels? Well, it’s a complicated story if you don’t know how the homebuilders operate, and not all homebuilders are the same. The big publicly traded builders have money to pay down mortgage rates and manage their pipelines better than smaller homebuilders. However, even with that reality, when mortgage rates were at 7.50% earlier in the year, housing starts and permits were heading lower, single-family permits were h

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Secure success by embracing a leadership mindset, not a position

Inman

I started my real estate career as an agent 23 years ago. Today, I consider myself fortunate to have my dream job as a director of learning for a global real estate brand. I recently helped launch the CENTURY 21 International Leadership Academy to help real estate professionals increase their leadership capacity.

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New home sales take off; market remains grounded overall

Real Estate News

September’s lower mortgage rates may have given a boost to the new construction sector, but buyer enthusiasm could be waning as rates climb back up.

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Auction Demand Weakens in Q3 as Retail Market Softens 

Appraisal Buzz

According to proprietary data from Auction.com , early indications of waning demand for distressed properties sold at auction that appeared late in the second quarter persisted throughout the third quarter of 2024. Given that local community developers are projecting retail market conditions roughly six months into the future—the average time it takes to renovate distressed properties bought at auction and return them to the retail market as resales or rentals—waning demand from these developers

Retail 370
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What post-hurricane data in North Carolina could mean for Florida’s recovery

Housing Wire

What had previously been a surprisingly mild 2024 hurricane season closed with two devastating storms that hammered Florida and North Carolina. While assessing the full scale of the damage could still take months, the short-term effects on the two state’s housing markets were immediately visible — the markets came to a complete halt. In the days right before and after Hurricane Milton battered central Florida, two highly responsive metrics went into free fall.

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11 transaction-generating strategies primed for success

Inman

It's up to you to make your own luck and find opportunities where others won't look. Jimmy Burgess offers strategies both old and new that are poised to work now.

Clients 178
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A danger foretold: NAR’s waning dominance

Real Estate News

The DANGER Report spelled out risks for MLSs, state and local Realtor associations, and NAR — which has weathered unprecedented challenges to its authority.

Realtors 241
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AI in Appraisal: Building Your Niche Success

Appraisal Buzz

In this episode, Hal and Jim sit down with Joanna Conde, President of the Arizona Association of Real Estate Appraisers (AAREA). Joanna dives into the impact of Artificial Intelligence on real estate appraisals. Many appraisers are wary of AI, but Joanna has embraced it to transform her business. She shares how listeners can use ChatGPT to create, manage, and market their own niche businesses, offering valuable takeaways for those looking to stand out in their areas.

Appraisal 341
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6 ways title companies can harness AI

Housing Wire

Feeling overwhelmed by all the AI talk? It’s understandable. Artificial intelligence (AI) has become a hot topic across every facet of life, including the real estate and title industries. Many title professionals are asking how AI can be used safely and effectively to improve daily operations. In this article, we’ll explore practical ways title companies can leverage AI to stay competitive in a fast-changing landscape, offering actionable tips to help you integrate these emerging tools respons

Tools 448
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Bill Murray’s former New York estate hits the market for $3.69M

Inman

Murray and his ex-wife, Corcoran broker Mickey Murray, built the Yellow House in the 1980s after buying the property for $305K. The 5,177-square-foot home sits on the site of a 19th-century barn.

Marketing 178