Eye on Housing
MAY 4, 2023
An earlier post revealed that 71% of buyers who were actively engaged in the process of finding a home in the first quarter of 2023 have spent 3+ months searching for a home without success. The inability to find an affordable home remains the most common reason buyers looking for 3+ months can’t make a purchase, cited by 40% (compared.
Housing Wire
MAY 4, 2023
Elevated mortgage rates hurt Rocket Companies , the parent of Rocket Mortgage , again in the first quarter of 2023. Rocket has been cutting expenses and targeting purchase business, but the firm was unable to achieve profitability in Q1 in a shrinking mortgage market. The Detroit-headquartered lender sustained a $111 million adjusted net income loss in the first quarter, following a $197 million loss in the fourth quarter.
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Keeping Current Matters
MAY 4, 2023
Downsizing has long been a popular option when homeowners reach retirement age.
Housing Wire
MAY 4, 2023
“I haven’t seen a dry spell like this in the time I’ve been in business,” Bob Yopko, president of First Equity Residential Mortgage , said of this year’s spring homebuying season. The purchase market is locked up with a lack of inventory thanks to elevated rates and homeowners already having secured low mortgage rates during the pandemic years.
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Real Estate News
MAY 4, 2023
CRMLS partners with Local Logic; Listing Media Services expands; Restb.ai and SentriLock each add 2 partners; news from CubiCasa, TrustFunds and Reliance.
Housing Wire
MAY 4, 2023
The National Association of Home Builders (NAHB) announced on Thursday that it has appointed James W. Tobin III as its new president and CEO. Following an extensive search, the NAHB Board of Directors ratified the selection of the CEO Executive Search Committee on May 3, appointing Tobin to lead the 140,000-member association. Tobin will assume the role of president and CEO on June 1, according to a press release about the appointment.
Residential Realty Today brings together the best content for real estate professionals from the widest variety of industry thought leaders.
Housing Wire
MAY 4, 2023
The slower housing market at the start of the year was not enough to prevent Fidelity National Financial from turning a profit. During the first quarter of 2023, the Big Four title insurer reported revenue of $2.474 billion, down from $3.167 billion in Q1 2022, and a net income of $59 million compared to $400 million a year prior. Fidelity’s title segment reported revenue of $1.6 billion for the quarter, down from $2.4 billion a year ago, and a net income of $128 million, a decline compared to
Real Estate News
MAY 4, 2023
The 30-year mortgage rate averaged 6.39% this week, down from 6.43%, but the decline has not spurred an increase in mortgage applications.
Housing Wire
MAY 4, 2023
Pontiac, Michigan-based United Wholesale Mortgage (UWM) announced on Wednesday that its brokers can request a dedicated loan coordinator, adding a level of loan processing support when needed. In addition, UWM announced brokers can also connect their loan origination platform to the lender’s system. When they order the service known as “PA+,” loan officers, processors, and their borrowers will have access to a loan coordinator to help receive, scrub, order and send docs.
Real Estate News
MAY 4, 2023
Redfin CEO Glenn Kelman says the company is ‘leaner, hungrier’ and ready for when the real estate market rebounds.
Speaker: Abdi Ali, Sr. Lease Accounting Consultant
Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.
Housing Wire
MAY 4, 2023
Investors haven’t exactly treated publicly traded mortgage companies very kindly over the past 12 months. To that end, Rithm Capital , the real estate investment trust that operates NewRez , Caliber and several other businesses , is considering spinning off the mortgage division to aid its flagging stock, which company executives described as “extremely undervalued.” “Our third-party fund business continues to be a major focus as we transition to growing our business as a
Inman
MAY 4, 2023
Find out why this high-flying Beverly Hills real estate broker is in the spotlight and learn what he predicts for the rest of 2023.
Housing Wire
MAY 4, 2023
California mortgage tech firm Blend Labs is at risk of getting delisted from the New York Stock Exchange (NYSE) as a consequence of the company’s stock price slumping below $1 for more than a month. Blend announced on Thursday that it received notice on April 28 from the NYSE that it was not in compliance with the stock exchange’s bylaws, which state that a company could be de-listed if its common stock traded below $1.00 for more than 30 trading days.
Inman
MAY 4, 2023
Redfin's Q1 revenue declined 45 percent year over year to $325.7 million, as gross profits from its real estate services took a tumble amid a harsh housing market, according to an earnings call Thursday.
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Housing Wire
MAY 4, 2023
Toronto-based TD Bank Group and Memphis, Tenn.-based First Horizon Corporation , one of the country’s largest warehouse lenders, have agreed to terminate an acquisition deal, according to a joint announcement issued Thursday. The deal, first announced in early 2022 and valued at $13.4 billion, would have led to TD Bank acquiring First Horizon, facilitating TD Bank’s broader entry into the U.S. market.
Inman
MAY 4, 2023
Founded in 1973, RE/MAX is one of the most recognized real estate brands in the world. RE/MAX® is the most productive real estate network in the world, as measured by residential transaction sides and, with a presence in over 110 countries and territories, the RE/MAX network’s global footprint is unmatched by any other real estate brand.
Housing Wire
MAY 4, 2023
The 2023 HousingWire Annual agenda is here. After listening to pitches from our community, discussing with our welcome committee and fine-tuning with our HousingWire team, we feel confident that we’re delivering an agenda that addresses the topics you need to start off 2024 as a leading housing professional. A few distinct focus areas we are continuing to offer this year include access to content, community and commerce.
Inman
MAY 4, 2023
Total revenue dropped 6.2 percent year over year and U.S. agent count fell 5.4 percent, according to earnings data released Thursday as the real estate brokerage continues to wrestle with a shifting market.
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As the real estate market evolves, technology has become essential for success. According to NAR, only 26% of agents feel their brokerage provides the necessary tech tools and, as a result, agents seek teams and brokerages who prioritize technology investments! Whether you manage an established team or are forming a new one, this guide outlines key considerations and necessary applications to thrive.
RIS Media
MAY 4, 2023
Deja vu has hit the nation as yet another Federal Reserve meeting yields further interest rate hikes after a major bank collapse over the weekend. Fed officials announced that they would raise interest rates by another quarter percent, pushing the federal funds rate between 5% and 5.25%—a 16-year high. The move marks the 10th consecutive… The post Fed Increases Rates Again, but Signals Possible Pause Amid Banking Turmoil appeared first on RISMedia.
Inman
MAY 4, 2023
As business owners, it's important to do the math and understand what causes some agents to leave your brokerage.
RIS Media
MAY 4, 2023
Zillow has announced the launch of their new Zillow ChatGPT plugin, which gives users a new way to discover real estate listings. According to a release, users who enable the plugin can use conversational language to ask about specific property listings or share the types of for-sale and rental homes they are interested in, including… The post Zillow Announces ChatGPT Plugin for Real Estate Searches appeared first on RISMedia.
Inman
MAY 4, 2023
Watch the latest Inman Access classes to better understand how to build a strong, authentic brand, and learn the key tactics real estate professionals can implement to leverage free press.
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Now more than ever, brokers need to provide agents with the right tools, strategies, and training to effectively demonstrate their expertise, negotiate successfully, and foster strong client relationships. So – what should brokers do to ensure this? Invest in the right technology, continuous education, and innovative marketing strategies that empower agents to stand out in a crowded marketplace.
RIS Media
MAY 4, 2023
The Institute’s Luxury Market Report is your guide to analysis on the trends and comparative data on the top-residential markets throughout Canada and the United States. The report for April reviews the current statistics for the luxury market in North America month-over-month, as well as the 13-month trend. This month, we aim to discover whether… The post The Institute: April Luxury Market Report appeared first on RISMedia.
Inman
MAY 4, 2023
This is the season where the strong will get stronger. Do the work and you will be one of the ones who comes out stronger on the other side.
RIS Media
MAY 4, 2023
A majority (63%) of agents and brokers said promoting energy efficiency in listings is very or somewhat valuable, according to a new report from the National Association of REALTORS®. The 2023 REALTORS®and Sustainability Report – Residential examines sustainability issues facing the real estate industry. “While each area of the country has a unique climate and… The post Majority of Agents, Brokers Find Value in Promoting Energy-Efficient Listings, NAR Finds appeared first on RISMedia.
Inman
MAY 4, 2023
Described as "one to watch" by Douglas Elliman Executive Chairman Howard Lorber, Middleton will operate out of Douglas Elliman's flagship office in Manhattan, Inman has learned exclusively.
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RIS Media
MAY 4, 2023
California Regional Multiple Listing Service (CRMLS) has announced an agreement with Local Logic, a location intelligence provider that quantifies location at scale. Through this arrangement, Local Logic will provide all current CRMLS users with powerful localized data insights such as demographics, location scores, local neighborhood profiles, points of interest, and school data.
Inman
MAY 4, 2023
Shares in regional banks PacWest Bancorp and Western Alliance Bancorp tumble, and TD Bank Group and First Horizon announce they're calling off their merger.
RIS Media
MAY 4, 2023
In an earnings call on Wednesday, May 3, Ryan Schneider, Anywhere Real Estate president and CEO, put a positive spin on Q1 2023 losses, but while emphasizing that the brokerage giant “charged ahead to make meaningful progress on our strategic priorities,” Wall Street responded sharply. With revenues down 31% year-over-year, and a $138 million first-quarter… The post Anywhere Earnings Stay in the Red for Q1 2023 appeared first on RISMedia.
Inman
MAY 4, 2023
Despite reporting its highest-ever first-quarter revenue, Vrbo parent Expedia Group reported losing $145 million in the first three months of the year, according to an earnings call on Thursday afternoon.
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