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Rick Lugg Named CEO of Virginia Realtors

Rick Lugg Named CEO of Virginia Realtors

by Phil Hall | Jan 23, 2025 | Market Snapshot, News/Current Events, Real Estate News, WRE News Exclusive

Virginia Realtors has announced the appointment of Rick Lugg as its new CEO. Lugg is being promoted from his positions as chief financial officer and chief operating officer at the trade group representing nearly 35,000 realtors. He succeeds Terrie Suit, who retired...
Chris Avallone Appointed CFO at The Amherst Group

Chris Avallone Appointed CFO at The Amherst Group

by Phil Hall | Jan 23, 2025 | Market Snapshot, News/Current Events, Real Estate Investing, Real Estate News, WRE News Exclusive

The Amherst Group, an Austin-based real estate investment, development and operating platform, has promoted Chris Avallone to chief financial officer (CFO), effective May 1. Avallone will retain his current position as head of merchant banking, with responsibilities...
Mortgage Rates Drop Below 7%

Mortgage Rates Drop Below 7%

by Phil Hall | Jan 23, 2025 | Market Snapshot, Mortgage Information, News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

Mortgage rates dropped below the dreaded 7% mark in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). The 30-year fixed-rate mortgage averaged 6.96% as of Jan. 23, down from last week when it averaged 7.04%. A year ago at this time, it...
CFPB’s Chopra: ‘Ready to Hand Off the Baton’ if Trump Fires Him

CFPB’s Chopra: ‘Ready to Hand Off the Baton’ if Trump Fires Him

by Phil Hall | Jan 23, 2025 | Market Snapshot, News/Current Events, Real Estate News, WRE News Exclusive

Rohit Chopra, is ready to depart from his job as the director of the Consumer Financial Protection Bureau (CFPB) – but as of this writing, the Biden-appointed regulator is still at work because President Trump has not named a new director for the agency. In an...
Home Selling Profits Down in 2024 Despite Price Gains

Home Selling Profits Down in 2024 Despite Price Gains

by Phil Hall | Jan 23, 2025 | Market Snapshot, News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

Home sellers made a $122,500 profit on typical sales nationwide in 2024, generating a 53.8% return on investment, according to new data from ATTOM. However, the profit margin on median-priced sales nationwide was down from 56.9% in 2023, the second straight annual...
Georgia MLS in Data Access Partnership with 12 Local MLSs

Georgia MLS in Data Access Partnership with 12 Local MLSs

by Phil Hall | Jan 23, 2025 | Market Snapshot, News/Current Events, Real Estate Agent Tools, Real Estate News, WRE News Exclusive

Georgia MLS has teamed with has united with 12 local MLSs in the state to expand listing data accessibility. According to the organizations, the new partnership connects more than 55,000 agents to the largest inventory of properties in the state under one shared...
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