Top Headlines
HUD Releases $85 Million in PRO Housing Program Grants
The grants were rewarded in a competition that saw applications from over 175 communities in 47 states and territories. Continue Reading HUD Releases $85 Million in PRO Housing Program Grants
Florida Realtors Award $242K in Scholarships
All the scholarship recipients are Florida residents. Continue Reading Florida Realtors Award $242K in Scholarships
Douglas Elliman Announces Settlement Over Commission Fees
The settlement agreement is related to the pending Gibson and Umpa cases. Continue Reading Douglas Elliman Announces Settlement Over Commission Fees
Regulators Seize Philadelphia’s Republic Bank as the Year’s First Bank Failure
Republic Bank had approximately $6 billion in total assets and $4 billion in total deposits as of Jan. 31. Continue Reading Regulators Seize Philadelphia’s Republic Bank as the Year’s First Bank Failure
AIDS Healthcare Foundation Cancels $27 Million Purchase of Six LA Properties
The organization said the buildings “would require $14 million to bring them up to a fully habitable state.” Continue Reading AIDS Healthcare Foundation Cancels $27 Million Purchase of Six LA Properties
Mortgage Lenders Turn ‘Desperate’ as Soaring Rates Roil Industry
Source: Bloomberg --- Danny Meier had one of the busiest years of his career in 2021. The 36-year-old closed roughly $799 million worth of loans at Academy Mortgage Corp., ranking him among the top producing originators in the US. Now, he’s bracing for a 20% reduction...
Will 40-Year Mortgages Become a Thing? Here’s What Real Estate Experts Say
Source: Apartment Therapy --- A global pandemic followed up by a looming recession is the kind of once-in-a-lifetime double whammy that can really rock your financial confidence. Now, as interest rates spike, it raises the question: Could a 40-year mortgage option...
Mortgage applications rise amid strong demand for ARMs
Source: Realty Biz News --- Mortgage applications surprisingly jumped 8% last week compared to the previous seven day period, boosted by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association. However, applications are still down 10%...
US housing market price correction to hit ‘coast to coast,’ economist warns
Source: NY Post --- The scorching pandemic-era US housing market is on the verge of a “coast to coast” price correction as the Federal Reserve hikes interest rates, a prominent economist warned this week. Mark Zandi, chief economist at Moody’s Analytics, said his firm...
New Home Sales Increase in May Before Fed June Rate Rise
Source: NAHB --- After posting four consecutive monthly declines on rising mortgage rates and worsening affordability conditions, new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Federal Reserve’s June interest rate...
What Is an Escalation Clause in Real Estate and When Should You Use One?
Source: Realtor --- What is an escalation clause in real estate, and how does an escalation clause work? When you’re deciding on what price to offer on a home, the situation might call for a single price or, in some cases, numerous prices via an escalation clause. In...
How To Reinvent Yourself & Your Business Enterprise
Once you have decided to reinvent yourself, the next decision is whether to stay in your chosen field or select a new one. Continue Reading How To Reinvent Yourself & Your Business Enterprise
U.S. Mortgage Application Payments Spike $513 in 2022
Source: World Property Journal --- According to the Mortgage Bankers Association's latest Purchase Applications Payment Index, U.S. homebuyer affordability was mostly unchanged in May 2022, with the national median payment applied for by applicants up slightly to...
Home Flips Are Up, But Raw Profits Hit 13-Year Low
Source: National Mortgage Professional --- ATTOM released its first-quarter 2022 U.S. Home Flipping Report showing that home flips are up in the first quarter, while profits have sunk to a 13-year low. The report shows 114,706 single-family houses and condominiums in...
Housing-affordability crunch time is at hand
Source: Sun Gazette --- Ballooning mortgage costs, driven by skyrocketing prices and interest rates, have made mortgages less affordable than at any time since at least 2007. Demand for homes has pulled back in response, easing price growth, slowing sales and boosting...
