Existing home sales continue to free-fall, seemingly not yet hitting a floor as the market is now half a year into an accelerating decline, with July seeing a 16.2% year-over-year drop—even as other metrics paint a much more complicated picture around housing, according to the latest data from the National Association of REALTORS® (NAR). With…
Non-profit economic think tank The Conference Board saw its Leading Economic Index (LEI) fall for the fifth month in July as recession risks remain a clear danger to the country heading into the fall. The LEI, which relies on a broad swath of big-picture macroeconomic metrics including manufacturing orders, housing permits and stock prices, fell…
A report from Bloomberg News over the weekend claimed that scandal-ridden Wells Fargo—which not long ago stood as a juggernaut in the mortgage lending industry—has planned a significant strategic pullback from home loans that both preceded and transcends the current tough economic environment. Like essentially every other mortgage lender, the bank has taken a hit…
Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon. All aboard the mortgage roller-coaster! Rates snapped back again this week after briefly falling below 5%, jumping almost 25 basis points in the last seven days. Freddie chief economist Sam Khater suggested that the market…
A tumultuous summer so far in real estate has left brokers shaken, with signs of a broad housing pullback—including big hits to home sales, building permits and new construction starts—causing concern. Meanwhile, price drops and homes spending more time on the market have some worried about waning demand. But the latest edition of RISMedia’s Broker…
Not yet law but now much closer to receiving President Biden’s signature, the Democratic “Inflation Reduction Act” survived a careful balancing act between centrists and progressive members of the caucus, along with virulent opposition from Republicans and is likely headed for a vote in the House this week. Focused mostly on health care and climate…
Tech-focused, full-service brokerage Fathom beat guidance on revenue this quarter, up 52% to take in $128.2 million, with big increases in its mortgage and tech business, though company executives also announced cost-cutting initiatives and joined a broader chorus across the industry in warning that there will likely be tough times ahead. Agents and transactions were…
It certainly looks like the real estate market has peaked, and at least nationally, housing has entered a correction of some kind. What exactly this will look like as we move forward is not fully understood, with mortgage rates pushing some buyers out and a recession potentially creating broad economic pain for both buyers and…
Real estate mega franchisor RE/MAX posted solid revenue growth for Q2 2022, hitting its targets as the company brought in $92.2 million, but also saw fractional year-over-year loss in its United States agent count—even as it continues to make significant gains internationally. With 1.7% organic growth, net income coming in at $5.8 million and total…
Amid all the blaring national headlines of falling home sales and price declines, with all the anecdotes of listings that would have sold in hours last year sitting for months, against a background of increasingly likely recessionary conditions, the most important question for real estate professionals is, what matters most in your market? The answer…
Knowing what to say at the right time is necessary for every agent looking to weather the shifting housing market... Read more.
