Trump talks Dodd-Frank: We’re going to cut regulations tremendously

July 21st, 2017 Real Estate

In an expansive, wide-ranging interview with the New York Times, President Donald Trump stated that he would not have selected Jeff Sessions to serve as attorney general if he knew that Sessions would recuse himself from the investigation into Trump’s suspected ties to Russia. And while that proclamation seems to be grabbing all the headlines, Trump also discussed a number of other issues, including his administration’s push to roll back Dodd-Frank and the administration’s efforts to cut regulations “tremendously.”

Private firms are now buying foreclosures in record numbers

July 21st, 2017 Real Estate

Foreclosures continue to fall, plummeting 20% in the first half of 2017. ATTOM Data Solutions explained foreclosures are becoming unicorns of the housing market: hard to find and highly sought after. In fact, more third-party buyers than ever are buying foreclosures from public auctions.

Top 10 cities where low-income housing sees best performance

July 21st, 2017 Real Estate

As home prices rise across the U.S., even those who make six-digit salaries are at risk of falling into the low-income category in some cities. A new study shows which cities are best for low-income households, however even in the best city there is not enough public housing to meet even half of the need.

Carson says HUD will “reinterpret” Obama fair housing rule after Republicans ask for repeal

July 21st, 2017 Real Estate

Department of Housing and Urban Development Secretary Ben Carson said in an interview this week that HUD will look to “reinterpret” a controversial fair housing rule issued by the Obama administration in 2015. Carson’s statement comes just days after nearly 20 Congressional Republicans asked Carson to repeal the Affirmatively Furthering Fair Housing rule entirely.

Conference & Expo General Session to Feature Michael Phelps

July 21st, 2017 Real Estate

Meet the 23-time gold medalist at the NAR Booth. Then, hear Phelps speak at this year's General Session, following NAR President Bill Brown’s industry address.

Realtors®, House Financial Services Committee Reach Agreement to Move Key Flood Insurance Legislation Forward

July 21st, 2017 Real Estate

WASHINGTON (July 20, 2017) – The National Association of Realtors® today said that significant improvements to the “21st Century Flood Reform Act,” key legislation aimed at strengthening and reauthorizing the National Flood Insurance Program, have cleared the way for endorsement of the bill. Among the changes, Realtors® support the House Financial Services Committee’s commitment to retaining “grandfathering” – a policy that protects homeowners from… Read More

Despite inventory shortage, existing home sales surge in California

July 20th, 2017 Real Estate

For two years now, California has dealt with extremely low housing inventory, and it doesn’t look like it’s getting better any time soon. According to the latest report from the California Association of Realtors, existing home sales in California took off in June to their highest pace in nearly four years. But the increase in sales, coupled with the double-digit decline in active listings, now means June’s available housing supply is even lower.

Colony Starwood Homes rebranding as Starwood Waypoint Homes

July 20th, 2017 Real Estate

For the second time in two days, a business that carries the “Colony” brand name announced that it plans to shed that name and begin operating under a new name. First, it was Colony American Finance, which is being renamed CoreVest American Finance Lender after Fortress bought the company. Now, Colony Starwood Homes is rebranding as Starwood Waypoint Homes.

Louisiana asks FTC to pause regulatory action while state repeals controversial appraisal laws

July 20th, 2017 Real Estate

The state of Louisiana may have taken action to directly respond to the Federal Trade Commission’s claim that the regulatory body that oversees property appraisals in the state stifled price competition by requiring appraisal management companies to follow the state’s established polices for the fees that AMCs pay to appraisers, but that doesn’t mean that the FTC is ready to drop the case entirely.

This year will probably be the biggest year for homebuilders in a decade

July 20th, 2017 Real Estate

Most experts said the increase in new housing starts in June will continue throughout 2017. However, one economist pointed out there is one factor that could hold back new construction this year. Another expert explained even with the increases, the market is still highly competitive.

Brazen leader of massive mortgage modification scheme gets 20 years

July 20th, 2017 Real Estate

Three California residents will spend a combined 39 years in prison after being convicted for their roles in a nationwide, multi-year mortgage modification fraud scheme that scammed thousands of distressed borrowers out of at least $11 million. The scheme’s ringleader used much of the money taken from distressed borrowers to lead an extravagant lifestyle, which included purchasing expensive vehicles, a racehorse, and producing a reality TV show.

Fortress acquires Colony American Finance

July 19th, 2017 Real Estate

Fortress Investment Group is about to be acquired by SoftBank Group in a $3.3 billion deal, but Fortress isn’t done making its own acquisitions while that deal works its way through the legal process. Fortress announced Tuesday that it is acquired Colony American Finance, a lender that provides financing for real estate investors who want to purchase single-family rental homes, townhomes, condos, and small multifamily properties.

Homebuilder confidence slips on rising material costs

July 19th, 2017 Real Estate

Home builders were less confident in July due to a rising concern on the price of building materials. As all three of the Housing Market Index components fell, the market for newly built homes saw a decreasing confidence in the current and future sales conditions.

Canadians struggle with near-record household debt

July 19th, 2017 Real Estate

Canadians are dealing with near record levels of household debt, but mortgage delinquencies continue to improve. As the country worked to cool its heating housing market, home sales dwindled. So now where are the latest round of potential homebuyers looking? Here, in the U.S.

FHFA wants more input on improving credit access for borrowers with limited English proficiency

July 19th, 2017 Real Estate

In May, the Federal Housing Finance Agency asked the housing market to provide input on how to increase access to credit for borrowers with limited English proficiency. Originally, the FHFA set a deadline of July 10, 2017 to receive all input, but the FHFA announced Tuesday that it is extending the deadline to get more feedback from the market.

Louisiana repealing controversial appraisal laws after FTC accused state of price-fixing

July 19th, 2017 Real Estate

A controversial Louisiana law that governed how much appraisal management companies pay real estate appraisers for their work is now set to be repealed after the state’s governor took action in response to the Federal Trade Commission accusing the state of price-fixing.

Housing starts suddenly rebound in June

July 19th, 2017 Real Estate

New housing construction increased in June despite growing concerns among builders and decreasing confidence. And June’s increase could carry on in the upcoming months as building permits saw an increase in single-family authorizations.

Foreign U.S. Home Sales Dollar Volume Surges 49 Percent to Record $153 Billion

July 19th, 2017 Real Estate

WASHINGTON (July 18, 2017) – Fueled by a substantial increase in sales dollar volume from Canadian buyers, foreign investment in U.S. residential real estate skyrocketed to a new high, as transactions grew in each of the top five countries where buyers originated.

This is according to an annual survey of residential purchases from international buyers released today by the National Association of Realtors ®, which also revealed that nearly half of all foreign sales were in three states: Florida, California and Texas.

NAR’s 2017 Profile of International… Read More

Fannie Mae: Economic expansion to slow in second half of 2017

July 18th, 2017 Real Estate

Fannie Mae’s latest monthly forecast shows economic growth will slow in the second half of the year, and kept its annual forecast steady at 2%. The company explained residential investment will likely decline in the second half of the year due to the lackluster homebuilding activity and tight inventory which continues to hold back home sales.

Orlando sees smallest inventory decline for 2017: Drops 14%

July 18th, 2017 Real Estate

Inventory declined once again in June from the previous year, but the 14% decrease is the smallest annual drop so far this year. As inventory became even more scarce, homebuyers were undaunted. Home sales continued to climb alongside rising home prices.