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☆ After a $1.8 billion verdict, the clock is ticking on the 6% real estate commission
▼ + stars: | 2023-11-05 | by ( Manav Tanneeru | Anna Bahney | ) edition.cnn.com time to read: +7 min

And yet, every day, people across America hire a real estate agent to help them sell a home. While state governments license real estate agents, NAR has an extensive code of ethics it expects members to adhere to. NAR and the brokerages have vowed to appeal the verdict, which means real estate commissions aren’t going anywhere immediately. Last month Redfin, an internet real estate company, left the association. The longer-term impact of the verdict may be that the pairing of buyer’s agent commission and seller’s agent commission will eventually be separated.

Persons: Keller Williams, –, Corcoran —, Kenny Parcell, ”, Mantill Williams, Darryl Frost, homesellers, Stephen Brobeck, ” Brobeck, Jen Davis, ” Davis, “, they’ll Organizations: DC CNN, National Association of Realtors, Homeservices, Keller, Keller Williams Realty, Coldwell Banker, Sotheby’s, Realty, NAR, US Department of Justice, “, Consumer, Consumer Federation of America, Holt Homes Group Locations: Washington, America, Missouri, Keefe, Springfield , Missouri

☆ National Association of Realtors CEO steps down, days after real estate group found liable for conspiring to inflate rates
▼ + stars: | 2023-11-02 | by ( David Goldman | Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Bob Goldberg, chief executive officer of the National Association of Realtors, the nation’s largest trade association, is stepping down, the organization announced Thursday. Earlier this week, a federal jury in Missouri found NAR and two brokerages conspired to keep real estate agent commissions artificially high and determined they were liable for $1.8 billion in damages. Nykia Wright, previously CEO of the Chicago Sun-Times, has been appointed NAR interim Chief Executive Officer, starting November 20th. “We are delighted to welcome Nykia as interim CEO,” said NAR President Tracy Kasper, a real estate agent from Nampa, Idaho, and broker-owner of Berkshire Hathaway HomeServices Silverhawk Realty. He added: “Nykia’s strategic expertise and forward-looking perspective are exactly what NAR needs to continue advancing its mission in an ever-changing world.”

Persons: Bob Goldberg, Kenny Parcell, Redfin, Nykia Wright, Nykia, ”, Tracy Kasper, Berkshire Hathaway, Silverhawk, Kasper, “, ” Goldberg Organizations: DC CNN, National Association of Realtors, NAR, Chicago Sun, Times, Sun - Locations: Washington, Missouri, Nampa , Idaho, Berkshire

☆ Mortgage rates drop for first time in seven weeks
▼ + stars: | 2023-11-02 | by ( Anna Bahney | ) edition.cnn.com time to read: 1 min

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☆ Realtors found liable for $1.8 billion in damages in conspiracy to keep commissions high
▼ + stars: | 2023-10-31 | by ( Anna Bahney | ) edition.cnn.com time to read: 1 min

☆ US home prices rose in August for the seventh straight month
▼ + stars: | 2023-10-31 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US home prices continued to rise in August, hitting a new record high and marking the seventh consecutive month of increases. Prices rose 0.9% in August from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. Compared to a year ago, the national composite index also rose, with prices up 2.6% from August 2022, according to Case-Shiller data. On a seasonally adjusted basis, prices increased in 19 of 20 cities in August — and Cleveland only missed by a hair. Where prices are rising and falling the mostWhile 12 of the 20 cities reported higher prices in the year ending August 2023 versus the year ending July 2023, seven of 20 cities reported lower prices.

Persons: ”, Craig Lazzara, Dow, Charlotte ,, ” Lazzara, Lazzara Organizations: DC CNN, Dow Jones Indices, “, Cleveland Locations: Washington, Atlanta, Boston, Charlotte, Charlotte , North Carolina, Chicago, Detroit, Miami, New York, —, Las Vegas, West

☆ Pending home sales rose in September, despite high mortgage rates
▼ + stars: | 2023-10-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US pending home sales ticked up in September despite mortgage rates surging over 7%. Pending sales were down 11% from a year ago. Pending sales had seen slight increases in June and July, despite elevated prices and higher mortgage rates. But mortgage rates topping 7% in August snapped that streak, and pending sales dropped 7% from July to August. “Because of home builders’ ability to create more inventory, new-home sales could be higher this year despite increasing mortgage rates,” said Yun.

Persons: “, ”, Lawrence Yun, Yun, They’re Organizations: DC CNN, National Association of Realtors, South, West, “, Midwest, Housing Locations: Washington, Northeast, Midwest

☆ Mortgage rates climb higher, edging closer to 8%
▼ + stars: | 2023-10-26 | by ( Anna Bahney | ) edition.cnn.com time to read: 1 min

☆ US new home sales surged in September
▼ + stars: | 2023-10-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —New home sales in the United States surged higher in September from the month before, even as mortgage rates remained over 7%, making financing a home costlier and pushing people out of the market. This represents the fastest pace of sales since February 2022 and easily exceeds analysts’ expectations of a sales pace of 680,000. Sales of existing homes have been trending down since February and are down 20% year to date in September from a year ago. While new home sales are a much smaller share of the overall sales market than existing home sales, the inventory picture is rosier for new construction homes. This represents a supply of 6.9 months at the current sales pace.

Persons: Freddie Mac, ”, Kelly Mangold, Mangold Organizations: DC CNN, United States, US Department of Housing, Urban Development, Census, Federal Reserve, Real Estate Consulting, National Association of Realtors Locations: Washington, United, “

☆ Two key indicators with with spooky significance
▼ + stars: | 2023-10-23 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

As in 5% yield on the 10-year T-bill, and 8% interest on the 30-year fixed rate mortgage. The 10-year Treasury yield, which goes up as prices fall, is flirting with 5% for the first time since 2007 (that’s ominous comparison No. The 30-year fixed rate mortgage is barreling toward 8% — a level not seen since the dot-com bubble popped in 2000. Because:In addition to painfully high interest rates, prices on the homes themselves have soared. “Unfortunately, the upward shift in Treasury yields this week will likely make returning to ‘normal’ an even more challenging target to hit,” Walden said.

Persons: CNN Business ’, Nicole Goodkind, Sellers don’t, Anna Bahney, Andy Walden, ” Walden, ”, Jerome Powell, you’ll Organizations: CNN Business, New York CNN, econ, Treasury, US Treasury, ICE Mortgage Technology, ICE Locations: New York, Econ

☆ Treasury yields are sky high. Here's why you should care
▼ + stars: | 2023-10-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

It’s no longer “higher for longer,” said Steve Sosnick, chief strategist at Interactive Brokers, it’s just “high for long.”What’s happening: 10-year Treasury yields are flirting with 5% for the first time since 2007, before the global financial crisis. It also means more expensive mortgage rates. Mortgage rates tend to track the yield on 10-year US Treasuries. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Fed officials, including Powell, have indicated that rates could be high enough to help lower inflation towards their target goal of 2%.

Persons: ”, Steve Sosnick, Rob Almeida, Powell, they’re, Jerome Powell, Paul McCartney, Darrell Cronk, Anna Bahney, —, ” Lawrence Yun, Snapchat isn’t, Snapchat, Clare Duffy, Evan Spiegel Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Interactive, MFS Investment Management, US Treasury, Treasury, Economic, of New, Financial, “, National Association of Realtors, NAR, Twitter Locations: New York, Ukraine, of New York, Wells Fargo, Northeast, Midwest, South, homeownership

☆ Why the housing market is going from tough to terrible
▼ + stars: | 2023-10-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

The current housing market offers a crushing affordability picture for would-be-homebuyers and is keeping many out of the market. The monthly payment on an average-priced home now requires 40% of the median household income, making housing the least affordable it’s been since 1984, according to ICE. “Longer term Treasury yields — which mortgage rates tend to follow — depend on expected economic growth and inflation expectations,” said Orphe Divounguy, senior economist at Zillow. The median household income was $74,580 in 2022, according to the US Census Bureau. “Good news in the economy causes rates to stay higher for longer — but the longer rates are higher, the more likely something in the market goes ‘boom.’”

Persons: Freddie Mac, ”, Andy Walden, ” Walden, Orphe Divounguy, Nicole Bachaud, Bachaud, John Toohig, Raymond James, ” Toohig, “ Organizations: DC CNN —, ICE Mortgage Technology, Black, ICE, “, Zillow, Census Bureau Locations: Washington

☆ Existing home sales dropped in September to 13-year low as surging prices and mortgage rates stymie demand
▼ + stars: | 2023-10-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

The median price for existing homes — which include single-family homes, townhomes, condominiums and co-ops — was $394,300 last month. That was up 2.8% from a year ago and marked the third consecutive month of year-over-year price increases, setting a record high price for homes in September. Low inventory and high prices contributed to sales of existing homes dropping 2% from August to September to a seasonally adjusted annual rate of 3.96 million units, just above analysts’ expectations. More than 90% of homeowners with a mortgage have rates at 6% or lower, according to ICE Mortgage Technology, which recently acquired mortgage data provider Black Knight. Part of this, of course, is because buyers with the means are working to avoid high mortgage rates by purchasing in cash.

Persons: —, ” Lawrence Yun, ”, Yun Organizations: DC CNN —, National Association of Realtors, NAR, Federal, ”, ICE Mortgage Technology, Black, Homeowners Locations: Washington, Northeast, Midwest, South, homeownership

☆ Mortgage rates advance toward 8%
▼ + stars: | 2023-10-19 | by ( Anna Bahney | ) edition.cnn.com time to read: 1 min

☆ Homebuilding bounced back in September
▼ + stars: | 2023-10-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US homebuilding bounced back in September, after dropping in August to the lowest levels since 2020 as mortgage rates climbed. Building permits dropped in September, falling 4.4% from August’s revised number to a seasonally adjusted annual rate of 1.473 million. “Builders continue constructing smaller homes using less land, and offering incentives, but to build our way out of the housing shortage we’ll need mortgage rates well below current levels,” he said. Homebuilders are becoming increasingly anxious about persistently high mortgage rates and cooling demand, she said. “To keep buyers interested, many builders have been offering upgrades or buying down mortgage rates,” she said.

Persons: US homebuilding, ”, Robert Frick, Lisa Sturtevant, “, Sturtevant Organizations: DC CNN, US, Housing, Census, Navy Federal Credit Union, “ Builders, Bright MLS Locations: Washington

☆ Adjustable-rate mortgages are making a comeback
▼ + stars: | 2023-10-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Meanwhile, the average rate for a kind of adjustable rate mortgage — a 5/1 ARM — dropped to 6.33% from 6.49%. (Freddie Mac, which provides an average that CNN covers weekly, does not track interest rates for adjustable rate mortgages). When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Fixed rate vs ARMWhile the overwhelming share of loans are still fixed-rate mortgages, ARMs are becoming more attractive in the current higher-rate environment. Generally, homeowners with higher mortgage rates will pay more in interest rather than principal for a longer time than those with lower interest rates.

Persons: —, Freddie Mac, ”, Bob Broeksmit, Melissa Cohn, Cohn, National Association of Home Builders —, ” Cohn, Kaylin Dillon, Jay Zigmont, ’ ” Zigmont, you’re Organizations: DC CNN, Mortgage, Association, CNN, “, ARM, Fed, Federal Reserve, William, Treasury, Mortgage Bankers Association, National Association of Realtors, National Association of Home Builders, Childfree Locations: Washington, Israel, Kansas, Mississippi

☆ Mortgage rates continue to climb, hitting 7.57%
▼ + stars: | 2023-10-12 | by ( Anna Bahney | ) edition.cnn.com time to read: 1 min

New York CNN —Sheila Bair, who had a front row seat to the subprime mortgage meltdown, is worried today’s housing market is unsustainably hot. A housing bubble can form when prices rise to unsustainable levels. “I see much less speculation in the housing market today, thank goodness,” said Bair. ‘Dizzying heights’Legendary investor Jeremy Grantham shares Bair’s concern about a housing bubble. In many ways, today’s housing market is the polar opposite of the one that preceded the Great Recession.

Persons: Sheila Bair, ” Bair, Bair, ”, she’s, there’s, Jeremy Grantham, ” Grantham, Goldman Sachs, Fannie Mae, Priscilla Almodovar, it’s, ” Almodovar, Lawrence Yun, homebuyers shouldn’t, ” Yun, Yun, America doesn’t Organizations: New, New York CNN, National Association of Realtors, CNN, Federal Deposit Insurance Corp, NAR, “, UBS Locations: New York, Los Angeles, San Diego, Richmond, Cincinnati, Zurich, Tokyo, Miami, Toronto, Vancouver, London, America, “

☆ The cost of homeownership spiraled upwards last year. Here’s what happened
▼ + stars: | 2023-10-10 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

“These trends are likely to continue, given further increases in interest rates in 2023.”What’s going onWhile the Fed doesn’t directly set mortgage rates, what it does with its benchmark lending rate influences mortgage rates — and they were hit hard last year. As mortgage rates rose, more buyers began purchasing discount points as a way to “buy down” a rate. Typically, each point is equal to 1% of the borrower’s mortgage cost. A borrower with a $400,000 loan could, for example, buy down a 7.5% mortgage rate to 7.25% for $4,000. By reducing the mortgage rate upfront, the monthly costs are lower going forward and will be smaller for the life of the loan.

Persons: ”, Rohit Chopra, ” What’s, — Organizations: DC CNN, Consumer Financial, Federal Reserve Locations: Washington, White

☆ Why your mortgage rate is probably different from the ‘average’
▼ + stars: | 2023-10-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —The average US mortgage rate hit 7.49% this week, the highest level in 23 years. The lower risk you present, the lower your mortgage rate will be. Another way people who are quoted a certain mortgage rate can lower it is by buying down the rate with discount points. A borrower with a $400,000 loan can buy down a 7.5% mortgage rate to 7.25% for $4,000. By reducing the mortgage rate upfront, the monthly costs will be smaller for the life of the loan.

Persons: homebuyers, “, Freddie Mac, homebuyer, who’ve Organizations: DC CNN, Consumer Financial, Bureau, National Association of Realtors, Equal, Consumer, Companies Locations: Washington

☆ Mortgage rates climb to 7.49%, hurting home sales
▼ + stars: | 2023-10-05 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —US mortgage rates climbed even higher this week, hitting 7.49% and pushing homeownership further out of reach for would-be homebuyers. “Unsurprisingly, this is pulling back homebuyer demand.”Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign. The central bank has indicated it may keep rates higher for longer, due to stubborn inflation. That has pushed up the 10-year Treasury yield, a key benchmark for mortgage rates. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country.

Persons: homeownership, Freddie Mac, ”, Sam Khater, Freddie Mac’s Organizations: DC CNN, Federal, ”, Treasury, National Association of Realtors Locations: Washington

☆ Real estate insiders question how Trump fraud judge valued Mar-a-Lago
▼ + stars: | 2023-10-03 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN Business —A New York judge ruled last week that former President Donald Trump inflated the value of his Mar-a-Lago estate by an eye-popping 2,300%. But the Mar-a-Lago finding in particular is raising eyebrows among real estate and legal experts because of the metric Judge Engoron relied on: the county tax assessor’s appraisal value. It’s a well-known fact,” said Eli Beracha, chair of the school of real estate at Florida International University. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Engoron wrote. Cintron, the Harrington Ocko & Monk partner, doesn’t think the Mar-a-Lago valuation controversy moves the needle on the question of whether Trump committed fraud.

Persons: Donald Trump, Trump, Arthur Engoron, Engoron, ” Engoron, ”, Eli Beracha, “, ” Dina Goldentayer, Douglas Elliman, ” Goldentayer, Goldentayer, Zillow, ” It’s, Jonathan Miller, Miller Samuel, ” Miller, Melissa Cintron, Harrington Ocko, Monk, it’s “, Miller, Christopher Kise, ” Trump, Letitia James, Cintron, Harrington, doesn’t, he’s, ” Cintron, CNN’s Anna Bahney Organizations: New York CNN Business, Trump, Florida International University, Miller Samuel Inc, Harrington, Mar, realtors, South, New York Locations: York, Beach, South Florida, New York City, “, Springs, Westchester County , NY, Aberdeen, Scotland, Trump

☆ Pending home sales plunged last month as mortgage rates hit 20-year highs
▼ + stars: | 2023-09-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Pending sales had been on the rise the two months prior, despite elevated prices and higher mortgage rates, according to a report released Thursday by the National Association of Realtors. Pending transactions were down 18.7% from August 2022, when average weekly mortgage rates ranged between 4.99% and 5.5%. August may have been the beginning of the end of this resilient housing market — at least for a while, she added. “For others, the higher mortgage rates and general economic uncertainty are simply making them more cautious. Either way, expect the number of home sales transactions this fall to be at a decade low.”

Persons: ”, Lawrence Yun, “, Lisa Sturtevant, Sturtevant Organizations: DC CNN, National Association of Realtors Locations: Washington

☆ US mortgage rates climb to 7.31%, hitting their highest level in nearly 23 years
▼ + stars: | 2023-09-28 | by ( Anna Bahney | ) edition.cnn.com time to read: 1 min

☆ New home sales dropped in August as mortgage rates climbed
▼ + stars: | 2023-09-26 | by ( Anna Bahney | ) edition.cnn.com time to read: 1 min

☆ US home prices rose in July to record-high levels
▼ + stars: | 2023-09-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Prices rose 0.6% from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. Compared to a year ago, the national composite index also rose, with prices up 1% from July 2022, the prior peak, according to Case-Shiller data. In July, prices rose in all 20 cities after seasonal adjustment. Prices in Las Vegas were down 7.2% from a year ago and in Phoenix prices were down 6.6%. The West, where prices are down 3.8% from a year ago, and the South, with prices down 3.6%, continue to see annual price declines.

Persons: ”, Craig Lazzara, Dow, Selma Hepp, Freddie Mac Organizations: DC CNN, Dow Jones, CoreLogic, Federal Reserve Locations: Washington, Chicago, Cleveland, New York, Las Vegas, Phoenix

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