Lenders Can’t Deny Loans and Blame Technology
CFPB: Lenders are obligated to tell buyers why their loan application was turned down. They can’t plead ignorance and say an algorithm made the determination.
Check Email: FREC May Have Important Request
FREC didn’t receive course completion reports from some Fla. licensees who took the real estate salesman or broker’s test online between Jan. 2020 and June 2022.
Rainy Days Best for Home Showings?
A house can feel more like a home when it’s raining outside, but it’s also the best time to check for roof leaks, note outside drainage issues and detect any odor from mold.
Increasing Number of Sellers Drop Asking Price
How are rising mortgage rates impacting home sales? Comparing the percentage of sellers who dropped their price in April 2022 vs. April 2021 finds an increase in Fla. metros.
Census Finds Big City Losses, Sunbelt Gains
8 of the 10 largest U.S. cities lost population during the first year of the pandemic, though reasons varied from housing costs to jobs, births and deaths.
Fannie Mae: Housing Crisis Will Last a Decade
Recession or not, the U.S. doesn’t have enough entry-level homes for everyone who needs one, and it will take at least 10 years for supply to catch up with demand.
Broward May Make Condo Safety Records Public
It may get easier for Broward condo buyers to find building safety reports. An online resource would give owners structural reports and update the status of repairs.
Lots of Interest Rate Increases? Fed Seems Unsure
The Fed’s meeting notes this month suggest disagreement among the ranks, but they still plan on some rapid increases followed by time to “assess the effects.”
Does Reality TV Skew Buyers’ Perceptions?
Reality home shows capture the real estate business’s glitz and glamour, but not so much the minutiae and stress. One agent calls them “horrible” for the industry.
30-Year Mortgage Rate Drops to 5.1%
The average rate on a 30-year, fixed-rate loan fell for the second week in a row but still hovered just over 5%. One year ago, a 30-year FRM averaged 2.95%.