Sports Venues New Stars In Real Estate Development

By CHUCK GREEN Professional sports stadiums are an anchor for a growing number of real estate developments as teams capitalize on Americans’ desire for all-encompassing experiences. Based on a count from RCLCO Real Estate Consulting, between the National Football League, National Basketball Association, National Hockey League, Major League Baseball, and Major League Soccer, there are 43 venue-anchored real estate development projects on the ground, with seven more under construction. Another 34 are being considered. Last month, RCLCO announced the launch of a new proprietary Venue-Anchored Development Tracker for every major league stadium in the U.S. and Canada. Users can find information about existing, under construction, and planned venue-anchored developments. During a recent presentation, Vice President Alex Shaia talked about what’s…

Cooling Rates Boosts Refis Again

Mortgage applications rose again as rates slipped for a third week and refis rallied. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — rose by 1.9%, adding to last week’s 0.5% increase. Adjusted purchase applications declined, however, by 1%, while the unadjusted index was down 2% and 11% lower YOY. Refinances once again drove the rising data this week. Rates declined to 7.01%, their lowest level in seven weeks. “Rates coming down from recent highs spurred some borrowers to act, with increases across both conventional and government refinance applications. VA refinances had a double-digit increase for the third consecutive week, although the current level of refinancing is…

With Remote Work Here To Stay Lenders Focus On Options For Overseeing Employees

By KIMBERLEY HAAS It is estimated that more than one in five Americans will work remotely by 2025 and lenders are finding ways to remain compliant as loan officers choose that lifestyle. According to a recent USA Today report, workers in all professions are taking advantage of remote options. Just over one-third of workers in the U.S. who can work remotely do so full-time, and 41% of people who can be on a hybrid schedule are. At the same time, 58% of white-collar workers prefer to work remotely at least three days a week and only 16% of white-collar workers would consider a job that doesn’t offer the option of working remotely at least one day a week. Banks, mortgage…

Tampa Named The #1 U.S. City For Veterans

Tampa, Florida, is the number one U.S. city for veterans seeking affordability, comfort, and opportunity. That’s according to a new survey from Veterans United Home Loans,  which looked at the country’s 500 biggest metros to determine which offered the qualities most valued by veterans and their families. Behind Tampa were Rochester, MN.; Wichita Falls, TX; Fargo, ND.; Virginia Beach, VA.; Watertown, NY; Charleston, SC; Medford, OR; Altoona, PA, and Sioux Falls, SD. “Our in-depth analysis factors in feedback and priorities from hundreds of Veterans we surveyed, so we can really dig into what those who serve are looking for when it comes to planting roots and building communities,” said Chris Birk, vice president of mortgage insight at Veterans United.  “These…

Foul Called After UWM Announces Partnership With NBA, WNBA

By KIMBERLEY HAAS Hunterbrook Media and its publisher are sounding the alarm after a promotional partnership between United Wholesale Mortgage and the National Basketball Association was announced. On Thursday, leaders at UWM and NBA Communications issued a press release that said a multiyear U.S. partnership was established between the company’s consumer-facing brand, Mortgage Matchup, the NBA, and the WNBA. This marks the first-ever mortgage partnership for both leagues. As part of the deal, Mortgage Matchup “will collaborate with the leagues on marketing and promotional activities to expand the reach of its platform, raising awareness around the benefits of partnering with a mortgage broker and making it easier for fans to access the resources they need when purchasing or refinancing a…

Economist Patrick Gourley Talks About Prices, Rates, And The Realtors Settlement

Photo Credit: University of New Haven As the spring selling season continues, there are growing concerns about the state of the housing market. Mortgage rates remain high, inventory is low, and a new Gallup poll shows 76% of Americans they surveyed think it’s a bad time to buy a home. Writer Nicole Murray spoke with Patrick Gourley, an associate professor of economics at the University of New Haven in West Haven, Connecticut. He explained how the government’s response to the Covid pandemic helped create this problem, said that mortgage rates are unlikely to go down anytime soon, and talked about what the National Association of Realtors settlement means for the industry. You can listen to the conversation here: Murray: Let’s…

Housing Starts Rose, Permits Fell In April

Residential construction saw mixed results in April as builders approach the high-rate environment with caution. Housing starts were up by 5.7% to a 1.36 million annualized rate last month but down 0.6% YOY, according to data from the U.S. Census Bureau. Analysts expected construction to rise, which it did– but by far less than the 1.42 million rate forecasted. Permits slipped, down 3% from March’s revised rate of 1,485,000 and 2% YOY. This is the third straight month that this future construction indicator has fallen. It’s now at its lowest level since August. The data suggests builders are moving cautiously as mortgage rates remain elevated. Rates averaged 7.09% last week, an improvement after a long spell of increases but still…

Purchase Applications Slip, Refis See Boost

Mortgage applications rose slightly last week, buoyed by a refi turnaround even as purchase demand faltered. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — rose by 0.5%, adding to last week’s 2.6% increase. Adjusted purchase applications declined, however, by 2%, while the unadjusted index was down 2% and 17% lower YOY. Refinances instead drove the rising data this week. Rates declined for a second week, down another 10 BPS to 7.08%, their lowest level since April. “The decline in rates led to a small boost to refinance applications, including another strong week for VA refinances. However, the overall level of refinance activity remains low. Purchase applications…

Recent Homeowners Are Taking On Debt To Stay Afloat

Recent homeowners are finding out how unprepared they were to buy a house in today’s high-rate, high-price market, taking on debt to stay afloat and regretting their decisions. In a new survey from Clever Real Estate, 38% of 2023 and 2024 homebuyers said they overpaid for their home, with 50% locking in a higher interest rate than they planned in order to get a mortgage. Since that purchase, 44% have taken on extra debt to maintain their preferred lifestyle, while 43% have struggled to make mortgage payments on time. These buyers feel in over their heads since buying a home, and many of them ended up compromising on their priorities, including spending more than they budgeted for. “Often, homeowner regrets…

Property Taxes, Insurance Costs Squeeze Homeowners

By ERIN FLYNN JAY Rising property taxes and insurance costs are putting pressure on homeowners across the country. Last week, Newsweek reported that polling conducted for them by Redfield & Wilton Strategies found that property taxes and/or insurance costs have risen for most homeowners within the past year. The poll found that 65% of Americans saw increased property taxes, while 69% paid more for home insurance. They surveyed 1,500 eligible voters on May 1, according to the report. In April, ATTOM released its property tax analysis for 89.4 million U.S. single-family homes, which showed that $363.3 billion in property taxes were levied in 2023, up 6.9% from $339.8 billion in 2022. The increase was almost double the 3.6% growth rate…