FirstAm Title Launches Real-Time Fraud Alerts

FirstAm Title Launches Real-Time Fraud Alerts

First American Title Insurance Company launched a new real-time fraud alert system for title agents. Order Insights is a transaction-based system available to all FirstAm policy-issuing title agents. It is included with AgentNet Services, the digital storefront for the company’s products. FirstAm leaders note that real estate-related fraud losses totaled more than $145 million in…

FirstAm Title Launched A “Reimagined” Title Agent Platform

FirstAm Title Launched A “Reimagined” Title Agent Platform

First American Title rolled out a “reimagined” version of its platform for agents. The platform, AgentNet, is an easy-to-use platform for products and services First American title agents value most. It allows title agents to easily access business-critical tools and reduces the complexity often associated with multiple systems, according to company leaders. “Our title agents…

Locked Market Led To Slowing Price Appreciation In July

Locked Market Led To Slowing Price Appreciation In July

Annual home price appreciation continued to slow in July as the affordability crisis kept the housing market locked. First American’s Home Price Index report found that prices were up 0.3% month-over-month and 5.3% year-over-year. The report tracks home price changes less than four weeks behind real-time at the national, state, and metropolitan levels. This is…

Existing-Home Sales Stifled By Lack Of Inventory, Unaffordability

Existing-Home Sales Stifled By Lack Of Inventory, Unaffordability

Existing-home sales continue to be stifled by “twin” market dynamics, and First American expects them to slow through the month. The company’s Existing-Home Sales Outlook “nowcasts” sales based on the historical relationship between sales, demographic trends, house-buying power, and the prevailing financial and economic conditions. For May, the company expects to see sales down YOY…

“Higher For Longer” Rates Keeping Buyers Sidelined Even As Inventory Rises

“Higher For Longer” Rates Keeping Buyers Sidelined Even As Inventory Rises

Just as inventory is picking up, “higher for longer” decisions by the Feds are keeping buyers sidelined with 7% interest rates. That’s according to First American, which has released its April 2024 Home Price Index report. The data suggests that a recent uptick in inventory will boost sales activity as the spring buying season peaks but…

Starts, Permits Plummet As Rates Stabilize Near 7%

Starts, Permits Plummet As Rates Stabilize Near 7%

Residential construction reversed gains in March, clocking its biggest dip since August 2023 as builders watch rising rates. Starts and permits both slipped in March, according to data from the U.S. Census Bureau. Starts tumbled by a stunning 14.7% month-over-month to a seasonally adjusted annual rate of 1,321,000. This is below all estimates in a…

Rates Near 7% Send Applications Tumbling

Rates Near 7% Send Applications Tumbling

Mortgage applications are yo-yoing as affordability-minded buyers respond to fluctuating rates. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — decreased by 1.6%, following the week prior’s 7.1% bump. Adjusted purchase applications slipped by 1%, while the unadjusted index was down 1%…

Cooling Rates Spark “Cautious Optimism” In Housing Pros

Cooling Rates Spark “Cautious Optimism” In Housing Pros

Cooling interest rates have opened a path for potential buyers heading into 2024, sparking “cautious optimism” for housing professionals. First American’s Potential Home Sales Model for November 2023 saw its biggest monthly increase since December 2022, up 1.3%. That translates to 5.30 million potential existing home sales at a seasonally adjusted annualized rate. The Potential…

Affordability FIopped In 2023, But Redfin Predicts A Brighter New Year

Affordability FIopped In 2023, But Redfin Predicts A Brighter New Year

This year was one of the worst on record for affordability. But with the market at an all-time low, the only move now is up, according to a new analysis by Redfin. A homebuyer with the median U.S. income needed to spend 41% of their earnings on monthly home costs in 2023, a record high…

Housing Market “Rhymes” Wild 1980s Market

Housing Market “Rhymes” Wild 1980s Market

Today’s housing market proves that history does, in fact, recycle its best hits. But it’s not 2008 getting a re-do. That’s according to First American Financial’s Chief Economist Mark Fleming, who notes that the market of today is closer to that of the 1980s– not an exact comparison, but close enough to glean insights. “Today’s…

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