🌟 Impact of Rising Insurance Costs on the Housing Market

I hope this message finds you well! I recently came across an eye-opening article discussing the dramatic surge in insurance costs and its ripple effect on the housing market. Here are some takeaways that might interest you:

•  Insurance Hike Impact: Some Homeowners are facing doubled premiums, influencing decisions to drop coverage or switch to riskier state plans. This is especially prevalent in areas prone to natural disasters like Florida and California

• Market Shifts: Increased insurance costs are causing home prices to dip and extending the time properties stay on the market. Deals are also falling through due to unaffordable premiums.

• Long-term Predictions: If trends continue, we could see a significant drop in home values, particularly in flood-prone zones. This could reshape the demographics of entire communities.

Are you curious to read more about it? Let me know, and I can send over the link to the full article!

 👨🏻‍💻 Surefire CRM error results in 600K errant, unsolicited messages: sources

Because of an apparent error made by staff at ICE Mortgage Technology‘s Surefire customer relationship management (CRM) platform, more than 600,000 emails and texts were sent without permission to real estate agents, business partners and past clients of loan officers around the country.

These messages, part of Surefire’s weekly “Markets in a Minute” deployment, mistakenly contained a New Jersey-based LO’s marketing materials and contact information (including NMLS details). Sources also said the New Jersey LO has received multiple angry messages for an error that he did not make.

A spokesperson for ICE did not answer detailed questions asked by HousingWire, but they did say in a statement that the issue itself was “resolved in short order that same day” and that the company has “multiple teams investigating root causes and will be sending an official communication to all impacted stakeholders.” 👉: Read More

 👨‍⚖️ Real estate brokerages granted final approval of landmark settlements with homebuyers

Three big real estate brokerage firms received a judge's approval Thursday to finalize sweeping settlements that promise dramatic changes to real estate commissions across the US.

Keller Williams, RE/MAX (RMAX), and Realogy (HOUS) were granted the green light to go forward with the settlements during a fairness hearing in a Missouri federal court over objections from home sellers who are unhappy with the accord.👉: Read More

 🔥 Mortgage Rates Technically at Lowest Levels in a Month

By: Matthew Graham
Thu, May 9, 2024

The most prevalently quoted conventional 30yr fixed rates are at the lowest levels in a month as of today, but there are a few "yeah buts" that make that achievement look a bit less lofty. 

The first is that the rates seen on any day this week would have qualified for the same distinction if they'd remained intact today.  Reason being: there was a big rate spike last month on April 10.  On a related note, today's rates weren't appreciably lower than those seen on Tuesday. 👉Read More

 📊 BLS Jobs Report (April 2024)

April's job growth missed estimates, as there were 175K new jobs created versus the 243K that were expected. Revisions to the data for February and March also shaved 22K jobs from those months combined while the unemployment rate rose to 3.9%. Overall, the data suggests softening in the labor sector, which could pressure the Fed to cut rates if this trend continues.

 🏢 Commercial Real Estate Market Insights

April 2024 Commercial Real Estate Market Insights

The commercial real estate (CRE) market has seen few changes during the year’s first quarter. Vacancy rates were on the rise, and rent growth continued to decelerate across all market sectors. Specifically, the office vacancy rate reached new record highs, reaching almost 14%, while fundamentals in both the retail and industrial sectors decelerated. These trends reflect the persistent trends and challenges from the previous year that continue to influence the market.

Interest rates remain steady at 5.5%, and the effects of hybrid work impact on office spaces are factors that are not going away overnight. In the meantime, the U.S. economy started to slow down after previously exceeding expectations. Nonetheless, consumers continue to spend, helping to keep the economy resilient. 👉Read More

 🏠 75 Outdoor Living Room Ideas for an Epic At-Home Escape

If you're lucky enough to have an outdoor space, you probably want to get as much use out of it as possible. Any size patio, balcony, or backyard can be a comfortable and stylish lounge, dining area, or game room that you can enjoy year-round if you put a little extra consideration into how you furnish and arrange it. The right outdoor room design ideas can quickly transform an overrun or neglected backyard space into a special place to unwind.

Laying out an outdoor room can feel intimidating, but it becomes easier when you think of it as an extension of your home's interior. Break up a large backyard space with multiple smaller seating areas just as you would an open-concept living room, or pair a dining set with a cozy couch for a natural transition after dinner. Choosing patio decor, furniture, and lighting in colors and styles that coordinate with what you use indoors is another subtle way to make your outdoor space look pulled together. 👉Read More

 🕺Unemployment Rates and Recessions

The unemployment rate has risen from a low of 3.4% in January 2023 to 3.9% in April 2024. I know what you’re thinking: “That’s not much of an increase, and the UR is still really low! I see no recession signals here!”

Take a close look at the graph below, noting the gray bars (which indicate recessions). Two important observations can be made:

1. Recessions almost always start when the UR is low. If that sounds backwards, think about it this way: it is the recession (falling economic activity) that drives the unemployment rate higher. A low UR does not inoculate an economy against recessions.

2. It doesn’t take much of an increase to signal a recession. The rule of thumb is that a 0.5% increase (half a percent) in the UR from its recent lows is enough. Do you see how the UR usually has a little curl up just before a recession starts? Well, the UR is up 0.5%.

The Sahm Rule: To be precise, the Sahm Recession Indicator says that a recession has started when the 3-month moving average of the UR has risen by at least 0.5% relative to its lows during the previous 12 months. In April 2022, the 3-month MA of the UR was 3.50%. In April 2023, it was 3.87%. That’s +0.37%. So we’re not quite there yet.

  💸 Renters Need to Make $80,000 to Comfortably Afford the Typical U.S. Rental (April 2024 Rental Market Report)

U.S. rents continued to tick up in April. Rents grew 0.6% month over month, slightly slower than the pre-pandemic average for this time of year of 0.7%. The typical U.S. rent is now only a whisker away from $2,000, at $1,997, according to the Zillow Observed Rent Index. 

To comfortably afford a rental at that price — meaning spending no more than 30% of their income — a renter would need to make nearly $80,000 a year ($79,889). Five years ago, a renter would have needed to make less than $60,000 to comfortably afford the typical U.S. rental ($58,692). 

Since 2019, U.S. rents have grown 1.5 times faster than wages, according to an analysis by Zillow and StreetEasy that highlights the challenging financial landscape for today’s renters. More recently, softening rent growth — thanks in large part to strong multifamily construction that’s helped absorb demand for apartments — has helped renters begin to catch up. National rent growth last year (3.4%) was outpaced by wage growth (4.3%). 
👉 Read More

The Fast and Fun

⛯ So you want to buy a lighthouse 👉 Read More

🏠 This week’s “Not a bad shack” on Zillow See Here

 🔥 April 2024 Hottest Housing Markets 👉Read More

First-time homebuyers:
Get up to $5,250!

There’s no greater feeling than moving into your first home. Getting the keys, opening the front door, making the home your own – all things we want you to experience!

CCM Smart Start will contribute up to $5,250 toward those good feelings. With CCM Smart Start, we’ll cover 2% of the purchase price (up to $5,250) for the down payment so your homeownership dream can come to life.
_{For terms and conditions}👉_{: https://crosscountrymortgage.com/loan-types/programs/ccm-smart-start/}

Agents are you looking for Marketing Tools, Help and Ideas? 
Let’s connect and talk about how I help Support Your Business

Ask Me About
CardTapp
ListReports
Total Expert
Bid Over Ask Report
Total Cost Analysis Reports
Google Business Page and Reviews