Freddie Mac: Mortgage rates tick up slightly to 3.58%

Freddie Mac | August 29, 2019

Although the average U.S. rate for a 30-year fixed mortgage rose this week, the rate still managed to hover near last week’s 3-year low, according to the latest Freddie Mac Primary Mortgage Market Survey. According to the company’s data, the 30-year fixed-rate mortgage averaged 3.58% for the week ending August 29, 2019, up from last week’s rate of 3.55%. A year earlier, the rate was 4.52%

Spotlight

The pace of turnaround for new homes is hotting up. According to Government figures some 217,000 were delivered to the market in 2017  an increase on the previous year and the highest rate for a decade. But the Government cannot afford to let that rate drop. If the housebuilding sector is to make real inroads into delivering affordable, quality housing to all UK citizens then that rate has to be the norm rather than the exception it is currently. Which is easier said than done. Housebuilders are battling against a perfect storm of an uncertain economy, skills shortages and planning hold-ups. The uncertain economy will fix itself in time but the planning hold-ups and skills shortages may take a while longer. But fixed they must be.

Spotlight

The pace of turnaround for new homes is hotting up. According to Government figures some 217,000 were delivered to the market in 2017  an increase on the previous year and the highest rate for a decade. But the Government cannot afford to let that rate drop. If the housebuilding sector is to make real inroads into delivering affordable, quality housing to all UK citizens then that rate has to be the norm rather than the exception it is currently. Which is easier said than done. Housebuilders are battling against a perfect storm of an uncertain economy, skills shortages and planning hold-ups. The uncertain economy will fix itself in time but the planning hold-ups and skills shortages may take a while longer. But fixed they must be.

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REAL ESTATE TECHNOLOGY

Redfin Launches Down Payment Assistance Feature to Help Make Homeownership More Attainable

Redfin | October 10, 2022

Redfin, the technology-powered real estate brokerage, today added down payment assistance information to home listings on its website. Potential homebuyers can now use Redfin to discover down payment assistance programs they may qualify for in order to help make homeownership more affordable. The feature is powered by a partnership with Down Payment Resource, a company helping the housing industry connect homebuyers with more than 2,200 homebuyer assistance programs nationwide. Each eligible for-sale listing page on Redfin in the U.S. now displays the number of down payment assistance programs available in that area. Interested homebuyers can input basic information and immediately receive a tailored list of programs they may qualify for, the amount of assistance potentially available to them, and links to the program pages for more information. “Nearly half of Americans who have never owned a home say that saving money for a down payment is a barrier to homeownership, and many young people in particular feel like they’ll never be able to own a home, Down payment assistance programs can make homeownership more attainable, but information about them is often fragmented and hard to understand. We saw a big opportunity in partnering with Down Payment Resource to raise awareness about these programs to help more people become homeowners.” -Christian Taubman, Redfin’s chief growth officer This information is especially valuable as the national median home price has soared roughly 40% since the pandemic, making saving for a down payment more challenging. Recent Redfin research found that the typical U.S. homebuyer who took out a mortgage in July made a $62,500 down payment, nearly double the median down payment in July 2019, before the pandemic started. Our research shows that one in three declined mortgage applications are denied for reasons that could be addressed with homebuyer assistance, which underscores the critical need to increase awareness about these life-changing programs, Partnering with Redfin is a great way to get information about financial support into more consumers’ hands. With thousands of assistance programs available across the country, many Americans may be able to afford homeownership sooner than they realized,said Rob Chrane, CEO and founder of Down Payment Resource. This launch is part of Redfin’s broader mission to remove barriers to homeownership and make finding a home clear and achievable. Other efforts include: Ongoing donations to nonprofit community partners through Redfin Rise, the company’s philanthropic initiative. This year, Redfin Rise donations have provided housing counseling sessions for 660 families through Clarifi, supported the development of 12 permanently affordable homes through Homestead Community Land Trust, provided $135,000 in closing grants to 45 homebuyers through NHS Chicago, and helped build 226 homes in El Salvador and Mexico with New Story. Maintaining free homebuyer resources, including first-time homebuyer guides in both English and Spanish and homebuying classes taught by expert Redfin agents. Publishing extensive housing market research about affordability and equality issues. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people. About Down Payment Resource Down Payment Resource (DPR) helps its business partners connect homebuyers to the down payment help they need through its award-winning technology. The company tracks funding status, eligibility rules, benefits, and more for over 2,000 down payment assistance and affordable lending programs. DPR was recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR licenses its products to Multiple Listing Services, REALTOR® Associations, real estate search sites, lenders, and housing counselors across the country. DPR's subscription based service, Down Payment Connect, helps agents and loan officers match buyers to available programs.

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MARKET OUTLOOK, BROKERAGE

The Crew Real Estate Joins The Real Brokerage

Real | September 05, 2022

The Real Brokerage Inc. (Real or the Company), an international, technology-powered real estate brokerage, today announced that The Crew Real Estate, a greater Ontario-based team, is joining its growing network of agents. Established by Ryan Campbell in 2014, The Crew brings 17 agents to Real. The highly productive team closed approximately $300 million in home transactions over the last 12 months. “We look forward to working with The Crew and expanding our Canadian presence, This team is known for actively supporting their community, and we’re excited to serve as their brokerage partner.” -Real Chairman and CEO Tamir Poleg We're excited to join Real because it allows us to align ourselves with a community of agents that shares our core values as well as our collaborative vision for the real estate industry of the future, Being a part of Real will enable us to focus on our strengths while giving our agents access to cutting-edge technology through the Real platform,Ryan said. About Real The Real Brokerage Inc. is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for homebuyers and sellers. The company was founded in 2014 and serves 44 states, D.C., and two Canadian provinces with over 6,000 agents.

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MARKET OUTLOOK, REAL ESTATE INVESTMENT

Eastdil Secured and Project Destined Launch Commercial Real Estate Bootcamp

Eastdil Secured | October 06, 2022

Eastdil Secured, L.L.C. (“Eastdil Secured”), the global real estate investment bank, and Project Destined, a leading social impact platform that provides training in financial literacy, entrepreneurship and real estate, have launched their fall commercial real estate bootcamp. The program stems from Eastdil Secured’s existing partnership with Project Destined, and consists of a five-week “bootcamp” training program, where 50 students across the U.S. will learn from more than two dozen Eastdil Secured professionals and mentors about key topics in the commercial real estate industry, including: Eastdil Secured’s History and Its Business Interviewing, Recruiting, and Professional Use of Social Media Year One as an Analyst at Eastdil Secured How to Pitch Yourself and a Deal Professional Networking This bootcamp will provide an unprecedented opportunity for Project Destined students to learn from leaders in commercial real estate investment banking, as well as earn both an ARGUS certification from Altus Group and a Financial Modeling Certification through Project Destined’s partnership with NYU Schack Institute of Real Estate and Columbia Graduate School of Real Estate. In addition to weekly bootcamp sessions, accepted fellows will receive scholarships to participate in Project Destined’s paid virtual internship and bootcamp activities, including visits to Eastdil Secured offices across the U.S. “At Eastdil Secured, creating opportunities across our industry for diverse candidates is a longstanding commitment. Our ongoing partnership with Project Destined has allowed us to deliver on that, while helping to develop the next generation of leaders in commercial real estate, Over the last year, we have watched the transformation of the students we have sponsored through Project Destined, and the training, access and experience this offers participants will serve them for years to come. We look forward to expanding our partnership with Project Destined with this bootcamp program and watching its alumni succeed – no matter where their careers take them.” -Roy March, CEO of Eastdil Secured As part of the bootcamp program, Eastdil Secured professionals and mentors will prepare, engage and guide students one-on-one to help them develop a range of fundamentals including financial, technical, presentation and leadership skills designed to aid their search for internships, certifications and full-time employment in the commercial real estate industry. We are excited to expand our partnership with Eastdil Secured and prepare this incredible group of students for a career in commercial real estate, The real estate industry provides unparalleled opportunities to build a great career while also impacting your community. The network, skills and access that this bootcamp provides will ensure that these students are ready to take on this opportunity,said Cedric Bobo, Co-Founder of Project Destined. Following the successful sponsorship of a New York-based Project Destined team in Summer 2021, Eastdil Secured helped Project Destined serve more students by sponsoring three teams for Spring 2022 in New York, Los Angeles and Atlanta. Eastdil Secured is also delighted to announce that two Project Destined program alumni will join the firm as full-time analysts in 2023, following internship program placements in New York and Santa Monica, California. Since its founding in 2016, Project Destined has worked with more than 3,500 participants in 35 cities across the U.S., Canada, the United Kingdom and Europe. Eastdil Secured’s partnership will support Project Destined and its mission to provide training in financial literacy, entrepreneurship and real estate to students from underserved communities. About Eastdil Secured As the most relevant and trusted advisor in the commercial real estate capital markets, Eastdil Secured creates value for clients through creative, actionable ideas and flawless execution. With an unrivaled combination of capital markets expertise and in-depth understanding of real estate fundamentals, Eastdil Secured delivers best-in-class advice on mergers and acquisitions, sales, joint ventures, debt placement, structured credit and loan sales to investors around the world. Headquartered in New York, Eastdil Secured has a broad global footprint to support clients with offices across the United States in Atlanta, Boston, Charlotte, Chicago, Dallas, Los Angeles, Miami, Orange County, San Francisco, Seattle, Silicon Valley and Washington, D.C., and internationally in Dubai, Dublin, Frankfurt, London, Milan, Paris, Hong Kong and Tokyo. About Project Destined Project Destined is a leading social impact platform that provides training in financial literacy, entrepreneurship, and real estate. Project Destined partners with corporations, schools, and non-profits to deliver training using its proprietary e-learning platform and love courses. Project Destined leverages a work-based learning approach where students work with executives to evaluate live deals in their community and present them in a pitch competition to industry leaders. Scholars emerge with the skills, confidence, experiences, and networks that prepare them to secure a strong first job and become stakeholders in their community.

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