Home-sale prices in the U.S. increased 3.3 percent year over year to a median of $298,800 in November, according to Redfin, a real estate brokerage. November marked the third-straight month of annual home price gains under 4 percent after a 77-month-long streak of annual home price gains exceeding 4 percent.

"The tide has turned," said Daryl Fairweather, chief economist at Redfin. "Sellers are now competing for buyers, but they haven't all realized it yet. Sellers who have adjusted their price expectations downward are still finding plenty of willing buyers. Sellers holding out for high prices are contributing to declining home sales and growing inventories. We see few signs that buyers are likely to reward their patience."

The number of completed home sales fell faster than it has in over two years, down 8.3 percent from November 2017. Home sales declined in 65 of the 74 largest metro areas that Redfin tracks.
The only metro areas that saw more than a 5 percent year-over-year increase in sales in November were New Orleans, 9.4%, Tampa, 7.2%, Long Island, 7.1%, and Orlando, 6.5%. Mortgage rates, which were a full point higher in November 2018, 4.9%, than the 2012-2017 average, 3.9%, may be putting a damper on sales.

As home sales continue to decline, the number of homes on the market is on the rise, shifting the balance of supply and demand back toward the buyers' favor. The number of homes for sale in November increased 4.9 percent from a year earlier. This was the highest level of inventory growth since June 2015, and the eighth straight month that the year-over-year figure increased.

However, the national figure masks a wide variation among individual metro areas, with inventory skyrocketing in places like San Jose, 123.2%, Seattle, 96.5%, and Oakland, 60.3%, but still falling fast in other areas such as Philadelphia, -24.0%, Camden, -19.8%, and New Orleans, -19.1%. The number of homes newly listed in November rose 0.3 percent year over year.

Across Redfin metros, the typical home that sold in November went under contract in a median of 44 days, two days faster than last year. Earlier this year the fastest markets saw homes go under contract in less than 10 days, but spring's fastest markets are slowing down the most this fall.

This November, 19 percent of homes sold above the list price, down from 22.2 percent last November. Meanwhile the share of homes with a price drop declined slightly from an all-time high of 31.2 percent in October to 24.6 percent in November. Nationwide the number of homes newly listed in November rose 0.3 percent year over year.

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Floify’s platform is now available for use with Ellie Mae’s Encompass digital mortgage solution. The integration provides lenders with access to Encompass directly through Floify, with the aim of driving loan origination efficiency.

By using the Encompass integration with Floify, loan originators can process borrower loan applications, securely send and receive supporting documentation, automatically deploy status updates and reminders via email and SMS, and more, from a single, intuitive user interface.

Ellie Mae is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Ellie Mae’s Encompass digital mortgage solution provides one system of record that enables banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency.

“Floify is delighted to partner with Ellie Mae,” said Dave Sims, CEO of Floify. “Our secure, seamless integration with Encompass enables our clients to simplify the process of using their favorite LOS with Floify, so they can more efficiently process mortgage loans and grow their business. We look forward to a long, successful relationship with Ellie Mae.”

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[caption id="attachment_7900" align="alignleft" width="300"] Brian Sacks[/caption]

 

By Brian Sacks

This is the time of year, we are all making our plans for the upcoming 12 months.
Most of us simply hope that everything will be ok? We hope rates will stay low. We hope the real -estate market will be active. We hope agents will give us business and be loyal.

A Lot of Hoping, Isn’t It?
But deep down inside we all know that hope is not a strategy for success. So, when business is good, we tend to ignore the fact that we must always keep marketing and meeting new referral sources.
But when business slows down, we tend to immediately start looking for all of the magic pills that can generate business for us. Some even look for magic pills outside of our business to generate income.

Sorry to break this to you, but there really aren’t any magic pills.
You must have competitive pricing. You must have good service. You must do a good job.
But those are still not enough to ensure you have a good 12 months and a solid mortgage practice. The bottom line is that you must work hard and smart and consistent.

The Problem with Magic Pills
These so-called solutions come and go. Some work short term and some don’t work at all. But if you are truly going to achieve your goals you must ask yourself one question at the beginning, middle, and end of each day.

Are you ready for the question?

Is what I’m doing right now taking me further toward my goal or not?

We are all bombarded by the magic pill sellers each and every day. So, it’s very easy to get distracted and lose focus. But focus is the key to your success.

Not to sound too cliché but the saying “Plan your work and work your plan” really does hold true in our business. We are all pulled in many directions each day. Trying to get new deals. Trying to form new relationships.

Trying to get the deals we have in process out quickly and smoothly.

Then we get an e-mail or even a phone call with something that really sounds fascinating.

Now, here’s where you need to ask yourself that important question:

Is what I’m doing right now taking me further toward my goal or not?

Let me give you a few examples:
You are due to meet with an agent. Is that person an agent who can provide you with the type and amount of deals you are looking for?

You see an ad or e-mail for a new tool that will generate leads. Will that tool work, and if it does, will it generate shoppers or pre-qualified buyers for the loan sizes and programs you are looking for?

You are asked to join a networking group.
Will the people in that group be able to provide you with leads? Will those leads be the loan size and type you want?

By now I hope you see the issue. Not every opportunity is one you should be acting on. Stop first and ask yourself the question.

Will this take me closer or farther away from my goal?

About the Author
Brian Sacks, a recognized mortgage expert with Homebridge Financial Services Inc., has closed more than $1 billion  in loans and 5,890 mortgage transactions. Also, he wrote "48 Proven Ways to Immediately Close More Loans." You can learn more at http://48waysbook.com.

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States Title Inc. is acquiring the underwriting operations and retail title business of North American Title Group.

The deal, which is expected to close in January, assuming regulatory approval in California and Arizona is obtained by year end, calls for States Title to acquire NATG's underwriter, North American Title Insurance Co., and a majority position in the retail business of NATG's national title agency, North American Title Co. North American is a wholly-owned subsidiary of homebuilder Lennar.

"By partnering with North American Title, we accelerate our shared vision to build the title company of the future," said Max Simkoff, founder and CEO of State Title. "Buying a home, and refinancing that home, are among the most important financial decisions in a person's life. We believe that the experience of doing so should be fast, simple, safe and affordable. Title and settlement are critical to every real estate transaction. Modern technology and powerful analytics will supplement and enhance our associates' ability to deliver outstanding service to every single one of our customers."

States Title deploys predictive analytics to underwrite the title on a property, helping customers close real estate transactions safely, quickly, and often at lower cost. The new company will continue to operate under the North American Title brand and Lennar will assume a substantial minority equity ownership stake.

Max Simkoff will remain the CEO of the combined company, and the newly-formed management team will include current leadership from both States Title and North American Title, as well as new hires with relevant expertise. Title industry veteran Judd Hoffman, formerly president of the direct division at First American Title, has joined the new company as chief transformation officer and Noaman Ahmad will join as chief financial officer. Matt Zames, president of Cerberus Capital Management and a former chief operating officer at JP Morgan, has joined the board.

NATC's builder business, which delivers settlement services to Lennar's homebuyers, and a portion of its retail business, will remain with Lennar and operate as CalAtlantic Title. Approximately two-thirds of NATG's current associates will transition to the new company, while the balance will remain with CalAtlantic Title. Fifth Wall, a real estate technology-focused fund, introduced States Title and Lennar after initially co-leading States Title's Series A financing round in 2016.

 

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