Loan Fraud Up a Staggering 407%
The 407% surge - a fivefold increase - in mortgage scam reports over the last three years is likely to only get worse, because in the absence of stronger financial safeguards - especially the weakening of the Consumer Financial Protection Bureau - the landscape for fraud is improving. "Most consumers have no idea how exposed they are. Without modern oversight and enforcement, the system is operating on trust that scammers are exploiting daily," said BackOffice Pro Executive Vice President Rajeev Kumar.
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Compass 'has not and will not adhere' to Clear Cooperation
Compass has formalized its opposition to the Clear Cooperation Policy, turning up the heat in the ongoing battle over how and when homes should be listed on the MLS. In a July 1 email to MLS and National Association of Realtors leaders, Compass CEO Robert Reffkin did not mince words, informing the organizations that the brokerage "has never agreed to or with CCP" - and will not ask its agents to follow the policy.
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We Asked AI How Much Is Needed To Buy a First Home and Fact-Checked It With Financial Experts
We asked ChapGPT, "How much do I need to buy a first home?" Then, we took those recommendations to a team of financial experts. "That objectivity makes AI a great starting point, especially for first-time homebuyers trying to map out budgets and savings goals," Andrew Latham, certified financial planner with SuperMoney.com, tells Realtor.com®. "But AI starts to lose its edge the more specific your needs get, especially when it comes to something as localized and financially nuanced as buying your first home."
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Buyers Are Gaining Market Power as Mortgage Rates Dip Another Week
The sour outlook from consumers, and the consistent "wait-and see" policy from the Federal Reserve, helped push interest rates lower, including mortgage rates dipping to 6.77% for a 30-year fixed home loan. The dip was housing-friendly but small, so its impact will be modest. Inflation, which showed the Fed's preferred gauge, rose 2.3% in the year even as the index excluding food and energy prices edged a bit higher.
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