10X Your Housing Insight: Construction's On Fire, But Developers Are Feeling the Heat!

Boom! September's numbers are in, and housing starts are soaring to a whopping 1,358,000, as per the intel from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. That's a solid 7% jump from August's figures. But hold on, before you pop the champagne, it's still 7.2% shy of what we saw in September 2022.

Now, here's the twist: future construction permits? They took a 4.4% hit from August. The numbers? We're talking a drop to 1,473,000 from 1,541,000. And the word on the street? Builders are getting jittery. High mortgage rates and a potential drop in demand have got them on edge, says Lisa Sturtevant, the head honcho economist at Bright MLS.

But these builders? They're hustlers. They're throwing in sweet deals, from home upgrades to buying down those pesky mortgage rates, all to keep those sales numbers up.

And speaking of vibes, the monthly builder confidence index just dropped its biggest bomb since January 2023. Not the kind of record you want to set.

Diving deeper, single-family housing starts in August? They're up by 3.2%, clocking in at 963,000. But, and it's a big but, they're still 12.8% lower than September 2022. Blame it on those rising interest rates. On the flip side, housing starts for those big buildings with five or more units? They're up to 383,000.

Regionally, the Northeast saw a dip in single-family starts, but the rest of the country? Still going strong. Sturtevant points out that the Northeast's slowdown might be due to a mix of cooler demand and builders playing the real estate version of "Where's Waldo?" trying to find available lots.

Year-to-date, both single and multifamily starts took a hit across the board. The Northeast is down by 23.3%, the Midwest by 12.9%, the South by 7.8%, and the West by 16.9%. Not the kind of numbers you want on your report card.

And here's the million-dollar question: Is multifamily construction about to hit the brakes? Between August and September, it was all systems go, especially with renting becoming the new black in many U.S. markets. But Sturtevant's got a warning: renters might be in for a shock if new apartment construction slows down in Q4.

10X Your Mortgage Game: LOs Are Dropping Like Flies, But Who's Rising to the Top?

Buckle up, folks! The mortgage world's been on a rollercoaster, and I've got the inside scoop. For years, the broker channel's been preaching that when the market's down, they've got the upper hand. So, with the Fed rate hikes shaking things up, how's the broker channel holding its ground?

The data wizards at InGenius crunched the numbers, and here's the lowdown: Brokers have upped their game, jumping from 23% to 28% market share in just a year. On the flip side, retail's taken a hit, dropping by that same percentage. Jeff Walton, the big shot at InGenius, spilled the beans: while some folks are losing jobs left and right, a chunk of them are jumping ship to the brokerage world.

Now, here's the kicker: Wholesale's been gaining traction as refis slow down. Why? A lot of retail lenders were all about that refi life, using call centers to churn out those loans. But brokers? They're all about building relationships, which is gold in a purchase-driven market.

But let's not sugarcoat it. The mortgage scene's been rough for everyone, thanks to those sky-high rates. Refis? They've nosedived. But purchases? They're still beating 2019's numbers. And if things stay this way, expect brokers to snatch even more of that market share pie.

Now, let's talk LOs. The stats are jaw-dropping. In Q2 2023, we're looking at 89,094 valid LOs. That's a far cry from the 181,656 peak in Q3 2021. And the average LO? They've been pushing out just under 16 loans per quarter since Q1 2019. But fast forward to Q2 2023, and that number's plummeted to just 9 loans.

But hey, every cloud's got a silver lining. Purchase volume per LO? Still solid. In fact, Q2 2023's numbers even beat the average since Q1 2019. But here's the million-dollar question: How many LOs are on the brink of calling it quits? A staggering 20,000 have already thrown in the towel every quarter since Q2 2022.

The next year's gonna be a battlefield. Even the industry's top dogs are feeling the heat, with some down by 50%. But for those LOs who've mastered the purchase game? The future's looking bright. They've just gotta hang in there and 10X their hustle.

Hold Up! Real Estate Drama Hits the Courtroom, and It's Spicier Than Your Auntie's Gumbo!

Ladies and gentlemen, grab your popcorn and your best courtroom attire because the real estate world is serving up some hot tea! The Sitzer/Burnett class action commission lawsuit is strutting its stuff in court, and honey, the stakes are higher than my hair on a humid day.

Now, let me break it down for y'all: These folks are saying commission rates are through the roof, and they're throwing shade at the National Association of Realtors (NAR) for allegedly setting those prices. And guess who's caught up in this mess? Big names like RE/MAX, Anywhere, Keller Williams, and even Berkshire Hathaway HomeServices. Child, it's like a reunion of all the real estate divas!

Katie Johnson, NAR's Chief Legal Officer, chimed in, saying they're expecting the opening arguments to kick off soon. And word on the street is that RE/MAX and Anywhere already settled for some big bucks. But NAR? They're standing their ground, claiming they're just trying to keep things fair and square in the market.

But here's where it gets juicier: Part of those settlements means some folks don't have to play by NAR's rules anymore. It's like telling someone they don't have to follow the dress code at the club!

Now, if the plaintiffs win this thing, NAR's Deputy General Counsel, Lesley Muchow, says we might as well go back to the Wild West days. You know, when folks could just swindle and scam left and right. And without the current system? There'd be no one-stop-shop for all your home needs.

So, what's really on the line here? Some experts are saying this whole shebang could shake up the whole commission game, maybe even cutting the commission pool by a whopping 30%. That's like going to a buffet and finding out they've run out of shrimp!

But while we're all waiting on the edge of our seats, some brokers are already making moves, getting their agents ready for whatever comes next.

Stay tuned, y'all, because The Affluent Factor's got our eyes on this courtroom drama, and we'll be spilling all the details in the coming weeks.

MEME’S OF THE DAY

10X Your Dinner Game: Instant Pot Lasagna for the Hustling Realtor!

Ai Tool of the Day

Job Hunt Mode: The AI Wingman Every Exiting Realtor and Loan Officer Needs!

Alright, alright, alright! So, you're a realtor or loan officer, and the game's got you feeling some type of way? Maybe you're thinking of switching lanes? Well, honey, I've got just the thing for you: Job Hunt Mode! It's like having a little AI assistant in your pocket, ready to sprinkle some magic on your job hunt.

First off, let's talk about this AI. This ain't your grandma's typewriter; this is some futuristic, next-level stuff! Need a cover letter that pops? Job Hunt Mode's got you. Resume looking a little dusty? This AI will shine it up real nice. But remember, it's like getting advice from that one friend who thinks they know everything – use it, but add your own flavor!

Now, I see they've got a little legal jargon up in here, talking about not misrepresenting skills and all that. Listen, we all want to shine, but let's keep it real. Use this tool to boost your game, not to play games. And if you're an employer, don't get all twisted – they've got a contact page for you to get all the deets.

One thing's for sure, they're serious about their brand. They've got rules, terms, and even a no-refund policy. So, make sure you read the fine print, just like when you're closing a deal.

Check out all the tools they have in their tool bag to help you out!

🕵️ Decipher Job Listings: Interpret and match your skills to the right opportunities.
🛗 Create Elevator Pitch: Craft a compelling story for networking.
🦉 Personalized Job Advice: Get customized strategies tailored to your goals.
🤝 LinkedIn Endorsements: Enhance your professional network.
💼 Direct Apply to Jobs: Apply with ease to the roles that fit you best.
🎯 Optimized Resume: Stand out with AI-optimized resumes.
🔓 Unlock Hidden Skills: Discover your untapped potential.
🗜 Compress Your Resume: Concise and powerful resumes.
🪄 Career Guidebook: Your roadmap to success.
📄 Cover Letter Maker: Persuasive and personalized cover letters.
💵 Salary Negotiation: Strategize your compensation talks.
💬 Chat with AI Agent: 24/7 support for your queries.
💖 Inmail Tips: Master the art of professional messaging.

In conclusion, if you're in the market for a new gig and need a little help, Job Hunt Mode might just be your new best friend. But always remember to keep it 100, personalize that AI-generated content, and make it truly yours.