Homebuyers relocation rate drops to 18-month low

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1. Homebuyers relocation rate drops to 18-month low

New data from Redfin indicates a decline in the share of homebuyers relocating, marking the lowest percentage in 18 months.

Between September and November, only 23.9% of homebuyers opted for relocation, compared to 24.1% during the same period a year ago. This decline represents the first annual drop in relocation rates in Redfin's records dating back to 2017.

Several factors contribute to this decrease:

1. Strained affordability, characterized by high mortgage rates and substantial principal and interest payments.

2. The widespread adoption of remote work during the COVID-19 pandemic enabled more people to consider relocating, but employer constraints on remote work have curtailed this trend.

2. RealFi lays off employees without paying salaries

New York's nonbank mortgage lender RealFi, formerly Residential Home Funding Corp., reportedly laid off employees in December without issuing their final paychecks or severance.

This information comes from former employees who spoke to HousingWire under the condition of anonymity, citing fear of retaliation. On a December 15 conference call, the company's executives cited "lack of work" and "warehouse lines of credit" as reasons for the layoffs.

A former underwriter revealed that an email received on December 28 stated that RealFi lacked the funds for further payments. Jodi Mosiello, RealFi's COO, in an email reviewed by HousingWire, admitted to the company's financial struggles, stating that they intend to pay their employees as funds become available during restructuring.

3. Catch up quick

💸 Texas $18 billion property tax relief package goes into effect. (Newsweek)

📊 Logan Mohtashami’s 2024 housing market and rate forecast. (HousingWire)

✂️ Big banks cut 62K positions in 2023. (BankingDive)

🚨 First American restores systems and confirms hackers stole data. (CyberSec)

📉 Apartment rent relief is expected to continue in 2024. (WSJ)

4. Over 1 Million LoanCare customers’ data exposed

Mortgage servicing firm LoanCare has started informing more than 1.3 million individuals of a data breach impacting their personal information.

A subsidiary of Fidelity National Financial (FNF), LoanCare provides loan subservicing for mortgage loaners, including banks, credit unions, and mortgage firms.

The data breach was the result of a cyberattack on FNF’s internal systems, LoanCare says in a notification letter sent to the impacted individuals, a copy of which was submitted to the Maine Attorney General’s Office.

FNF disclosed the attack in late November in a Form 8-K filing with the US Securities and Exchange Commission.

5. Rocket's new CEO takes a seat on board

Rocket Companies is expanding its board of directors to include the recently appointed CEO Varun Krishna.

The addition pushes the number of members from seven to eight directors, an SEC filing published Thursday said. Krishna will serve as a Class III director for a term expiring at the company's 2026 annual meeting of stakeholders or until a successor is elected. The change is effective Dec. 21, 2023.

Krishna, who started his tenure at Rocket in July, joins Dan Gilbert, founder of Rocket. and Bill Emerson, president of the company, who also are members of the board.

👋 See you on Friday!

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