The Marketwise Blog 001

Written by Marcus Leoni

Election season is in full swing, with just a week remaining until Americans head to the polls to cast their votes for the next President of the United States. It seems like everything else pales in comparison to this pivotal event. In the meantime, we’re excited to announce a few new initiatives at Marketwise to help our clients and partners gain deeper insights into market trends and the potential impacts of current events.

In the coming weeks, we’ll be launching Marketwise Radio, a new podcast hosted by Marcus Leoni, Delilah Ramos, and our Chief Appraiser, Phil Biber, alongside the revamped Marketwise Blog. Additionally, we’ll begin sending out a bi-monthly newsletter summarizing the top news covered on the podcast and the blog. Let us know in the comments if there’s anything you’d like to see from us!

Appraisal Bias in the News

The Department of Justice has recently filed a lawsuit against Rocket Mortgage and several appraisal companies, alleging discriminatory practices in the valuation process. This case marks a significant federal stance against biases in housing valuations, claiming these practices systematically undervalue homes owned by minority families. According to the DOJ, such practices contribute to the wealth gap by diminishing property values and limiting homeowners’ access to fair financing opportunities. This lawsuit underscores the growing scrutiny of appraisal practices nationwide, putting a spotlight on the importance of fair, unbiased evaluations across the industry.

The case is anticipated to bring about broader discussions on appraisal reform, especially regarding oversight and training to minimize racial biases in property valuations. As the real estate industry faces increased accountability, firms in the appraisal and mortgage sectors may need to implement stricter anti-bias protocols to comply with potential new regulations. Marketwise views this case as a reminder of the importance of rigorous training and standardized practices for the fair valuation of all properties.

Success in the Southeast

The Southeast continues to show signs of economic resilience, even as the real estate market cools under the weight of high interest rates. The Federal Reserve’s recent Beige Book report highlights a region with steady growth in tourism and services, sectors that are helping to buoy the Southeast economy. Despite softer housing activity, the business landscape in this part of the country remains relatively strong, with companies carefully navigating inflation while still finding ways to attract customers and, in many cases, even raise prices to stay competitive.

While the housing sector might be taking a breather, the broader Southeast economy is keeping its footing. Labor demand has softened a bit, but the market overall is still vibrant, with businesses in fields like hospitality and retail powering through labor shortages and adapting as needed. At Marketwise, we’re optimistic that the region’s economic strength will help support our clients as they work through today’s challenges and plan for opportunities ahead.

Home Sales at 14-Year Lows

In September, existing home sales dropped to their lowest level in 14 years, a decline attributed to elevated mortgage rates and continued affordability challenges. The latest data reflects a tight housing market, with limited inventory pushing prices up despite weakened buyer demand. Prospective buyers are increasingly hesitant, deterred by higher financing costs, while sellers remain reluctant to list properties due to the cost of securing new, higher-rate mortgages. This trend is creating a bottleneck in market activity, with few transactions taking place in comparison to previous years.

This dramatic drop in home sales signifies a period of adjustment for both buyers and sellers, with the ripple effects felt across the appraisal industry. For Marketwise, this downturn highlights the importance of staying agile and informed, ensuring that we provide clients with clear insights and support as they navigate the evolving housing landscape.

Conclusion

As the countdown to Election Day keeps everyone buzzing, it’s clear that the market has its own story to tell—one that’s evolving by the day. From high-stakes lawsuits challenging industry standards to resilient Southeast economies defying the odds and a housing market trying to find its footing, there’s plenty to keep an eye on. And with the new Marketwise Radio podcast and our revamped blog, we’re here to keep you in the loop every step of the way!

Don’t miss out on the latest updates—sign up to get notified when new episodes of Marketwise Radio and our Marketwise Bulletin hit the airwaves. See you next time!

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