Pending Home Sales Drop 4.6% in January, Refinance Activity Rises in Q4, Staunton Realtor®’s Hate Speech Conviction Upheld

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Pending Sales Drop

Pending home sales dropped 4.6% in January, according to the National Association of REALTORS®. Month-over-month, sales retreated in the Midwest, South, and West, with the South experiencing the most significant drop. However, the Northeast saw a slight increase. Year-over-year, all regions showed declines, with the South reporting the largest reduction.

The Pending Home Sales Index, a key indicator based on contract signings, hit an all-time low of 70.6, a 5.2% decrease from last year. Chief Economist Lawrence Yun noted that while the frigid weather could have impacted buyer activity, high home prices and mortgage rates are clearly straining affordability. Mortgage rates hovered between 6.91% and 7.04%, pushing up monthly payments for a $300,000 home by $50 from last year.

Despite these challenges, Yun suggests that lower mortgage rates could spur renewed buyer interest in the coming months.

Source: Link

Refinance Activity Rises in Q4

Refinance activity increased in the fourth quarter of 2024, despite a broader decline in U.S. home mortgages. ATTOM’s latest report shows 1.64 million residential mortgages were issued, a 3% drop from the previous quarter, but a 14% rise year-over-year. The decline was driven by rising mortgage rates, low property inventory, and the typical seasonal slowdown. However, refinance loans grew for the third consecutive quarter, jumping 6.4% to 642,000.

While lending to homebuyers fell 7.5% from Q3 to Q4, refinance packages helped keep overall mortgage activity stable. The total value of mortgages issued in Q4 reached $568 billion, marking a 1.4% increase from the previous quarter.

Despite these gains, overall lending is still down 60% from the peak of 2021. Rob Barber, CEO of ATTOM, noted that refinancing picked up as interest rates started lower in the quarter, offering homeowners a chance to reset their mortgages before rates rose again.

Source: Link

Staunton Realtor®’s Hate Speech Conviction Upheld

Staunton real estate agent Wilson Fauber’s conviction for hate speech has been upheld by the National Association of REALTORS®. Fauber, a longtime pastor and real estate agent, was found guilty of violating the NAR’s Code of Ethics for a 2015 Facebook post where he denounced homosexuality using Bible scripture. Despite his appeal, the Virginia Association of Realtor®s reaffirmed the conviction in February 2025, leaving no further avenues for Fauber to reverse the decision.

Fauber, who maintains his innocence, announced plans to pursue legal action against the association, potentially escalating the case to the U.S. courts. If he doesn’t comply with mandated re-education programs and fines, he could face suspension of his REALTOR® membership, which is essential for his livelihood as a real estate agent. Fauber’s legal team, Founding Freedom Law, warns that similar cases have led to significant career consequences.

Local Virginia TV Broadcaster WHSV3, was the first to report this story.

Source: Link

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