Nathan Gorton

CEO, Washington REALTORS- I don’t really tweet much.

[Nathan Gorton @Imnotanate]

Nope...

[Washington REALTORS® @washrealtors]

It is with deep sadness that we share the passing of Chris McDougall, CEO of the WA State Commercial Association of REALTORS® and the WA State Commercial Brokers Association. We extend our heartfelt condolences to his family and all who knew him during this difficult time.

[Spencer Hakimian @SpencerHakimian]

Home prices need to fall -40% or incomes need to rise +60% just to return the housing market to 2019 levels.

Generational crisis.

[BIAW @BIAofWA]

New builder-backed laws took effect yesterday, July 27!
HB 1096 – Expanding housing options through lot splitting
SB 5559 – Streamlining subdivisions in urban growth areas
HB 1403 – Simplifying condo construction
HB 1576 – Updating historic landmark designations
SB 5611 – Permitting housing in commercial areas for redevelopment
HB 1414 – Creating more student work experience opportunities
SB 5408 – Allowing job posting updates without wage disclosure penalties
https://t.co/VaCYP6EAvW

[Washington REALTORS® @washrealtors]

Why does MLS marketing matter for Fair Housing? WR Legal Hotline Lawyer Annie Fitzsimmons breaks it down in her latest article, explaining why advertising language is SO important. Check it out! https://t.co/b8yo7RXZQU

[Lance Lambert @NewsLambert]

96%

The share of residential mortgage debt in the U.S. is in the form of long-term fixed debt

In some countries that figure is 0%

Chart via @ResidentialClub
https://t.co/iCxvaLZQOe

[Washington REALTORS® @washrealtors]

Last call to register for Legislative Day 2025! Registration closes January 20 - secure your spot, and let's head to the hill together! 🏛️ Your voice matters, and this is your chance to be heard... ➡️ https://t.co/mJvJbogCCj

[Tina Soerensen @homeinnw]

2025 Washington State Real Estate Outlook
I spent the morning with Chief Economist Matthew Gardner and got some great insights into what’s ahead for Washington’s housing market in 2025. Here’s the quick rundown:
Market Growth: Slowing down to 2%, compared to 2.8% now.
Inflation: Expected to dip to 2.9% (currently 3.2%).
Inventory: Currently 10% below pre-pandemic (2019) levels, but it should rise 8-10% next year.
Mortgage Rates: Likely to ease slightly, from 6.7% to 6.4%

[The Kobeissi Letter @KobeissiLetter]

US existing home sales are set to close at 4.04 million in 2024, marking the worst year since 1995.

Sales are set to be even lower than during the 2008 Financial Crisis.

The lack of demand for existing homes comes as home prices have jumped over 50% since 2020.

Over the same time period, mortgage rates have nearly TRIPLED, making affordability even worse.

The average rate on a 30-year mortgage is up 100 basis points since September alone, to 7.1%, despite the Fed cutting rates by 100 basis points.

The US housing market is frozen.

[The Kobeissi Letter @KobeissiLetter]

SUMMARY OF FED DECISION (9/18/24):

1. Fed cuts interest rates by 50 bps for first time since 2020

2. Fed sees 2 more 25 basis point rate cuts in 2024

3. One Fed governor dissented for the first time since 2005 in favor of a 25 bps rate cut

4. Fed gained "greater confidence" that inflation is moving to 2%

5. Fed will "carefully asses incoming data" and evolve outlook

6. Fed sees 100 bps of rate cuts in 2025 and 50 bps of cuts in 2026

The long awaited "Fed pivot" has officially begun.

[Washington REALTORS® @washrealtors]

Please join us in congratulating Mike Wallin, Lower Columbia Association, as our newly elected NAR Director representing Small Sized Associations and Jeff Smart, Tri City Association, as our newly elected NAR Director representing Medium Sized Associations. Our sincerest thank you to all the candidates who stepped up to volunteer for a leadership position; it serves as a positive testament to the strength and future of our association. https://t.co/aqF5oiQcPU #WashingtonRealtorsLeadership

[Nathan Gorton @Imnotanate]

@danielwinvw This is a very funny tweet for maybe 12 people. I am one of the twelve.

[Dave Wasserman @Redistrict]

Periodic reminder that someone is going to have to win the 2024 election despite their best efforts not to.

[Nathan Gorton @Imnotanate]

@Jim_Brunner It’s an early October surprise- a joint ticket!

[gianmarco @GianmarcoSoresi]

BREAKING: The bill from Schoolhouse Rock has taken his own life

[Lance Lambert @NewsLambert]

HOUSING AFFORDABILITY IS THE STORY

FASTEST DETERIORATION EVER: 2021 to 2023

IF U.S. incomes spiked 69%, we'd return to pre-pandemic housing affordability

IF U.S. home prices fell 41%, we'd return to pre-pandemic housing affordability

IF mortgage rates fell more than 4 percentage points, we'd return to pre-pandemic housing affordability

To be clear, the "IFs" don't mean that I think these are possible paths. Instead, it's how far the given metric would have to shift in order to return housing affordability to historic norms.

[unusual_whales @unusual_whales]

BREAKING: President Biden is calling on Congress to give middle-class first-time homebuyers a $10,000 tax credit to help lower their monthly mortgage costs.

[NAR Advocacy @NAR_Advocacy]

BREAKING: A couple weeks after NAR members advocated on Capitol Hill for veterans to maintain access to professional representation, a VA official stated today that the agency plans to temporarily lift its ban on buyers directly compensating their agent. https://t.co/QAoOo1bTof

[Jerry Cornfield @dospueblos]

Hope @BobFergusonAG isn't superstitious. He will be the 13th name on the ballot (out of 30 candidates) in the race for governor. His two new Democratic opponents named Bob Ferguson will appear 2nd and 3rd following tonight's lot draw by @secstatewa workers. #waleg

[Washington REALTORS® @washrealtors]

We're offering brand-new classes focused on NAR's proposed settlement agreement and recent Agency Law changes. Learn about the implications of both for brokers and your clients. Led by Annie Fitzsimmons, this is one you don't want to miss. Register here: https://t.co/pkWsQsQwQ3

[John Foley @2008Philz]

HOLD ON HOLD ON HOLD ON...HER SISTER WAS A WITCH RIGHT? AND WHAT WAS HER SISTER? A PRINCESS, THE WICKED WITCH OF THE EAST BRO. YOU'RE GONNA LOOK AT ME AND YOU'RE GONNA TELL ME THAT I'M WRONG? AM I WRONG? SHE WORE A CROWN AND SHE CAME DOWN IN A BUBBLE