Young buyers are focused on home functionality | Scott Pelley to REALTORS®: Empathy fuels your best work | Build accurate sales forecasts for your business
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Journalist Scott Pelley, a correspondent for CBS’ “60 Minutes,” discusses his most memorable stories at the REALTORS® Legislative Meetings. (National Association of REALTORS®)
The celebrated journalist shared with attendees at last week's REALTORS® Legislative Meetings the common thread that runs through his most memorable stories: a call to purpose. Full Story: REALTOR® Magazine (5/16)
New TikTok prompts could expand reach, discoverability TikTok is encouraging users to add locations to experiences and offering the opportunity to create an in-app review, if that location is a business. TikTok's Chinese sibling, Douyin, already does this, and Social Media Today's Andrew Hutchinson suggests the prompts could help users expand their reach and "could be another step towards building [TikTok's] discovery potential." Full Story: Social Media Today (5/15)
ChatGPT and Generative AI in Financial Services Payments, banking, and insurance players are eager to understand generative AI's potential and put it to work. In this report, we delve into how generative AI could affect the financial services space, identify the most and least promising use cases, and define steps providers can take to prepare for its rise. Purchase the report here and use ChatGPT100 for $100 off.
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Real Estate Trends
Pandemic's refinancing wave weighs on housing market Many homeowners are staying in place due to the attractive mortgage terms they were able to obtain in recent years, slowing the pace of homes that come onto the market. "The mortgage refinancing boom is over, but its impact will be seen for decades to come," says Andrew Haughwout of the Federal Reserve Bank of New York. Full Story: MarketWatch (tiered subscription model) (5/15)
Technology & Innovations
Using AI for contracts triggers data privacy questions Using artificial intelligence for contract management carries a special set of risks, writes Amine Anoun, Evisort's chief technology officer. Red flags: If third parties are involved, data privacy considerations could be triggered, and it's important to know whether the contracts will be reviewed by humans or data sent overseas. Full Story: Legal Dive (5/13)
Fed, FDIC look at banks' interest-rate risk management Banks have been receiving queries from the Federal Reserve and the Federal Deposit Insurance Corp. regarding interest-rate risks and exposure to commercial real estate, as the Fed and FDIC seek to strengthen safeguards and prevent further bank collapses, said people with knowledge of the situation. "Deposit volatility is higher than we thought because we never saw what fast interest-rate increases can do in a world where information on banks is so much easier to act upon by the depositors," said Georgetown University professor Sandeep Dahiya. Full Story: Bloomberg (5/15)
Q1 sees record-high $17T in consumer debt Federal Reserve data shows total consumer borrowing surpassed $17 trillion in the first three months of the year, marking a record high and rising about $150 billion from the prior quarter. The total rose despite a decline in new mortgage originations, which fell to $323.5 billion, the smallest amount since Q2 of 2014. Full Story: CNBC (5/15)
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The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.
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