by Matt Carter | Jul 8, 2025 | Industry, News Feed
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Fannie Mae and Freddie Mac’s federal regulator will allow mortgage lenders to start using a new credit score algorithm developed by the big three credit bureaus to take on the venerable FICO score.
But when employing the new VantageScore 4.0 algorithm, lenders will still be required to use a “tri-merge” process in which three scores are calculated separately by each of the major credit bureaus.
The Biden administration had proposed requiring lenders to use two credit scoring algorithms — VantageScore 4.0 and FICO Score 10 T — to obtain scores from two credit reporting agencies (in a “bi-merge” report), for a total of four scores.
It’s not entirely clear how the new Federal Housing Finance Agency (FHFA) policy for scoring borrowers will work — if, for instance, lenders will have the option of using VantageScore 4.0 instead of the Classic FICO score now in use, or if they’ll be required to use it in addition to Classic FICO.
FHFA Director Bill Pulte summarized the changes on the social media platform X Tuesday, saying they were “effective today.” The FHFA did not issue a press release, and Pulte did not post a copy of the official directive on X, as he has with some past orders.
The FHFA did not respond to Inman’s requests for comment.
Pulte said that Fannie and Freddie will allow lenders to use VantageScore 4.0, but that tri-merge reporting will stay in effect.
TransUnion — one of the credit bureaus behind VantageScore 4.0 — has long opposed plans to move to bi-merge reporting, claiming that using only two credit scores “will often result in an incomplete and inaccurate picture being painted of a potential borrower — particularly if a consumer’s most favorable set of credit data is the one that gets excluded.”
In a statement Tuesday, TransUnion executive Satyan Merchant welcomed FHFA’s decision to keep tri-merge reporting, saying Pulte’s comments “demonstrate a commitment to responsible mortgage lending and preserving the best possible outcome for consumers.”
“Today’s announcement means more choice for lenders and more certainty for mortgage markets, which puts homebuyers on better footing long-term,” Merchant said.
Pulte has said in the past he was “not happy” about price increases levied by the company behind the FICO score algorithm, Fair Isaac, which an industry trade group, Community Home Lenders of America, claims total 700 percent over the last 3 years.
The Mortgage Bankers Association issued a cautious statement Tuesday, saying Pulte’s proposal “could help to accomplish the goals of added competition in the credit score space and reduced consumer costs, if implemented correctly.”
The trade group said there are “numerous implementation questions” that need to be addressed in order to realize such benefits.
The MBA “looks forward to working with FHFA and [Fannie and Freddie]” to address those questions, “as well as the continued conversations around credit reporting competition,” the group said in a statement to Inman.
Assuming Fannie and Freddie will accept three VantageScore 4.0 scores (one from each credit bureau) instead of three Classic FICO scores, that could encourage competition on price.
When FICO changed its pricing structure in 2023, moving away from volume-based pricing, smaller lenders saw their costs go up by more than 400 percent, Consumer Financial Protection Bureau Rohit Chopra told industry leaders attending the MBA’s annual convention last year.
But it’s the credit reporting agencies — Equifax, Experian and TransUnion — that typically set the wholesale price that resellers pay, which is then passed on to users, Chopra said.
The credit bureaus maintain files on consumers, tracking their debts and repayment history — information that’s fed into credit score algorithms like FICO and VantageScore to generate credit scores.
VantageScore — a joint venture of Equifax, Experian, and TransUnion — claimed Tuesday that implementation of VantageScore 4.0 will boost the eligible pool of mortgage applicants by 5 million borrowers.
Fair Isaac has made similar claims about the new FICO Score 10 T, saying it can help mortgage lenders boost originations by up to 5 percent without taking on additional credit risk.
“FICO Score 10T and VantageScore 4.0 are more predictive than Classic FICO and provide a more precise assessment of credit risk,” Fannie Mae said in a January update on plans to transition to the new scores. “Also, both models consider trended credit data and additional data such as rent, utility, and telecom payments, which are not currently considered as part of the Classic FICO score.”
Legislation signed into law by President Trump in 2018 required mandatory usage of the new credit scores by lenders selling loans to Fannie and Freddie by the end of this year.
But it’s unclear if FHFA will allow mortgage lenders to start using the FICO Score 10 T on the timeline originally proposed by the Biden administration.
Historical data aimed at smoothing the adoption of the new VantageScore 4.0 model was released last year, but similar data for the FICO Score 10 T has yet to be published.
In a statement, Fair Isaac said the company “welcomes competition on a level playing field among credit score providers.” When they’re originating loans not subject to Fannie and Freddie’s requirements, mortgage lenders have “rapidly embraced FICO Score 10 T’s ability to deliver lower costs and greater access for homebuyers,” the company said.
In December, Fair Isaac announced that Cardinal Financial sold the first batch of government-issued mortgage-backed securities to include VA loans qualified using the FICO Score 10 T. More than 21 mortgage lenders use FICO Score 10 T for non-Fannie and Freddie loans, the company said at the time.
Shares in Fair Isaac lost as much as 19 percent of their value Tuesday afternoon, but recovered most of those losses to close down 9 percent.
Editor’s note: This story has been updated to include a comment by Fair Isaac.
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by Craig C. Rowe | Jul 8, 2025 | Industry, News Feed
Real estate is changing fast, and so must you. Inman Connect San Diego is where you turn uncertainty into strategy — with real talk, real tools and the connections that matter. If you’re serious about staying ahead of the game, this is where you need to be. Register now!
In the midst of an up and down market, RentSpree is making it easier for residential sales agents to access the future buying power of renters by partnering with multiple listing services. Its latest partnership is with the North Carolina-based Hive MLS, formerly North Carolina Regional MLS.
RentSpree locked down the agreement before the July 4 holiday, according to a press release shared with Inman.
Michael Lucarelli
“Our collaboration with Hive MLS reflects RentSpree’s commitment to empowering real estate professionals with modern, accessible rental technology,” said Michael Lucarelli, CEO and Co-Founder of RentSpree, in the release. “Together, we’re making it easier for agents to serve a growing segment of the market, especially in high-demand areas like the Carolinas and Georgia.”
RentSpree’s software empowers property managers, landlords and agents to quickly vet potential tenants, process applications and collect payments. It can assist with marketing available units through syndication channels, collect documents and e-signatures and help agents track rental leads as potential buyers.
RentSpree has more than 300 associations and MLSs in its partner network that primarily use its ApplyLink solution, a single browser experience that provides access to its product suite.
Hive MLS operates 19 multiple listing services with an estimated 15,000 annual rental listings.
Its name stems from a major rebrand effort intended to reflect a new commitment to adopting software and modernized operations to better serve its members.
Hive’s agents largely help consumers buy and sell in the North Carolina’s Research Triangle, the Raleigh-Durham-Chapel Hill triumvirate that is home to countless technology startups, university tech-transfer programs, pharmaceutical giants like GlaxoSmithKline and Biogen, IBM and SAS, the world’s largest privately held software company — a collective business presence that explains the region’s decades-long population growth.
“At Hive MLS, we’re focused on giving our members the tools they need to succeed, not just today but as the market evolves,” Hive MLS CEO Daniel Jones said in a statement. “RentSpree’s integration helps our members move faster, work smarter, and better serve their clients in the growing rental space.”
RentSpree’s presence in the southeast is growing in unison, with relationships already in place with Georgia Realtors, First MLS, North Carolina Realtors and RESides MLS.
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by Taylor Anderson | Jul 8, 2025 | Industry, News Feed
Mysterious newcomer plans to generate buyer and seller leads quickly after teaming up with Gannett Company to display listings across its news sites.
Real estate is changing fast, and so must you. Inman Connect San Diego is where you turn uncertainty into strategy — with real talk, real tools and the connections that matter. If you’re serious about staying ahead of the game, this is where you need to be. Register now!
A newcomer to the so-called portal wars announced a major partnership on Monday. A new portal named addressUSA has teamed up with Gannett, one of the nation’s largest news publishers, to provide another space for consumers to view home listings and generate referrals for agents.
AddressUSA, an upstart attempt to go national with a platform that has been tested in a few regional markets, would tap into Gannett’s readership as part of the years-long agreement, the companies announced.
With the move, addressUSA joins a crowded group of portals offering consumers a space to view listings online. By teaming up with Gannett, the company lands an audience that could make it a serious competitor, and Gannett gains a new revenue stream via referrals.
“Real estate information and tools are important for our audience of 195 million average monthly unique visitors as they search for a home to buy or sell or simply want to explore properties as real estate enthusiasts,” said Mike Reed, Gannett Chairman and Chief Executive Officer. “AddressUSA will enable us to drive further audience growth and engagement, enhancing the overall experience for readers to be inspired by what’s available in their local market.”
AddressUSA now becomes the latest competitor looking to go to battle for consumer attention with behemoths like Zillow, Realtor.com, Redfin and Homes.com, all of them much larger and more established brands in the space. Rather than leaning on heavy financing, addressUSA appears to be leaning into media partnerships to help it gain momentum in the crowded market.
It appears the announcement was made while addressUSA was still rolling out its website and features, as the website still showed errors and other glitches hours after the announcement, and there was no readily available place to direct questions.
The platform has several articles that were posted in recent weeks and which appear to have been written primarily by artificial intelligence.
It’s not immediately clear whether the company will be available nationwide, either, as the company provides a list of broker information in 27 states.
It appears the platform is using the broker services of a company called RE50, LLC, which offers licensing compliance services for real estate platforms operating in multiple states. That company was founded by Lee Leslie, a real estate legal expert who has served in C-suite and founder roles for companies like LendingTree Loans, HouseTech, Ten-X and Auction.com.
The news release announcing the partnership with Gannett quoted Paul Huntsman as chairman of AddressUSA. It is not yet clear if that’s the same Paul Huntsman who previously owned the Salt Lake Tribune, Utah’s largest newspaper.
Huntsman recently founded the Coronado News outside San Diego and stepped down from his role as board chair of the Tribune. On the top menu of Coronado News is a link to a platform called addressSD, a portal for homes in southern California.
“We are excited to partner with Gannett and the USA TODAY Network launching a groundbreaking real estate marketplace hub for homebuyers, sellers, real estate agents and vendors to connect,” Huntsman said in the release. “Gannett’s unrivaled reach at both local and national levels will allow us to engage with a broad and powerful audience.”
Seven of the eight featured agents listed on the website are based in Arizona. The eighth is in San Diego.
One of those featured agents is Realty One Group’s John Reckard. He said he signed up to be affiliated with the new company as an alternative to the other major portals and to begin receiving referrals.
“I haven’t had much success with it yet,” Reckard said, “but the launch just happened.”
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by Lillian Dickerson | Jul 8, 2025 | Industry, News Feed
Delistings outpaced inventory growth in June even as price cuts surged, showing that a growing number of sellers are unwilling to compromise when it comes to their selling goals.
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Active inventory hit a post-pandemic high in June as it grew 28.1 percent year over year, yet sellers are showing signs of becoming impatient with slower buyers, as delistings are also on the rise.
In fact, growth in delistings outpaced inventory growth, with delistings up 35 percent year-to-date and up 47 percent year over year in May, according to Realtor.com’s June Housing Trends Report. Even so, delistings make up a relatively small number of listings — 90,000 out of 452,000 new listings that went up in June.
As inventory continues to grow, it’s putting increased pressure on home prices, spurring some sellers to slash asking prices and causing home prices to decline significantly in some markets.
The data shows that many buyers and sellers today are engaging in a face-off of sorts.
All four major regions in the U.S. saw inventory increase in June, with inventory in the West up by 38 percent and, in the South, up by 30 percent. All 50 top metros saw annual inventory gains, too, with Las Vegas (up 77.6 percent) and Washington, D.C. (up 63.6 percent), in the lead.
Price cuts also surged in June, hitting their highest level for any June since at least 2016, with 20.7 percent of listings reducing their prices. Price cuts and growing inventory have not yet made a dent in the national median list price though, which remained roughly the same year over year at $440,950.
Credit: Realtor.com
“This year’s market is a study in contrasts,” Danielle Hale, chief economist at Realtor.com, said in a statement. “Buyers are seeing more choices than they’ve had in years, but many sellers, anchored by peak price expectations and upheld by strong equity positions, are deciding to step back if they don’t get their number. Looking forward, this dynamic will affect whether we tip from a balanced to buyer’s market, and if so, how quickly that happens.”
There’s no doubt that more homeowners are opting to take their listings off the market now, but even so, buyers still have more options at their fingertips than since the COVID-19 pandemic started. Active listings in the U.S. exceeded 1 million for the second consecutive month, Realtor.com said, placing inventory levels just 13 percent below pre-pandemic levels.
Meanwhile, delistings now make up about 4.1 percent of the market, compared to 3.2 percent of all active listings in May 2024.
Even with more active inventory on the market, it seems a growing number of sellers who aren’t gaining attention on their listings at their preferred price today are electing to delist instead of compromise with a price cut or continue to rack up days on market. From March through May, the ratio of delistings to new listings hit 13 percent, compared to the 10 percent seen during the same periods in 2024 and 2023, and the 6 percent seen in 2022.
Agents say that sellers in hot markets (Miami; Phoenix; Riverside, California) are especially likely to be selective about which offers to accept, oftentimes choosing to delist instead of compromising on their selling goals.
“We’re seeing hesitation on both sides of the market,” Anthony Djon, founder of Anthony Djon Luxury Real Estate, said in Realtor.com’s report. “Inventory is rising, giving buyers more options and making them more price-sensitive and selective. At the same time, some sellers — especially those not getting immediate traction — are stepping back. The market has clearly shifted from the urgency and intensity of recent years, and today’s homeowners are having to recalibrate their expectations.”
Update: This story was updated after publication with additional context.
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by Mariya Gordon | Jul 8, 2025 | Industry, News Feed
Inman, the leading source of real estate news, education and insights, is excited to announce that Inman On Tour Texas is back for 2025, bringing together the industry’s top agents, brokers and thought leaders for a one-of-a-kind event.
Inman On Tour Texas, taking place Oct. 9, 2025, at Union Station in Dallas, is thrilled to unveil its first speakers.
As the real estate landscape accelerates — driven by AI innovation, evolving commission structures and shifting buyer behaviors — this event is designed to equip agents, brokers, technologists and investors with the strategies and connections needed to seize the moment.
Inman On Tour Texas will bring together hundreds of forward-thinking professionals for a day of cutting-edge discussions, hands-on workshops and high-impact networking. Our program is built around three pillars:
- Cutting-edge tech insights: Unlock the latest in AI, big data and proptech, so you can stay ahead of the curve.
- Strategies to elevate your business: Learn proven approaches that scale your operations and capitalize on emerging trends.
- Engage and collaborate: Forge meaningful partnerships with the industry’s brightest minds in an interactive, peer-powered environment.
Today, we’re proud to introduce the first five speakers who embody the entrepreneurial spirit and innovative drive at the heart of Inman On Tour Texas:
- Beth and Michael Silva | founders, Happen Houston & Harvard Homes: Beth creates award-winning, architect-driven residences that reflect how modern families live. Michael has built over 100 homes and facilitated 3,000+ transactions by combining brokerage, construction and investment to deliver seamless real estate experiences.
- Dee Dee Guggenheim Howes | Realtor, Compass: With 25+ years in Houston’s luxury market, Howes orchestrates every detail to ensure top-dollar outcomes and multiple bid scenarios. Her forensic grasp of legal and financial aspects has made her a trusted advocate for buyers and sellers alike.
- Tracy Tutor | founder, The Tracy Tutor Team, Douglas Elliman: A powerhouse in Beverly Hills and now Texas, Tutor has shaped $400 million in branded real estate sales and represented landmark developments like Atlantis The Royal in Dubai. Her confidence and deep network open doors to elite clients and high-profile projects.
- Katie Kossev | managing broker, Texas, Side: An eighteen-year industry veteran, Kossev mentors brokers and agents to balance growth with well-being. A 2017 Inman Innovator of the Year, she’s guided countless entrepreneurs to achieve peak performance while building purposeful lives, earning her a reputation as a true industry champion.
- Ryan Rodenbeck | broker-owner, Spyglass: From a solo agent in 2008 to leading a 100-agent brokerage by 2022, Rodenbeck combines tech savvy with systematized processes to turbocharge agent productivity, recruitment and automation. His advisory roles with leading proptech firms inform his hands-on guidance for agencies ready to scale.
As real estate professionals confront turbulent market conditions, one truth becomes clear: Uncertainty is the new normal. From shifting commission structures to the rise of generative AI and ongoing tariff legislation, the rules of the game are being rewritten in real-time. The question is no longer whether the industry is changing, but how you will keep up.
Attendance is limited to ensure an intimate, high-energy experience. Join us in Dallas on Oct. 9, 2025, for the real estate event of the year.
Register now to claim your spot, and stay tuned for more speaker announcements.
Union Station, Dallas, Texas
Oct. 9, 2025
Taking place this October, Inman On Tour Texas will make a stop in Dallas, offering a full day of learning, networking and market-specific insights designed to empower real estate professionals with the tools and strategies needed to thrive in a rapidly changing landscape.
by Lillian Dickerson | Jul 8, 2025 | Industry, News Feed
July is Luxury Month at Inman. We’ll take the temperature of the luxury market, talk to top producers in the ultra-luxury space and dive into the luxe trends of today — all culminating at Luxury Connect in San Diego, where we’ll announce this year’s Golden I Club honorees.
With almost exactly half of 2025 now in the books, its clear this is turning into a year of challenges. Global uncertainty spread, the economy rested on shaky ground, and political divisions have deepened — all of which are weighing on the minds of real estate professionals.
But amid all the challenges raining down on the housing market right now, one segment is still chugging along: luxury. In fact, in conversations with Inman, experts who specialize in the higher end of the market said that broader challenges notwithstanding, what they’re seeing right now looks more like resilience than collapse.
Mickey Alam Khan, CEO of full-service marketing agency Luxboro, was among those experts. He told Inman tariff policies have largely driven recent ups and downs in the economy, and will certainly impact the cost of construction materials and appliances, which will trickle down to the new development market. But otherwise, ultra-luxury buyers remain active.
Mickey Alam Khan
“So that impacts the future development of branded residences and new projects in that area,” Khan said. “That uncertainty is definitely hurting the overall market. When it comes to actual sales of luxury homes across the country, I feel that it’s the same situation as last year — the ultra-luxury market, or over $10 million, is always cash. So I think that market is as strong as ever, and ironically, it will grow stronger simply because of the swings and the volatility in the stock market.
“[Real estate] is becoming a more tangible asset of stored value,” he added.
Luxury real estate consistently outperformed the market at-large in 2024 and the first few months of 2025, adding to luxury agent optimism, Sotheby’s International Realty President and CEO Philip White told Inman, despite any other “noise” in the market right now.
“Luxury real estate agents must maintain unwavering focus on their business fundamentals rather than being swayed by daily market noise,” White said in an email to Inman. “Consistent client communication is paramount — ensuring buyers and sellers have current, accurate market intelligence positions agents as trusted advisors.”
Luxury trends
With interest rates still elevated, luxury buyers are heavily favoring cash transactions. There’s also little appetite for properties that require any kind of work, White said.
Philip White
“We’re observing a compelling dynamic where limited inventory of premier properties is driving competitive bidding for the most desirable locations,” White said in an email.
“Properties that have undergone strategic repricing to align with market comparables are moving successfully. There’s particularly strong demand for new construction and turnkey properties that require minimal renovation. Additionally, the vast majority of transactions are being completed as all-cash purchases. In fact, nearly 90 percent of our agents surveyed in the 2025 Mid-Year Luxury Outlook agent survey reported that the top transaction method for luxury property was cash.”
A wave of “smart luxury” buyers are also on the rise. According to Coldwell Banker Global Luxury’s 2025 Mid-Year Report, buyers who are seeking out perceived deals and investment opportunities want homes that have sat on the market.
With the value of the dollar weakened, more luxury buyers are being attracted to invest in U.S. real estate, Khan also pointed out, and even more are being compelled by President Trump’s “Gold Card” visa program, which creates a path to citizenship for individuals who invest $5 million in the U.S.
The program has received nearly 70,000 applicants, Commerce Secretary Howard Lutnick told the Financial Times, although it still faces legal challenges. Still, if those 70,000 applicants go through, it could mean a $350 billion investment in the country — much of which would likely be made in real estate.
“Where will that money go? It will go into buying either residential real estate or commercial real estate, investing in machinery, investing in talent,” Khan predicted. “But, I personally feel at least one-fifth of it will go into buying a home.”
Biggest deals of the year
There has been no shortage of big-ticket residential transactions so far this year, as investors have proven a continued penchant for luxury real estate.
The year’s priciest sales thus far have largely been concentrated in hot markets in South Florida and communities in and around Los Angeles. But other old-standbys like Manhattan, Honolulu and Aspen have seen their share of high-end deals too.
A three-home estate in Naples, Florida, marks the most expensive public sale of the first half of 2025 so far, with a jaw-dropping total sales price of $225 million. The property spans more than 15 acres and includes 800 feet of beach frontage. Michael McCumber of Gulf Coast International Properties represented the listing.
That sale was the only one thus far to surpass the $200 million mark — but there have also been several sales that have gone above and beyond $100 million, showing that ultra-high-net-worth individuals aren’t slowing down when it comes to buying the most elite luxury properties.
Stay tuned for a full list of the year’s top deals later in July.
Private listing networks
Few luxury brokerages have held back from weighing in on the private listings/office exclusives debate that has gripped the industry this year.
From staunch proponents of a client’s right to privately market their home (i.e. Compass, The Agency) to those who only support office exclusives in the rarest of circumstances (i.e. eXp Realty), brokerage opinions on the matter run the gamut.
It remains to be seen how and when the real estate industry may reach some sort of sustained status quo on this issue, and executives continue to weigh in — and call each other out. Compass, Corcoran Group and Douglas Elliman also all recently announced new platforms for their private listings.
And while any listing could theoretically be a private listing, the trend in practice is much more likely to concentrate at the higher end of the market. That’s because luxury homeowners are more likely to have wealth or notoriety that leads to privacy concerns, and thus an interest in selling without a traditional listing.
As a result, it’s already clear that the rise of private listings is poised to become one of the most consequential trends in the luxury space.
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