Monday Morning Cup of Coffee: Zillow claims Zestimates now more accurate than ever

Plus, the impact of Hurricane Harvey
The real estate industry has long had its issues with the "Zestimate," the property value estimation tool that appears on every listing on Zillow. The difference between a property's Zestimate and the actual market price is often a source of contention. Well, Zillow claims it just made the Zestimate even better. Plus, the impact of Hurricane Harvey seems to be far worse than projected. All that, and more, in your Monday Morning Cup of Coffee.
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Existing home sales dip to lowest level this year

Home prices continue to rise
Existing home sales decreased in July, hitting the lowest level for the year, but it is not due to low demand for housing. In fact, as interest rates also hit their lowest level for 2017, more homebuyers are flooding into the market, but housing inventory remains unable to keep up.
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Everything you need to know about Fannie, Freddie appraisal-free purchase mortgages

Do your borrowers qualify?
Fannie Mae and Freddie Mac both announced they are expanding their appraisal-free mortgage programs to the purchase market. But what does that mean? Who qualifies? Are the GSEs looking to eliminate the need for appraisers in the origination process? In exclusive interviews with HousingWire, the GSEs tell everything you need to know about their new products.
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New home sales drop in July

But home supply nears equilibrium
New home sales plummeted in July from the month and year before. However, despite the falling sales pace, home prices still increased. Housing supply, however, showed improvement as it continued its upward course.
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FHFA: Home prices increase 6.6% in second quarter

Increased in nearly every state
Home prices increased in nearly every state across the U.S. and the District of Columbia. Gains were the highest in the Pacific region, where the second quarter saw a nearly 9% increase from last year, but lowest on the opposite side of the U.S.
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Clarocity Corporation unveils Clarocity Valuation Services

Valuation services provider formed by Valuation Vision, Valued Veterans merger
Clarocity Corporation, a provider of real estate valuation solutions, announced recently that it launched Clarocity Valuation Services, which will serve as the distributor of Clarocity’s valuation products. According to the Clarocity Corp., ClarocityVS was formed by merging Valuation Vision and Valued Veterans.
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