Sat.Apr 02, 2022 - Fri.Apr 08, 2022

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Home inventory uptick expected within 6 months

Housing Wire

Nearly 65% of homeowners planning to sell this year expect to list by the end of summer, which should provide a much-needed influx of inventory that should slow the explosive home price growth seen during the pandemic, according to a Realtor.com survey of prospective sellers. Realtor.com Wednesday released the results of the online survey of 3,000 consumers conducted in February by HarrisX.

Inventory 467
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Scott Peterson’s house & raging price growth

Sacramento Appraisal Blog

I have two things on my mind today. Scott Peterson’s house hit the market. And price growth has been raging so far in 2022. Let’s talk about this. Think Like an Appraiser Class: I’m teaching my favorite class on April 28 from 9am-12pm. We’ll talk through choosing comps, making adjustments, and lots of practical scenarios. […].

Appraisal 410
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Housing Finance, Technology, and the Future of the Appraisal Industry

Appraisal Buzz

Today’s Buzzcast interview is with Dave Stevens, CEO of Mountain Lake Consulting and Luke Tomaszewski, CEO of Proxy Pics. We sat down with Dave, Luke, and Joan Trice, Founder of Allterra Group, LLC to discuss the 3,000 foot view on housing finance, what’s happening next in the appraisal industry, and learning more about the future of technology in the appraisal industry.

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Bias: Blame the Messenger?

George Dell

The messenger. Psychology research easily points out our tendency to dislike the bearer of bad news. It’s also intuitive. Bad news messengers do not smile when they bring the news. Sometimes they even look guilty. We humans can be really basic. We see a correlation between the bad news, the frown, and the messenger. Appraisers […]. The post Bias: Blame the Messenger?

Appraisal 369
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Massive home price appreciation set to slow as sellers return

Housing Wire

Home price appreciation in February climbed 20% over the previous year, marking the 12th month of consecutive double-digit gains , according to figures released Tuesday by real estate analytics firm CoreLogic. Although low inventory continues to drive up prices, CoreLogic ’s forecast suggests home appreciation should finally hit its stride and slow down to about 5% in the coming year , according to a news release from the company. .

Sellers 446
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When Doing a Job Right Doesn’t Mean Doing it Yourself

The Appraiser Coach

One Saturday morning, I found myself in front of the computer, punching numbers. While I was sitting there, staring at my screen, willing this task to end, I had a. Read More.

More Trending

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Highest Paid Occupations in Construction in 2021

Eyes on Housing

According to the latest May 2021 Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics (OEWS) and analysis by the National Association of Home Builders (NAHB), half of payroll workers in construction earn more than $49,070 and the top 25% make at least $75,820. In comparison, the U.S. median wage is $45,760, while the top quartile (top 25%) makes.

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Movement Mortgage lays off 170 employees

Housing Wire

South Carolina-based Movement Mortgage laid off around 170 employees in March, another case of a top-25 mortgage lender paring back its workforce due to a more challenging origination landscape. . Pink slips are arriving to between 165 and 170 operational employees across the country, including professionals in the processing, underwriting and closing areas, multiple company sources told HousingWire. .

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[Webinar] Getting Started With GoFormz

GoForrmz

Learn to navigate the GoFormz platform, create your first Template, fill out your first digital form, share forms, and more! Whether you’re new to GoFormz or simply need a refresher, check out this quick ‘Getting Started with GoFormz’ webinar to learn how to: Create your first digital form Template Fill out your first digital form in the GoFormz app Explore GoFormz features ‘Beyond the Form’ (like form sharing, reports, and more) …and more!

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FHA Seeks Feedback on Proposal for 40-Year Loan Mod Option for Borrowers in Forbearance

Appraisal Buzz

The Federal Housing Administration is seeking feedback on a proposal that would enable lenders to lengthen the loan term for FHA-backed mortgages in COVID-19-related forbearance plans to 40 years. “Increasing the maximum term limit to 480 months would allow mortgagees to further reduce the borrower’s monthly payment as the outstanding balance would be spread over a longer time frame, providing more borrowers with FHA-insured mortgages the ability to retain their homes after default,” the.

Insurance 367
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Residential Construction Spending Trends Upward in February

Eyes on Housing

NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 1.1% in February after an increase of 1.1% in January. Spending stood at a seasonally adjusted annual rate of $850.6 billion. Total private residential construction spending was 16.6% higher than a year ago. These monthly gains are attributed to the strong growth of spending on.

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Now is basically the worst time ever to buy a house

Housing Wire

It’s a depressing combination. A stunning rise in mortgage rates, historically low levels of inventory , and skyrocketing housing prices are fueling consumer pessimism. Fannie Mae ‘s Home Purchase Sentiment Index, which tracks the housing market and consumer confidence to sell or buy a home, dropped by 2.1 points to 73.2 in March from the previous month.

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Is This Room a Bedroom?

Appraiserblogs

I often see discussions on various forums about “is this room a bedroom”, or similar comments. In case you’ve never seen the IBC requirements, I found this on a set of building plans for a new house: IN EVERY SLEEPING ROOM, PROVIDE AN EMERGENCY EXIT WINDOW WITH MIN. HT. OF 24? AND MIN. WIDTH OF 20? AND NOT LESS THAN 5.7 SQ.FT. OF OPENABLE AREA AND NOT MORE THAN 44?

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March Figures Show Mortgage Credit Availability Decrease of 0.7 Percent

Appraisal Buzz

Mortgage credit availability decreased in March according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) that analyzes data from ICE Mortgage Technology. The MCAI fell by 0.7% to 125.1 in March. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.

Mortgage 221
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Mortgage Rates Reach 3-Year High

Eyes on Housing

In the past month, total mortgage activity, as measured by the Mortgage Bankers Association’s (MBA) Market Composite Index, underwent a series of weekly declines, decreasing in the latest week by 6.3 percent. The latest week’s survey is for the week ending April 1. The latest week’s activity consisted of a 3.4 percent decrease in purchasing and a 9.9 percent decrease.

Mortgage 167
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Mortgage applications fall amid low inventory, rising rates

Housing Wire

Interest in residential mortgage loans fell 6.25% for the week ending April 1 as rates jumped yet again , ever nearer to 5%, according to the Mortgage Bankers Association ‘s latest survey. Refinance applications are in a free fall, as few borrowers these days have an incentive to change their current loans rates. Additionally, home price appreciation and insufficient for-sale inventory are holding back purchase activity. .

Inventory 411
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Did Housing Inventory in Atlanta Increase in the 1st Qtr of 2022?

Hank Miller Team

April breaks over Georgia and the pencil necked geeks hike up their socks and tape up their glasses. It's time to answer the nagging question…did housing inventory in Atlanta increase during the first quarter of 2022? Well that answer is more than a yes/no binary option, context is needed and that’s best done by looking back a bit. The first quarter of any year around Atlanta tends to set up the second one.

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Fannie Mae CEO Frater to Retire, Board Chair Bair Resigns

Appraisal Buzz

Current CEO Hugh Frater to retire, and will be replaced on an interim basis by President David Benson, while Fannie Mae Board Chair Sheila Bair steps down, and will be replaced by ex-Wells Fargo head Michael Heid. The post Fannie Mae CEO Frater to Retire, Board Chair Bair Resigns appeared first on DSNews. The post Fannie Mae CEO Frater to Retire, Board Chair Bair Resigns appeared first on Appraisal Buzz.

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Residential Building Worker Wages Continue to Rise

Eyes on Housing

Compared to a year ago, average hourly earnings for residential building workers continue to rise, as the construction labor market remains tight. According to the Bureau of Labor Statistics (BLS) report, average hourly earnings (AHE) for residential building workers were $28.66 in February 2022, increasing 6% from $27.01 a year ago. This was 16.7% higher than the manufacturing’s average hourly.

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A big leadership shakeup at Fannie Mae

Housing Wire

Fannie Mae ’s CEO, Hugh Frater, and Sheila Bair, the chair of its board, both announced they will resign from the mortgage finance behemoth May 1. Antony Jenkins, who is currently vice chair of the board’s nominating and corporate governance committee, will also resign May 1. Fannie Mae’s president, David Benson, will serve as interim CEO and board member, starting May 1, although that decision is subject to approval by Fannie Mae’s conservator, the Federal Housing Finance Agency.

Finance 381
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How to Step up Your Safety Practices as a Real Estate Agent

McKissock

Safety should always be your priority! As a real estate agent, safety isn’t something that’s discussed nearly enough. However, from every open house showing to every meeting you have, safety should be an important factor. From adequate preparation to communicating effectively with colleagues, there are several ways you can better ensure your safety on the job.

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Average Mortgage Rates Jump 1.5 Percent Over Last Year

Appraisal Buzz

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 4.72% with an average 0.8 point for the week ending April 7, 2022, up from last week when it averaged 4.67%. A year ago at this time, the 30-year FRM averaged 3.13%. “Mortgage rates have increased 1.5 percentage points over the last three months alone, the fastest three-month rise since May of 1994,”.

Mortgage 195
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Flipster: What Is It? Should Real Estate Investors Use It?

Mashvisor

Technology plays a huge part in modern real estate investing. Flipster is just one of the many tools that investors use to make real estate investing easier and more efficient.

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Black Knight is exploring a sale: report

Housing Wire

Top mortgage lending software and analytics provider Black Knight is exploring a sale following takeover interest from several private equity firms, according to a report from Bloomberg. The Jacksonville, Florida-headquartered firm hasn’t decided whether it would be sold or remain independent, unnamed sources told the financial news publication.

Lending 401
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Bitcoin Real Estate Transactions Gain Popularity

McKissock

With the rising normalization of cryptocurrencies in our marketplaces, it’s no surprise crypto has found its way into real estate. In recent news, the first commercial property in New York has been put on the market exclusively for Bitcoin — $29 million dollars worth, to be exact. Although using crypto to pay for real estate isn’t a new concept (we’ve already been using it for international transactions), it’s starting to become a more mainstream concept when it comes to local property sales.

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Black Americans Comprise Just 10% of Owner-Occupied Homes Nationwide

Appraisal Buzz

It is no secret that the COVID-19 pandemic affected nearly every facet of the economy and the people that live in it. But the pandemic didn’t affect everyone equally—Americans of color, most notably Black Americans, have been disproportionately affected by the pandemic which exacerbated racial income and wealth inequality among those in that group. Black … The post Black Americans Comprise Just 10% of Owner-Occupied Homes Nationwide appeared first on DSNews.

Appraisal 195
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The Top 10 Fastest Growing Rental Markets in the US 2022

Mashvisor

If you’re looking for new places to invest in 2022, continue reading to discover the fastest growing rental markets in the US. Table of Contents Where Is Real Estate Booming?

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Better.com to employees: Please quit

Housing Wire

Better.com CEO Vishal Garg. After becoming the poster child for callous mass layoffs, mortgage originator Better.com has adopted a new approach to reducing its workforce: the company is now asking staff if they want to leave voluntarily with benefits. The New-York based lender, which has laid off 4,000 workers since December, launched a voluntary separation program, with a two-month severance payment and health insurance for those who leave their jobs, according to an email sent on Wednesday aft

Business 391
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5 Features That Can Make Or Break The Value Of Your Home

Lamacchia Realty

FIVE FEATURES THAT CAN MAKE OR BREAK THE VALUE OF YOUR HOME. Many homeowners believe that their home’s value is automatically increased if they have a unique feature. They think that they should be able to place a higher asking price on their home in comparison to similar homes in the same neighborhood that don’t have these features. However, homeowners should be aware of certain factors that determine whether a feature increases or decreases the value of a home.

Law 68
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New FHFA Foreclosure Policies Released Regarding Suspension for Borrowers

Appraisal Buzz

The Federal Housing Finance Agency (FHFA) has published a notice that Fannie Mae and Freddie Mac (the Enterprises) will require servicers to suspend foreclosure activities for up to 60 days if the servicer has been notified that a borrower has applied for assistance under the Department of the Treasury’s Homeowner Assistance Fund (HAF). . “FHFA is committed to sustainable homeownership,” comments FHFA Acting Director Sandra L.

Finance 195
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Traditional Cap Rate by City 2022: What Investors Can Expect

Mashvisor

Deciding on an investment property can be tricky. The best way to determine if a rental property will be profitable is through data, specifically, the traditional cap rate.

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Mortgage rates grow at fastest pace since 1994

Housing Wire

Purchase mortgage rates have risen faster in the last three months than at any time since May 1994, climbing ever closer to the 5% mark due to a combination of rising inflation , the war in Ukraine, and disruptions to the supply chain. And bad news for homebuyers: there’s no sign that they’ll fall anytime soon. The latest weekly Freddie Mac PMMS mortgage survey, released Thursday, showed that the average purchase mortgage rate touched 4.72%, up five basis points from the week prior.

Mortgage 381
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Why Landlords Should Never Use Venmo or PayPal To Collect Rent

BiggerPockets

Technological advancements impact the way we exchange goods and services. eCommerce has consistently driven the need for mobile wallets while helping to reduce the need for paper checks or cash. […].

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Become an Opteon Appraiser and Work Smarter, Not Harder.

Appraisal Buzz

Opteon is looking for certified residential and commercial appraisers to join our team. In this fast-paced, deadline-driven industry, we empower our appraisers to work smarter, not harder. With a team behind you to support and guide you, you’ll have the free time to pick up a hobby in no time. By empowering appraisers in the field, Opteon has trimmed down the average turn time in Australia and New Zealand from 12 days to 2 days.

Appraisal 195