article thumbnail

House passes bill to modernize VA appraisals

Housing Wire

This legislation is an important first step towards broad modernization of VA appraisal processes and could make veterans’ home purchase offers more viable in today’s competitive housing market.”. The post House passes bill to modernize VA appraisals appeared first on HousingWire.

article thumbnail

In this brutal housing market, you’ll need to make $115K to buy the typical US home

Housing Wire

The last two years of soaring mortgage rates and rising home prices have brought the fastest erosion in housing market affordability in modern history, and it’s hurt first-time homebuyers the most. Inventory remains one of the driving forces in this difficult housing market.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Lower mortgage rates are stabilizing the housing market

Housing Wire

This time the hit on demand is much more challenging as we are working from a savagely unhealthy rise in home prices since 2000, and mortgage rates have skyrocketed in the most prominent fashion in modern history. Also, I believed the risk to the housing market was if home prices grew more than 23% over the five years of 2020-2024.

article thumbnail

These were March’s hottest housing markets

Housing Wire

In modern history, the housing market has never seen a month like March. Waiting for the market to cool could take many months, and at that point we may have missed out on the opportunity to benefit from these super-low mortgage rates and price gains in the year ahead.”.

article thumbnail

Is the GSE’s “Appraisal Modernization” Really Just Mass Appraisal?

Appraiserblogs

It is presented as part of the GSEs “Appraisal Modernization” initiative, which aims to streamline the mortgage appraisal process. However, a closer examination reveals potential drawbacks, raising questions about its efficacy and impact on the housing market. appeared on Appraisers Blogs.

article thumbnail

Housing Market Tracker: Inventory drops by 11,000

Housing Wire

The housing market faced some serious obstacles last week as the 10-year yield broke over 4%, mortgage rates rose to over 7%, purchase apps fell again and we are still trying to find the elusive seasonal bottom for housing inventory. Here is a look at last year’s seasonal housing inventory increase using the NAR data.

Inventory 473
article thumbnail

Housing Market Tracker: Housing inventory falls once more

Housing Wire

Here’s the housing market rundown for the last week: Purchase application data showed positive weekly growth again — and the bounce from the bottom is more noticeable now. Housing inventory decreased by 6,468 units, a more pronounced decline from the previous week. housing market.

Inventory 492