Appraisal Buzz

MAY 17, 2021

During the 2007-10 mortgage default meltdown, appraisals were a target of complaints and allegations by lenders, the GSEs, some state appraisal boards, and a few unscrupulous entrepreneurs. In the run-up to the 2008 market crash, appraisers were overworked and took on more than they reasonably could handle. How do we combat this?

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Appraisal Clients Real Estate Sellers 418

Housing Wire

APRIL 7, 2023

When this back and forth was unfolding, mortgage demand rose 2.9% compared to the week prior and the average contract interest rate for 30-year fixed-rate mortgages with loan balances of $726,200 or less, decreased from 6.48% to 6.45%. Let’s keep the 2008 market where it belongs — in the past.

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Retail Real Estate Clients Modernization 397

Housing Wire

AUGUST 24, 2023

Mortgage rate shot up again last week as the bond market continues to grapple with a growing economy in the run up to the next Federal Open Market Committee meeting. By contrast, the 30-year fixed-rate mortgage was at 5.55% a year ago at this time. Other indices showed even higher mortgage rates.

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Mortgage Property Taxes Investors Buyers 370

Appraisal Today

JULY 21, 2023

This likely has to do with the cost of building a pool, cost of maintaining a pool, and even larger parcels at higher ranges – not to mention buyers at higher price points expecting a pool more often. In contrast, pools hardly exist in some locations, so it’s less of a factor because buyers don’t expect a pool.

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Appraisal Real Estate Contracts Business 89

Listing Spark

NOVEMBER 17, 2022

Many buyers are exiting the market because of higher rates. Despite rising rates, there are a lot of advantages that are coming into the market for buyers. So if you’re a buyer, how do you buy in the current market? What mortgage options should you be looking out for? Episode overview. Episode highlights. Key takeaways.

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Real Estate Mortgage Buyers Sellers 36

Appraisal Today

JANUARY 19, 2024

NOTE: Please scroll down to read the other topics in this long blog post on non-lender appraisals, and types of bias, Scams on black homes, unusual homes, mortgage origination stats, etc. An example of this in real estate appraisal is the purchase and sale contract. January 17, 2024) — Mortgage applications increased 10.4

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Appraisal Contracts Real Estate Architecture 73

Appraisal Today

JUNE 17, 2022

NOTE: Please scroll down to read the other topics in this long blog post on real estate market, USPAP and contracts, unusual homes, mortgage origination stats, etc. ==. It looks like the change is starting because of increasing mortgage interest rates. The number of potential buyers will decrease as rates go up in many markets.

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Appraisal Contracts Real Estate Mortgage 52

Birmingham Appraisal

MARCH 21, 2023

Over the past several years we had a big increase in demand due to buyers taking advantage of lower interest rates. Since the housing crash in 2008, there has been limited new construction of homes which has negatively impacted the amount of housing supply. When there are more buyers, but a limited supply, this can drive prices up.

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Real Estate Appraisal Marketing Market Value 84

Appraisal Today

MAY 10, 2024

New FHA ROV Policy By Dave Towne, May 3, 2024 Excerpts: Up until recently, there has never been a standardized policy for mortgage loan related Reconsideration of Value (ROV) requests after an appraisal has been submitted. Now there is, per the attached PDF HUD/FHA mortgage letter. The mortgage loan officer handling the loan?

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Reconsideration of Value Appraisal Real Estate Insurance 73

Appraisal Today

MAY 17, 2024

NOTE: Please scroll down to read the other topics in this long blog post on Geographic Data and Comps, effect of renovation on value, very low foreclosures now, current real estate market, unusual homes, mortgage origination stats, etc. = = $99.5M For buyers, I tell them to look for these homes for sale. baths, 45,000 sq.ft.,

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Tools Appraisal Renovations Design 64

Appraisal Today

SEPTEMBER 22, 2023

A buyer gets a seller’s disclosure statement for that information. Mortgage interest rates ALWAYS go up and down. Values are so high that buyers are putting a lot of money down to lower the monthly payment as much as they can. For example, I’m appraising a Victorian built before 1910. I understand.

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Appraisal Training Inspection Real Estate 86

Birmingham Appraisal

JULY 7, 2022

These factors, as well as others, have an impact on home values because it affects buyer and seller behavior. If a buyer paid ‘X’ amount for a property similar to the one being appraised then other buyers will probably pay a similar price for the subject property.

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Appraisal Marketing Contracts Buyers 65

Appraisal Today

AUGUST 5, 2022

My comments : The big push to cut down on appraisal turn times because of the appraisal shortage is Very Old News since mortgage volume has plummeted. NOTE: Please scroll down to read the other topics in this long blog post on non-lender appraisals, real estate market, unusual homes, mortgage origination stats, etc. Find out why not.

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Appraisal Valuation Contracts Modernization 59

Housing Wire

MAY 31, 2022

Mortgage lenders and real estate investment firms this month entered tight housing markets in the Midwest and the Northwest to better reach prospective homebuyers, despite a challenging mortgage market. The expansion comes amid a surge in mortgage rates and declining loan origination volume.

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Mortgage Construction Lending Real Estate 384

Appraisal Today

OCTOBER 20, 2023

NOTE: Please scroll down to read the other topics in this long blog post Modular Homes Data Plates, ADU income, Pickleball courts and other interesting home improvements, , unusual homes, mortgage origination and more! million 3 bedrooms, 2 baths, 2,281 sq.ft, built in 2008, 21.23 Mortgage applications decreased 6.9

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Appraisal Design Contracts Inspection 71

Appraisal Today

MARCH 15, 2024

NOTE: Please scroll down to read the other topics in this long blog post on USPAP and Personal Inspection, GSE Appraisal Modernization, Transaction costs and values including real estate commissions, unusual homes, mortgage origination stats, etc. = Mortgage rates were 18%+. By Dallas T. This kept appraisers busy.

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Appraisal Inspection Modernization Business 69

Appraisal Today

MAY 19, 2023

NOTE: Please scroll down to read the other topics in this long blog post on hybrid appraisals, business tips, UAD info from Freddie, Fannie modernization, non-lender appraisals, unusual homes, mortgage origination stats, etc. = Appraisal Business Tips from Ann O’Rourke Why is the residential lender business so slow now, as compared with 2008?

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Appraisal Business Contracts Real Estate 52

Listing Spark

OCTOBER 13, 2022

What should buyers and sellers be doing right now? How the housing market affects the rest of the economy How to approach the current housing market as a seller Final advice for buyers in the current housing market Are buyers pulling out of contracts at the last minute? Or are some doing better than others?

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Housing Market Real Estate Marketing Buyers 36

Listing Spark

JUNE 21, 2022

The real estate industry has been experiencing some shifting trends lately, and when compared to the last crash, there are plenty of factors that make this time different from 2008. New Loan Applications: Mortgage applications hit the lowest rate in 22 years on the first week of June. Well, the data doesn’t lie. in the month of March.

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Sellers Housing Market Marketing Inventory 69

Housing Wire

JANUARY 27, 2023

After the 2008 mortgage meltdown, JVM let go of all its loan originators and trained its employees to target the jumbo loan market in the San Francisco Bay area instead. Back in the 2007-2009 meltdown, we had loan officers with us at that time.

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Lending Real Estate Agent Loan Officers Retail 397

Appraisal Today

FEBRUARY 17, 2023

NOTE: Please scroll down to read the other topics in this long blog post on AMC layoffs, adjustments, your business voicemail, unusual homes, mortgage origination stats, etc. == 11 of the Most Remote Homes in the World From the “Loneliest House in the World” to the smallest inhabited island, these homes are as beautiful as they are secluded.

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Real Estate Agent Real Estate Appraisal Agents 52

Appraisal Today

DECEMBER 2, 2022

Counseling buyers, sellers, owners, and tenants on inspections and remediations, improvements, and the appraisal process. Counseling buyers, sellers, owners, and tenants about listing and offering prices, and market rent. I got it mostly for MLS access and have only done one sale, representing the buyer. Many thanks to George.

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Appraisal Agents Real Estate Real Estate Agent 80

Housing Wire

MAY 18, 2022

However, the sting of higher mortgage rates is hitting the single-family construction data, and the real story is that the housing completion data, which has been bad for a long time, is still terrible. We simply cannot finish homes in America promptly, and now that mortgage rates are over 5%, some buyers won’t be able to purchase a home.

Mortgage 473

Mortgage Construction Contracts Housing Market 473

Appraisal Today

FEBRUARY 10, 2023

Very similar to the old mortgage broker days. NOTE: Please scroll down to read the other topics in this long blog post on estate/trust appraisals and Fannie changesunusual homes, mortgage origination stats, etc. = Mortgage applications increased 7.4 percent from one week earlier Mortgage applications increased 7.4

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Appraisal Contracts Architecture Mortgage 52

Housing Wire

MARCH 7, 2022

Bidders were required to be cash buyers, or more precisely cryptocurrency buyers, or – more precisely still – have a virtual wallet on the Ethereum blockchain. Generally, listing agents extract a commission from the homeseller and then split it with the buyer’s agent. It represented LLC ownership of the property.

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Real Estate Law Inspection Agents 485

Housing Wire

JANUARY 19, 2024

It happened in 2008 and then didn’t happen again until 2023. We don’t have any data that shows sales are crashing from this low level: this is key when looking at the future because it does give us a place to grow sales as long as mortgage rates fall. This is a positive for housing in 2024 as most sellers are buyers.

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Housing Market Inventory Contracts Marketing 473

Town & Country Residential Appraisals

JANUARY 24, 2020

That’s a step towards mortgage insurance fraud and a lost license. The financial collapse of 2008 was a prime example of what happens when various parts of the real estate machine stop functioning objectively and begin to “make deals work.” They always come in at exactly the contract price.

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Appraisal Market Value Contracts Clients 36

Appraisal Today

SEPTEMBER 23, 2022

This doesn’t mean every property is worth $45,000 less, but it’s been clear buyers have been resisting paying higher prices.”. Will we see smaller homes more often as first-time buyers flood the market? Work for buyer, seller, or both. Minus: Sometimes differences of opinion between buyer and seller. To be determined.

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Appraisal Marketing Business Contracts 52

Housing Wire

JANUARY 17, 2024

Fannie Mae and Freddie Mac are in the spotlight again over the role some housing-industry experts say they could play in reducing mortgage rates if they resumed a more active investor role in the mortgage-backed securities (MBS) market. How likely that is, though, I don’t even know how to handicap.”

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Marketing Investors Mortgage Finance 455

Housing Wire

AUGUST 1, 2023

Even as mortgage rates rose, and affordability was pushed out of reach for many potential homebuyers, there are still sufficient buyers who can afford these prices and these rates. The number of buyers has been surprising. After the mortgage rate spike in September 2022, we got significantly more bearish on home prices for 2023.

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Inventory Contracts Buyers Mortgage 370

Appraisal Today

SEPTEMBER 30, 2022

NOTE: Please scroll down to read the other topics in this long blog post on Fannie and Competency, mortgage rates, extraordinary assumptions, vacant l and, unusual homes, mortgage origination stats, etc. in 2007-2008, few appraisers used them. Chuck Norris eats 7% mortgage rates for breakfast. Excerpts: The 1.76-acre

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Appraisal Inspection Easement Contracts 52

Housing Wire

FEBRUARY 16, 2023

There is one simple reason for this: it’s not 2008. The truth is that if mortgage rates fell below 5.875% and kept going lower, everyone’s housing predictions would need to be revised this year because the builders can sell their homes with lower mortgage rates. Let me be honest here: we got lucky as a country.

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Construction Housing Market Inventory Marketing 522

Housing Wire

SEPTEMBER 19, 2023

Obviously, mortgage rates have been stubbornly over 7% for a couple of months. That’s a change in expectation of mortgage rates. Buyers early in 2023 had slightly lower rates than now and were optimistic that mortgage rates would go lower still. We’re hearing people imagine 8% mortgage rates. What’s happening?

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Housing Market Marketing Inventory New Listings 450

Housing Wire

DECEMBER 7, 2020

The reasons for that are solid demographics and low mortgage rates , which will not change much in 2021. My housing economic mindset really starts from 1996 as mortgage rates are much lower now than in previous decades. Of course, today is a much different story; our demographics are much better, and mortgage rates are lower.

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Inventory Construction Government Housing Market 545

Houston Properties

JANUARY 13, 2021

This highlights the importance of Avoiding the 9 Most Common Mistakes Buyers Make. In this analysis, we also show you current data along with key lessons from both the 2015 oil price crash and the 2008 great recession. Buyers Beware? In addition, mortgage rates are at an all-time low. Remember: real estate is hyper-local!

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Housing Market Marketing Real Estate Realtors 68

Housing Wire

MARCH 17, 2022

In fact, considering the drop in builders’ confidence, now we have to watch for whether some people will cancel their building contracts because rates have jumped so much while they’ve been waiting for their new home to be built. Mortgage rates have risen since the lows we saw last year.

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Construction Housing Market Inventory Buyers 466

Appraisal Today

MAY 24, 2024

During my term as an appraisal board member in my state, I encountered several cases in which a mixed-use property or commercial property was appraised as a residential property so a borrower could obtain a residential mortgage. Built in 2008, the luxury estate last traded hands in 2021 for $6,250,000. baths, 19,660 sq.ft.,

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Appraisal Contracts Mortgage Reconsideration of Value 81