Mon.Jul 18, 2022

article thumbnail

Buyers take power from sellers. It’s their turn.

Sacramento Appraisal Blog

Finally. Buyers are gaining power. And sellers are losing it. I have some new visuals to show what the market is doing right now. These are for Sacramento, but I suspect many areas look similar. UPCOMING (PUBLIC) SPEAKING GIGS: 7/20/2022 Beer & Stats at Out of Bounds (sign up (for real estate agents)) 7/26/2022 Navigating […].

Sellers 468
article thumbnail

FHA borrower fee gridlock draws ire of industry

Housing Wire

The Federal Housing Administration ’s (FHA) decision to withhold a mortgage insurance premium cut has confounded mortgage policy experts and industry stakeholders. HUD officials earlier this year said cuts to borrower fees depended on the number of borrowers behind on their payments. But during a Thursday press briefing, HUD officials said they are weighing “budgetary implications, tradeoffs within appropriations process and FHA’s role in the broader housing system,” when considering cuts to mor

Insurance 433
Insiders

Sign Up for our Newsletter

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

article thumbnail

Class Valuation Completes Verification Process for Freddie Mac’s ACE+ PDR Solution

Appraisal Buzz

Class Valuation reports that it has completed the verification process for Freddie Mac’s new ACE+ PDR (automated collateral valuation plus property data report) solution. These data collection orders will be completed through Property Fingerprint , Class Valuation’s 3D Scanning technology, the company says in a release. Property Fingerprint’s data collection and reporting process are not only built to support programs like ACE+ PDR, but also support desktop and hybrid appraisal processes.

Valuation 370
article thumbnail

Is now a good time to invest in real estate automation technologies?

Housing Wire

The real estate and title markets are dealing with lower vo lumes right now, which means increased competition and pressure for businesses to stay profitable. However, it’s also a good time to invest in digital transformation. HousingWire recently spoke with Michael Valdes, president and founder of Axis Technical Group, about investing in automation technologies as a way to prepare for the next boom cycle.

article thumbnail

ProxyPics Partners with Freddie Mac to Simplify Refinance Mortgages in the Digital Age

Appraisal Buzz

Chicago — ProxyPics makes wave as the first Property Data Report provider for Freddie Mac’s ACE+ PDR (automated collateral evaluation plus property data report), launch made effective on July 17, 2022. ProxyPics’ Property Data Report product provides a detailed scope of the property structure and its condition to simplify cash out, and certain no cash-out refinance transactions, while averaging delivery turn times of 72 hours.

Training 221
article thumbnail

Mortgage forbearance rate declines marginally in June

Housing Wire

Servicers’ forbearance portfolio volume trended downward in June but declined at a much slower pace than earlier this year, according to the Mortgage Bankers Association (MBA). The total number of loans in forbearance decreased by 4 basis points to 0.81% of servicers’ portfolio volume in June from May , per data from the MBA. The rate has steadily declined this year, dropping below 1% in April, with fewer than half a million borrowers remaining with an active plan as of June.

Mortgage 393

More Trending

article thumbnail

Josh Harley to speak at HousingWire Annual Oct. 3-5

Housing Wire

The mortgage and real estate industries are quickly adapting to technological advances in order to keep up with consumer demands and the changing markets. As a result, it is no surprise that Fathom Holding CEO, Josh Harley, will speak at HW Annual to talk about the disruption happening in the real estate space. A real estate innovator and technologist, Harley is set to speak on Tuesday, October 4th, on the “From Disruption to Partnership: Amazon of Real Estate” panel.

article thumbnail

Foreign Investment in Existing Homes Ends Multi-Year Slide, NAR Reports

Appraisal Buzz

Foreign buyers purchased $59 billion worth of U.S. existing homes from April 2021 through March 2022, an 8.5% increase from the previous 12-month period and stopping a three-year skid in foreign investment in U.S. residential real estate, according to a new report from the National Association of REALTORS. Foreign buyers purchased 98,600 properties, down 7.9% from the prior year and the fewest number of homes bought since 2009, when NAR began tracking this data.

Investing 195
article thumbnail

Bank of America reports double-digit decline in mortgages in Q2

Housing Wire

Depositary lender Bank of America ‘s top executives said Monday their customers haven’t slowed down their activities, despite a fear of a recession in the U.S. economy. “We’re mindful of the debate about a future recession, and we have prepared the company across the last decade-plus, through responsible growth, to be prepared for that,” said BofA CEO Brian Moynihan, during a call with analysts. “But as we see our current customer base, we are not seeing them

Mortgage 370
article thumbnail

U.S. Forbearance Rate Remains Flat in June

Appraisal Buzz

MBA reports the overall forbearance rate in June nearly plateaued, with just a four-basis-point month-over-month decline, as approximately 405,000 homeowners in the U.S. remain in forbearance plans. The post U.S. Forbearance Rate Remains Flat in June appeared first on DSNews. The post U.S. Forbearance Rate Remains Flat in June appeared first on Appraisal Buzz.

Appraisal 195
article thumbnail

How to effectively navigate desktop appraisal requirements

Housing Wire

This fall will make a year since the announcement that the GSEs would begin to permanently accept desktop appraisals for conventional loans. In light of this, HW Media CEO Clayton Collins sits down with Mark Walser, president of Incenter Appraisal Management, to discuss remote desktop appraisals and what the industry has learned about them. “The surprise that took a lot of the lending industry was they were expecting this new desktop to sort of mirror the COVID flexibility of the past,” Walser e

Appraisal 388
article thumbnail

Reduced Competition, Declining Home Prices Help Calm Market

Appraisal Buzz

According to a new report from Redfin, the median sale price for U.S. homes came down 0.7% from its record-breaking June peak during the four weeks ending July 10. Sellers’ asking prices also came down 3% from their May peak as the share of homes with price drops hit another new high. Meanwhile, housing supply … The post Reduced Competition, Declining Home Prices Help Calm Market appeared first on DSNews.

Marketing 195
article thumbnail

Lumber Price Decline, Record-Setting Volatility Highlight June PPI Report

Eyes on Housing

The prices of goods used in residential construction climbed 1.5% in June (not seasonally adjusted) even as softwood lumber prices fell 23%, according to the latest Producer Price Index (PPI) report. Prices have surged 41.7% since January 2020. Building materials (i.e., goods inputs to residential construction, less energy) prices have increased 4.8%, year-to-date, and are 12.2% higher than they were.

article thumbnail

Reduced Competition, Declining Home Prices Help Calm Market

Appraisal Buzz

According to a new report from Redfin, the median sale price for U.S. homes came down 0.7% from its record-breaking June peak during the four weeks ending July 10. Sellers’ asking prices also came down 3% from their May peak as the share of homes with price drops hit another new high. Meanwhile, housing supply … The post Reduced Competition, Declining Home Prices Help Calm Market appeared first on DSNews.

Marketing 195
article thumbnail

FHA Extends Appraisal Validity Period

Appraiserblogs

On July 12, 2022, the FHA announced that it is extending the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year. This applies to case numbers assigned on or after June 1, 2022. This just seems like a bad idea at a time where many markets are seeing price declines. FHA INFO 2022-71 — July 12, 2022 In this Announcement: FHA Implements Revised Appraisal Validity Period Guidance Appraisal Logging Changes in FHA Connection Se

Appraisal 132
article thumbnail

HELOC Verification Services Bundle Rolled Out by Xactus

Appraisal Buzz

Verification solutions provider Xactus has launched a new HELOC Verifications Bundle to assist lenders and brokers with targeting prospects, assessing risk, and increasing efficiencies to help meet the increased HELOC demands. The HELOC Verifications Bundle enables mortgage professionals to see who qualifies by mining their existing portfolios and setting criteria and screening consumers to obtain pre-screened leads, the company says in a release.

Appraisal 195
article thumbnail

Canceled Home Contracts Hit a Two Year High in June 2022

Hank Miller Team

Cancel culture invades real estate.The number of canceled home contracts hit a two year high in June 2022. Nationally, 14.9 of transactions were terminated. The number in Atlanta was higher at 22. The recent national highs were at the start of the pandemic, 17.6 in Mar '20 and 16.4 in Apr '20. At that time, everything was up in the air as the pandemic took the over the globe.

article thumbnail

Seizing the Moment

Appraisal Buzz

When it comes to automation in the default servicing industry, Jimmy Lewis and Sridhar Loganathan of TrueFocus Automation explain the future is now. The post Seizing the Moment appeared first on DSNews. The post Seizing the Moment appeared first on Appraisal Buzz.

Appraisal 195
article thumbnail

Private Money Explained: 5 Simple Ways to Find Private Money Today (Part 2)

BiggerPockets

Most new investors don’t know how to find private money for real estate. They think private money is only reserved for those with a Rolodex full of rich or well-off […].

article thumbnail

New Listings Prop up Inventory In June

Appraisal Buzz

RE/MAX has released new data through its National Housing Report covering the month of June which found that halfway through the peak summer buying season inventory is up, yet still below levels seen in 2021, but more signs are starting to appear signaling a more balanced market may soon be a reality. To start, June … The post New Listings Prop up Inventory In June appeared first on DSNews.

article thumbnail

June’s CPI Report: Inflation Up 9.1% Since Last Year

BiggerPockets

The Bureau of Labor Statistics has released the latest Consumer Price Index. Despite any chatter that may have predicted otherwise, inflation is still at a 40-year high and a 1.3% […].

article thumbnail

Foreign Buyers Rebound, Purchase Nearly $60B in U.S. Properties

Appraisal Buzz

While NAR found an uptick in homes purchased by international buyers over the past year, that total declined to 98,600, the fewest number of sales recorded by this segment since 2009. The post Foreign Buyers Rebound, Purchase Nearly $60B in U.S. Properties appeared first on DSNews. The post Foreign Buyers Rebound, Purchase Nearly $60B in U.S. Properties appeared first on Appraisal Buzz.

Buyers 150
article thumbnail

Bank of Canada rate could peak in September, says CIBC economist

Mortgagebroker News

Could one more supersized increase conclude the central bank's rising-rate trajectory?

69
article thumbnail

Relocations Hit Record Highs as Homebuyers Relocate to More Affordable Areas

Appraisal Buzz

A record 32.6% of Redfin.com users nationwide looked to move from one metro to another in the second quarter, up slightly from 32.3% in the first quarter and roughly 26% before the pandemic, according to a new report from Redfin. The housing market has slowed following a pandemic-driven buying frenzy, with home sales falling and supply starting to rise due to rising mortgage rates, high home prices, inflation and a faltering economy.

article thumbnail

Inside Rocket Mortgage's arrival in Canada

Mortgagebroker News

The US mortgage giant landed north of the border with the rebranding of Edison Financial

article thumbnail

Observe or Inspect?

Town & Country Residential Appraisals

Inspection: careful examination or scrutiny Observation: the action or process of observing something carefully in order to gain information While the definitions are close, inspection seems to indicate a more detailed way of looking at something just by the words “examination” and ”scrutiny”. There seems to be some confusion as to the role of the appraiser when performing an “inspection”.

article thumbnail

Annual pace of housing starts slows, says CMHC

Mortgagebroker News

The national housing industry has released its latest monthly update

69
article thumbnail

River Oaks Houston Homebuyers Guide

Houston Properties

River Oaks Houston Homebuyers Guide. Find River Oaks Homes for sale by price, floorplan, and location. View pictures, neighborhood info, and real estate trends. As Houston’s poshest neighborhood, River Oaks has some of the most expensive real estate in the area. River Oaks homes are among the most desirable in Bayou City. This is due to the neighborhood’s great location, proximity to key retail and entertainment areas, and high accessibility.

article thumbnail

How Canadian bond yields affect your mortgage

Mortgagebroker News

Plus: What happens to mortgage rates when bond yields increase

article thumbnail

1400 Hermann Condo Reviews

Houston Properties

1400 Hermann Condo Reviews. See all 1400 Hermann condos for sale. Learn about 1400 Hermann condos for sale features, building amenities, and location benefits. 1400 Hermann Condos is located at the intersection of Hermann Drive and Austin Street. It is nestled in the 77004 zip code. This Houston highrise is situated just 1.5 miles north of the Texas Medical Center.

article thumbnail

"Outlier sale" in Vancouver condo point to a cooling market

Mortgagebroker News

Realtor likens the price fluctuation to reverse FOMO

article thumbnail

5 Interesting Energy Corridor Real Estate Trends

Houston Properties

5 Interesting Energy Corridor Real Estate Trends. See Energy Corridor real estate, home sales, and investment data. The article covers Energy Corridor neighborhood analysis and review of homes for sale. The Energy Corridor is located along a stretch of Katy Freeway between Beltway 8 and Grand Parkway. It is a 1,700-acre district in West Houston. The district’s reputation as a major employment center coincides with its status as one of Houston’s hottest real estate markets.

article thumbnail

Revealed: The most and least expensive rental markets in Canada in July

Mortgagebroker News

The report looks into the 23 most populous metros in the country

article thumbnail

Despite headwinds, these mortgage companies are hiring

Housing Wire

new jobs hiring, housing jobs, recruiting for mortgage industry. Based on the headlines, one might assume the mortgage business is a complete disaster. Origination volume is down about 50% from last year, thousands of layoffs are reported each week, and gloomy prognosticators say recession will make for a long winter. Some mortgage companies will merge to stay afloat, and many others will go under.

Mortgage 442