June, 2022

What It Takes to Be An Expert Appraisal Witness in An Eminent Domain Case

Cleveland Appraisal Blog

Hello everyone! I normally don’t post more than one article per week. This week I have a bonus article for my appraisal colleagues who are interested in becoming expert appraisal witnesses in eminent domain cases.

Maintain that Workfile

Appraisal Buzz

Real property appraisers have had quite a bit dumped on them in the past couple of years. The uncertainty, turmoil, and government interest in oversight and intervention caused by allegations of racial and ethnic bias in real property appraisal is cause for concern.

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A spike in listings & sitting on the market

Sacramento Appraisal Blog

The pile of listings is growing, and it’s taking longer to sell. That’s what so many housing markets across the country are experiencing right now. We’re on the cusp of seeing some real change in the stats over the next few months. Here are some things on my mind. Anything to add?

Part 0: How Do We Fix the Excess of Appraisers?

George Dell

How can we fix the excess of appraisers? Easy — we do what we have always done, each time. 1) We will raise the standards (“cost of entry”). 2) We will make it harder to become an appraiser; 3) Let the lower fees discourage newcomer appraisers. In past issues of the Analogue […].

After implosion, FGMC files for bankruptcy

Housing Wire

Less than a week after laying off hundreds of workers and refusing new mortgage applications, First Guaranty Mortgage Corp. FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection late Wednesday. .

The Path to Credibility

The Appraiser Coach

I was recently proofreading a paper my son had written for a class and came across a quote from Benjamin Franklin. My son used quotation marks to offset the. Read More.

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Mortgage Lenders Adapt to Reality of Market

Appraisal Buzz

According to the June Insights Report from mortgage advisory firm STRATMOR Group, as mortgage lenders adapt to the reality of a vastly changed market focused on purchase loans, adopting new mortgage technology has become a priority.

Buyers gaining power & farewell real estate honeymoon

Sacramento Appraisal Blog

Sellers haven’t had to negotiate much with buyers over the past two years, but that’s starting to change. Let’s talk about this today by looking at seller concessions (credits for repairs, help with closing costs, etc…). I hope you enjoy, whether you’re local or not.

Buyers 314

Is this a Time of Ripeness?

George Dell

This week’s blog, Is this a Time of Ripeness? is a guest post written by Steven Smith, MSREA, MAI, SRA, AG. See below for a more detailed bio. Appraisal sins are forgiven when the markets are strong, and prices are increasing at double digit rates as they have been.

Mortgage delinquency rate falls to historic low

Housing Wire

The national mortgage delinquency dropped to an all-time low in May, continuing two consecutive months of a decline since March. The overall delinquency rate slightly dropped five basis points from April to 2.75% in May, according to Black Knight.

Where is Your Focus?

The Appraiser Coach

While getting ready for a big trip with my wife, I found myself in my home office working some odd hours. I was in the zone, cruising through my to-do. Read More.

7 Home Security Tips for Spring & Summer

Cleveland Appraisal Blog

Hello! I hope your spring has been fantastic! It’s hard to believe that we are nearly to summer! This week I welcome back guest blogger Betty White with some tips on home security for the spring and summer months. Enjoy! Alt-tag: Home that is safe and secured for the spring.

Commissioner Working Towards Affordable Housing Amid Extraordinary Conditions

Appraisal Buzz

Nearing the 60 day mark as the country’s newest Federal Housing Administration (FHA) Commissioner, Julia Gordon is continuing on her mission of getting people into affordable housing, but facing extraordinary challenges is making this task difficult, requiring her to seek alternatives to achieve this goal. “We

Ten things to know about price reductions in today’s market

Sacramento Appraisal Blog

Price reductions are growing fast and sellers are still behind the ball. Eventually they’ll catch up, but they haven’t gotten there yet. Let’s talk about price drops today in the Sacramento region. Is the trend similar in your area? Let me know what you’re seeing.

Part 2: How Do We Fix the Excess of Appraisers?

George Dell

How can we fix the excess of appraisers? Easy — we do what we have always done, each time. 1) We will raise the standards (“cost of entry”). 2) We will make it harder to become an appraiser; 3) Lower fees will discourage newcomer appraisers.

Are home prices about to fall?

Housing Wire

We are at the point of the economic cycle where I really just get two questions: Are we going into recession and are home prices about to fall?

The New Debate

The Appraiser Coach

We’ve all heard of the classic debate: What’s the correct way to make a peanut butter and jelly sandwich? Allow me to introduce a new debate: What’s the correct way. Read More.

How to Create Your Dream Home Office Without Breaking the Bank

Cleveland Appraisal Blog

Hidy Ho friend! I hope you’re enjoying a little bit of the great outdoors! This week I will be traveling to Columbus for the annual Ohio Coalition of Appraisal Professionals summer seminar. I’m looking forward to a little networking and catching up with my appraisal friends.

The Impact of New Technology in the Appraisal Industry

Appraisal Buzz

[link]. Today’s Buzzcast interview is with Jeff Allen, President of Cubicasa and Nikki Rinkus, Staff appraiser from Clario.

What Do Home Buyers Buy after Moving

Eyes on Housing

NAHB analysis of Consumer Expenditure Survey (CES) data from the Bureau of Labor Statistics shows that during the first year after closing on a home sale, home buyers tend to spend considerably more money on furnishings, appliances and remodeling compared to non-moving owners.

Buyers 171

Can EBV Eliminate Appraisal Bias?

George Dell

Yes, personal bias in appraisals can be eliminated. The appraisal ‘process’, in its current standard, is “loose.” It is not internally biased either way. But it is vulnerable to systemic human and analytic bias. It enables and conceals bias.

The savagely unhealthy housing market is now a nightmare

Housing Wire

The housing nightmare continues. The National Association of Realtors (NAR) reported that existing home sales for April came in at 5.41 million , down 3.4% from the previous month and 8.6% from last year. But, the savagely unhealthy data line was that home prices are up 14.8%.

What To Do When Hiring A Trainee

The Appraiser Coach

You are working hard as an appraiser, gaining customers, and creating value. You love what you do and are excited to see the business you have diligently and meticulously worked. Read More.

Considerations for Moving Closer to A Senior When They Need You Most

Cleveland Appraisal Blog

When it comes to our aging family or loved ones, there comes a point when they are going to need some help. In this post, I am happy to welcome back a regular guest blogger, and Author, Jessica Brody. I always love her articles!

Fixed-Rate Mortgage Rate Average Jumps Nearly 3 Percent in a Year

Appraisal Buzz

Freddie Mac ’s Primary Mortgage Market Survey (PMMS) results show the 30-year fixed-rate mortgage averaged 5.78% with an average 0.9 point as of June 16, 2022, up from last week when it averaged 5.23%. A year ago at this time, the 30-year FRM averaged 2.93%.

How a Home Purchase Boosts Consumer Spending

Eyes on Housing

Using the Consumer Expenditure Survey (CES) data from the Bureau of Labor Statistics (BLS), NAHB Economics estimates that a home purchase triggers significant spending on appliances, furnishings, and remodeling.

Buyers 161

No Judgment Needed?

George Dell

Judgment in valuation analysis is not needed — so they say — so long as the algorithm is right. So long as the algorithm is right. For appraisers, this means the valuer has identified a good scope of work.

Housing starts data raises 5th recession red flag

Housing Wire

I’m raising my fifth recession red flag today based on the Census Bureau ‘s May housing starts data. Housing starts showed a miss on the estimate but positive revisions. Housing starts came in at 1.549 million and housing permits came in at 1.695 million.

How Can Appraisers Dress in This Heat?

DW Slater Company

It’s summer and in some parts of the country it is getting very hot! Here in North Texas we have been in a heat wave , that seems to have no end in sight. Every day this week heat advisories have been issued and it can be challenging to be out in it.

Average New Home Size Decreases to 2,480 Square Feet

Appraisal Buzz

Owning your home is considered a cornerstone of the American Dream, but that goal has been harder to reach for more Americans over the last few years, that is, unless they are willing to compromise.

House Passes Measure to Increase Financial Equity and Inclusion for All

Appraisal Buzz

The House of Representatives passed HR 2543 by a vote of 215-207, legislation drafted to promote equity for underserved communities and increase access to safe and affordable financial services for all Americans.

Rapidly Rising Building Materials and Freight Prices Push Construction Costs Higher

Eyes on Housing

The prices of goods used in residential construction climbed 1.8% in May (not seasonally adjusted) and have increased 19.4%, year-over-year, according to the latest Producer Price Index (PPI) report. Prices have surged 40.4% since January 2020. Building materials (i.e.,

Townhouses Remain Most Competitive Property Type

Appraisal Buzz

According to a new report from Redfin, nearly 58% of home offers written by Redfin agents nationwide faced competition on a seasonally adjusted basis in May, marking the lowest level since February 2021. That’s down from a revised rate of 60.9% one month earlier, and a pandemic peak of 68.8%

Opinion: Title insurance is vital to protecting the American dream

Housing Wire

As someone who spent a career in the title insurance industry – both as a builder of a title business and leader of the industry’s trade group, — I am proud of the role we play in helping to protect what most Americans consider the biggest purchase of their lives.