Eyes on Housing
FEBRUARY 9, 2023
Mirroring a steep rise in mortgage rates that began in the early part of 2022 and coupled with ongoing building material supply chain bottlenecks that increased construction costs, housing affordability posted three consecutive quarterly declines in 2022 and now stands at its lowest level since the National Association of Home Builders (NAHB) began tracking it on a consistent basis in.
Housing Wire
FEBRUARY 22, 2023
Wells Fargo , the largest depository mortgage lender in America, issued pink slips to employees in its home lending business on Tuesday following its decision to exit the correspondent channel. “I can’t provide any specifics but we announced in January strategic plans to create a more focused Home Lending business,” Tom Goyda, senior vice president of consumer lending communications at Wells Fargo, said in an e-mailed response.
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George Dell
FEBRUARY 8, 2023
Multiple regression works very well under some conditions. We ask: Are these conditions true in most real property valuations? This is actually a vast topic, so we can only reflect on some of the conditions or assumptions which are required for a multiple regression to be valid. Much (if not all) “advanced” appraiser education makes […] The post Ban Multiple Regression?
Inman
FEBRUARY 21, 2023
Even though the extreme seller's market is in the rearview mirror, disgruntled clients have been filing more lawsuits against their agents, according to an analysis by Victor Insurance Managers.
Realtor
FEBRUARY 13, 2023
Illustration by Realtor.com / Getty Images Getting a mortgage to buy a home is a process, with many hoops and hurdles to jump through and over before reaching the finish line. And this is particularly true for certain specialized loans, like those offered by the United States Department of Agriculture. USDA loans offer fantastic terms—including 0% down payments and low-interest rates—for homebuyers in rural areas, and while many assume they’re just for farmland, properties on 97% of U.S. l
Padove Appraisal Service
FEBRUARY 24, 2023
There are several reasons why someone may want to get a real estate appraisal: Buying or selling a property: If you are buying or selling a property, an appraisal can help determine its fair market value, which can be useful in negotiations and setting a listing price. Financing: If you are financing your purchase or refinancing your existing mortgage, your lender may require an appraisal to ensure that the property’s value is sufficient to secure the loan.
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Housing Wire
FEBRUARY 13, 2023
The housing market experienced more volatility last week, with housing inventory dropping as mortgage rates moved higher. Here is a quick rundown from last week : Purchase application data had a 3% week-to-week increase. The start of 2023 has been good, considering mortgage rates have stayed above 6% most of the time. Weekly housing inventory continues to decline, as we saw a decrease of 13,238 units, double the amount we had this time last year.
Appraiserblogs
FEBRUARY 13, 2023
Blaming appraisers for the income gap will never solve the real underlying problem… Blaming appraisers for the income gap is as ridiculous as blaming appraisers for gun violence and gas prices. I watched the January 24, 2023 ASC Appraisal Bias hearing. Comments were requested after the hearing. This letter is my comment. I’ve been a real estate appraiser in Los Angeles, California for 40 years.
Inman
FEBRUARY 28, 2023
New data from John Burns and Redfin shows that investor activity slowed toward the end of 2022 but still accounted for about a quarter of home sales. That's up from about 11 percent in 2001.
Valuation Review
FEBRUARY 15, 2023
Loss mitigation options for borrowers struggling to pay their Federal Housing Administration-insured mortgages #FederalHousingAdministrationinsuredmortgages
Padove Appraisal Service
FEBRUARY 27, 2023
Many people’s experiences with real estate appraisals are limited to mortgage applications. The appraiser is usually selected, and the report ordered through the lender. The task of selecting an appraiser for purposes such as estate planning and settlement, divorce, tax appeal, etc., is solely on the consumer and can become overwhelming. This blog post offers a guide to help you through the process.
Eyes on Housing
FEBRUARY 3, 2023
Job growth rebounded in January. After declines for five consecutive months, total nonfarm payroll employment increased by 517,000 in the first month of 2023 and the unemployment rate hit a 53-year low at 3.4% as more people entered the labor market. Construction industry employment (both residential and non-residential) totaled 7.9 million and exceeds its February 2020 level.
Housing Wire
FEBRUARY 16, 2023
Looking at the latest NAHB/Wells Fargo homebuilder confidence data and builder stock prices, I can say the homebuilders got very lucky this time around in the middle of a housing recession. There is one simple reason for this: it’s not 2008. They have less competition as they are working from low sales levels in today’s housing market. 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 b
Appraiserblogs
FEBRUARY 1, 2023
The following court documents in the case Naftali Horowitz v. Nicole Andrews, Fastapp AMC founder v. Fastapp AMC president, confirm what appraisers have been saying all along, that if you want high-volume AMC work, you have to lower your fees to 1980’s level, have 24 hour turn times, and, above all, be a number hitter. Horowitz, Fastapp founder, filed a lawsuit in New York court on January 31, 2022 against defendant Andrews to, among other things, remove Andrews as an officer and director of the
Inman
FEBRUARY 27, 2023
Taking an analog approach is a powerful way to focus the mind, reconnect with the body and devote full attention to the details of a particular client or task. For many, it also fuels creativity and helps them process and retain more information.
Valuation Review
FEBRUARY 22, 2023
The status of commercial real estate appraising is examined. #Valcre #commercialspacein2023 #appraisers.
Kairos Appraisal Services
FEBRUARY 1, 2023
The cooling housing market is forecast to continue in 2023, and buyers and sellers are proceeding with caution. With increased interest rates and declining home sales, there’s plenty to be nervous about—and there’s still the home appraisal, which can derail any mortgage deal if it comes in “low.” The good news is that a reconsideration… The post What Is a Reconsideration of Value for an Appraisal Report?
Eyes on Housing
FEBRUARY 17, 2023
NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the U.S. Census Bureau reveals that cash purchases made 11.2% of new home sales in the fourth quarter of 2022—the largest share since 1990. The share of cash purchases has climbed each of the past four quarters and six of the last seven. Although the median prices.
Housing Wire
FEBRUARY 22, 2023
The Federal Housing Administration (FHA) on Wednesday morning announced a 30 basis point reduction in the annual premium charged to mortgage borrowers. The cut, widely anticipated by the industry, will result in mortgage insurance premiums (MIP) of 55 bps for most borrowers, down from 85. In a statement released Wednesday, the White House said the MIP cut will reduce housing costs by an average of $800 for roughly 850,000 homebuyers and homeowners in 2023.
McKissock
FEBRUARY 3, 2023
As part of our contributor series, experienced appraiser Conrad Meertins Jr. shares his advice on how to level up as an appraiser. There is a popular saying, “Skills pay the bills.” There is much merit to that in our industry, and it will be even more true as we move into this year with so much uncertainty looming over our heads. Your skills are what make you invaluable.
Inman
FEBRUARY 14, 2023
Netflix's "Buying Beverly Hills" centers around rookie agents and their high-profile team leaders and mentors at The Agency. From mispronouncing finishes to being ill-prepared for showings, these agents dish on learning the tough lessons while being filmed for reality TV.
Houston Properties
FEBRUARY 22, 2023
One of Houston’s Best Suburbs, Sugar Land is also among the fastest-growing cities in Texas thanks to its re-developed commercial districts and master-planned communities.
Advanced Appraisal
FEBRUARY 5, 2023
02/01/2023
Eyes on Housing
FEBRUARY 7, 2023
According to the latest data from the 2021 American Community Survey (ACS), the median age of owner-occupied homes was 40 years. The age of the housing stock is an important remodeling market indicator. Older houses are less energy-efficient than new construction and ultimately will require remodeling and renovation in the future. Moreover, as people use their homes for more purposes.
Housing Wire
FEBRUARY 6, 2023
Despite mortgage rates briefly falling below the 6% threshold, both housing inventory and mortgage demand fell last week. Let’s dive into the trend lines of the housing market. First, here is a quick housing market rundown from last week : Purchase application data was negative 10% week to week — but still positive for the year Housing inventory decreased by 8,664 units, a more extensive inventory decline than we saw in the prior week The 10-year yield had a wild week, and mortgage rates d
National Association of Realtors
FEBRUARY 7, 2023
Real estate transactions rely on an objective appraisal to determine a home’s market value, but evidence suggests there’s potential for racial bias in the appraisal process. Learn more about the Property Appraisal and Valuation Equity action plan to eliminate racial and ethnic bias in home valuations, and find tips to ensure an impartial appraisal.
Inman
FEBRUARY 15, 2023
The Canadian Real Estate Association, which owns and controls Canada's most popular listing site, is spinning off into a tech company. Ex-CREA Chair Cliff Stevenson shared what's in store.
Lamacchia Realty
FEBRUARY 8, 2023
TIPS FOR GETTING STARTED WITH YOUR SMART HOME Smart homes might seem like a far-off futuristic concept, but with the continual advances in technology, they are becoming increasingly popular, and rightfully so. With the ability to turn on the lights, set the thermostat, set the alarm system, and even start music with a simple voice command, smart technology is making everyday tasks that much easier.
Will Springer Realtor
FEBRUARY 21, 2023
Buying a home is unlike any other purchase. There are exacting requirements that should be precisely timed. Like a well-choreographed dance, consumers should be prepared to step around obstacles and move both painstakingly slowly and quickly all within days. One or two false moves and your Fred Astaire shimmy can quickly become more like the Fred Flintstone Flop.
Eyes on Housing
FEBRUARY 15, 2023
Two consecutive solid monthly gains for builder confidence, spurred in part by easing mortgage rates, signal that the housing market may be turning a corner even as builders continue to contend with high construction costs and building material supply chain logjams. Builder confidence in the market for newly built single-family homes in February rose seven points to 42, according to.
Housing Wire
FEBRUARY 24, 2023
While the homebuilders weren’t surprised by the better-than-estimated new home sales report released Friday, some people were a bit shocked. But the forward-looking purchase application data was getting better from Nov. 9 up until the early part of February as mortgage rates fell from 7.37% to 5.99%. Now, of course, that has all changed quickly. On CNBC Friday morning , I highlighted that whatever data stabilization we had at 5.99%, it’s now gone in the blink of an eye.
National Association of Realtors
FEBRUARY 8, 2023
Learn about the federal government’s action plan to eliminate bias in the appraisal process and what you can do to contribute to its mission.
Inman
FEBRUARY 28, 2023
Former Keller Williams CEO John Davis says he wants his claims decided through a public trial rather than arbitration. KW says Davis's claims are "unsubstantiated, unwarranted, and disparaging.
Lamacchia Realty
FEBRUARY 2, 2023
WHY YOU SHOULD USE A REAL ESTATE ATTORNEY TO SELL YOUR HOME As a home seller you may think you are saving money by not hiring an attorney to guide you through the legal aspects of your sale but in actuality, it could end up costing you more not to! Hiring a real estate attorney is an important piece in the home-selling process and we are going to explain why.
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