Appraisal Buzz

JUNE 18, 2024

Despite the construction boom that happened shortly after pandemic restrictions began being lifted—that has since slowed—the U.S. housing shortage grew to a 4.5-million-unit deficit, up from 4.3 million units in 2023, according to a new analysis from the real estate firm Zillow. The deepening housing deficit is the root cause of the housing affordability crisis According to Zillow, at its core, the housing market is driven by supply and demand; when the number of people who want a home increase

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BiggerPockets

JUNE 5, 2024

Mortgage porting allows you to transfer an existing mortgage from one property to another, with the same lender and the same terms, under certain conditions. Is this something investors should try?

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Housing Wire

JUNE 27, 2024

After rising in March , pending home sales continued to slide in May, with the Pending Home Sales Index (PHSI) posting its second consecutive month of declines to reach a record low, according to data released Thursday by the National Association of Realtors (NAR). The PHSI fell 2.1% from April to a reading of 70.8 in May, which was down 6.6% on a yearly basis.

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Sacramento Appraisal Blog

JUNE 12, 2024

Dear Sellers, if you’re overpriced, I have some thoughts for you today. This is coming from a good place, and I want you to have success in selling your home if that’s what you really want to do. Scroll by topic and let me know if you have any questions or thoughts. I hope this […] The post An open letter to overpriced sellers first appeared on Sacramento Appraisal Blog.

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Housing Wire

JUNE 5, 2024

The U.S. Department of Housing and Urban Development (HUD) this week announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA). The Manufactured Home Community loan product will “will help entities to preserve, stabilize, and revitalize these vital sources of affordable housing,” the department explained.

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Housing Wire

JUNE 5, 2024

A report released Wednesday by Realtor.com shows that a key measurement of U.S. home values is growing faster that the more commonly viewed metric of listing price. The analysis revealed that, across the 50 largest U.S. metro areas, price per square foot rose by 52.7% during the five-year period ending in May 2024. By comparison, the national median list price for a home jumped 37.5% during the same period to its current level of $442,500.

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Housing Wire

JUNE 7, 2024

Home equity continued to rise in the first quarter of 2024 as residential properties with mortgages collectively gained $1.5 trillion in equity over the past year, according to a CoreLogic report released Friday. The average U.S. homeowner with a mortgage added $28,000 in equity during the year ending in March 2024 — the highest year-over-year increase since late 2022.

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Housing Wire

JUNE 10, 2024

The average cost of homeownership has increased by 26% over the past four years to more than $18,000 annually, according to Bankrate ’s newly released Hidden Costs of Homeownership study. The increase reflects rising home prices, which went up 40% since the beginning of the COVID-19 pandemic , mainly due to a lack of inventory, according to the study.

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Housing Wire

JUNE 3, 2024

Mortgage rates decided to bounce back into the 7s this week. We can see an impact in that immediately as home sales are slowing down. These are the homes that go into contract immediately after listing. We also see new pending sales slowing and price reductions ticking up. The most notable thing in the data this week is that, while home prices nationally are still holding a few percentage points higher than last year, home prices have started to decline in a few states — Florida, Arizona and Tex

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Housing Wire

JUNE 1, 2024

Mortgage rates have been a bit more volatile recently due to hawkish Federal Reserve statements and inflation data, which has impacted some of the recent movement in the 10-year yield. But now we have the big jobs week coming up! So, what does this all mean for the housing market and the future of mortgage rates? 10-year yield and mortgage rates As we approach a crucial week for mortgage rates , the 10-year yield and labor data could influence the Fed’s decisions.

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Housing Wire

JUNE 15, 2024

Since May 29, we’ve witnessed a decline in the 10-year yield, which has been favorable for mortgage rates. The critical question is: Can this trend persist? Clues from the recent Fed meeting and the softening inflation data hint at a potential continuation — if the labor data gets softer. How is this affecting the weekly housing data? Let’s delve into the details and find out. 10-year yield and mortgage rates After the intense jobs week data , we ran straight into CPI and PPI inflati

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Housing Wire

JUNE 8, 2024

Given last week’s surprising jobs report, how much longer will we have to deal with higher mortgage rates ? The labor data will be the key to answering that question. It’s essential to track the labor data along with inflation because the key to getting lower mortgage rates for longer lies with the labor data more than inflation. That makes this week another one to watch since we will have CPI inflation and the Federal Reserve meeting results on Wednesday.

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Housing Wire

JUNE 7, 2024

Consumer attitudes toward the purchase of a home fell “markedly” in May, while the percentage of consumers who said it was a “bad” time to buy a home grew month over month from 79% to 86%, according to new survey data from government-sponsored enterprise (GSE) Fannie Mae. The Fannie Mae Home Purchase Sentiment Index (HPSI) decreased 2.5 points in May to 69.4, marking an all-time low in the measurement of consumer sentiment toward homebuying.

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Housing Wire

JUNE 12, 2024

Should we be concerned about the number of homeowners who are underwater on their homes? Recent data from Attom showed that 1 out of every 37 homes were severely underwater, something I talked about on CNBC recently , but CoreLogic data provides a reality check on this topic. Let’s dig in. One of the most alarming aspects of the housing bubble crash was the staggering number of Americans who were underwater on their homes.

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Housing Wire

JUNE 7, 2024

Job creation that exceeded expectations in May has reinforced the perception that the Federal Reserve will maintain the same benchmark interest rates at its June meeting and may delay any rate cuts that were planned for this year. This means that mortgage rates are likely to be higher for even longer than previously expected. The U.S. economy added 272,000 jobs in May, above the market consensus estimate of 180,000.

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Housing Wire

JUNE 7, 2024

Following a few days of declining bond yields and mortgage rates this week, the trajectory took a significant turn on Friday with the release of favorable labor data , sparking a notable increase in the 10-year yield, a key indicator for those in housing. The BLS jobs report shows the honey badger labor market woke up and once again chose violence this morning.

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Housing Wire

JUNE 12, 2024

Today’s double event of the CPI inflation report and the Fed meeting gave us something that I have been waiting for: a hint from Fed Chairman Jay Powell that the labor market has softened. Today he acknowledged what I have been talking about for months: the Fed’s key data lines are at pre-COVID-19 levels today. Before the Fed held its press conference, we got a softer-than-anticipated CPI report, which sent the 10-year yield (and mortgage rates ) lower at first.

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Housing Wire

JUNE 17, 2024

From rising home prices to rising mortgage rates and inflation , the millennial generation hasn’t had it easy when it comes to homeownership. But new data from Realtor.com shows that millennials aren’t overly burdened in comparison to previous generations. The analysis of historic home prices, income levels and mortgage rates found that baby boomers — Americans between the ages of 60 and 78 this year — “arguably faced the toughest housing market ever for first-time buyers.“ In 1980, when boomers

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Housing Wire

JUNE 20, 2024

The Community Home Lenders of America (CHLA) is calling on both houses of Congress to adopt a mortgage interest credit as the 2017 Tax Cuts and Jobs Act (TCJA) is currently set to expire in 2025. This is according to a letter the organization submitted to leaders in both the U.S. House of Representatives and the U.S. Senate. In the lead-up to its 2017 passage, CHLA representatives “aggressively advocated for a Mortgage Interest Credit (MIC) during debate on the 2017 tax bill, when it became clea

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Housing Wire

JUNE 17, 2024

The importance of housing as a social driver of health cannot be overstated, yet the intricate pathways connecting housing conditions to health outcomes remain inadequately understood. This knowledge gap is particularly impactful for low-income families who face unique challenges in establishing a sense of home. My experience as a pediatrician at WakeMed has shown me firsthand how critical stable, and quality housing is to the health and well-being of children and their families.

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Housing Wire

JUNE 6, 2024

Mortgage lending in the U.S. dropped by 6.7% in the first quarter of 2024 to 1.28 million mortgages secured by residential property, the 11th drop recorded in the past 12 quarters and the lowest level since the year 2000, according to the newest U.S. Residential Property Mortgage Origination Report compiled by data provider Attom. This decline contributed to a 4.8% reduction in residential lending activity compared to first-quarter 2023 and a 69.3% reduction since reaching a high point in 2021,

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Housing Wire

JUNE 14, 2024

Elevated mortgage rates, high home prices and a lack of for-sale listings continue to hamper U.S. home sales, with Redfin reporting Friday that sales in May 2024 dropped to one one of the lowest levels of the past decade. The annualized rate of home sales, adjusted for seasonality, fell below 408,000 last month. That was down 1.7% from the prior month and 2.9% below year-ago levels.

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Housing Wire

JUNE 13, 2024

Opendoor has partnered with nationwide multiple listing service My State MLS to equip more than 60,000 agents in each of the 50-plus markets Opendoor serves with access to the iBuyer’s cash-offer solution. My State MLS is a nationwide multiple listing service that allows members to list and search properties anywhere in the U.S. According to a news release, through the partnership, My State MLS agent members will be able to receive estimated cash offers on qualifying properties within minutes to

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Housing Wire

JUNE 11, 2024

The iBuying platform Offerpad and Realtor.com are teaming up. In an announcement on Tuesday, the firms said that Offerpad was integrating with Realtor.com. According to the release, the integration will allow Offerpad to provide a cash offer to more sellers and will extend Offerpad’s reach to a larger audience of potential sellers. “Over the past year, with all of the adversity happening for buyers and sellers and the industry in general, we have really been focused on trying to find buyers and

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Housing Wire

JUNE 10, 2024

As baby boomers increasingly seek to age in place in their own homes — a scenario supported by both the preferences of older homeowners and the realities brought on by elevated mortgage rates — this is clashing with the desires of millennials who wish to enter the housing market, as the combination of limited inventory and high costs are keeping these buyers on the sidelines of the mortgage market.

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Housing Wire

JUNE 4, 2024

Seller impersonation fraud has reportedly risen significantly over the years, and one such fraudster attempted to cash in by facilitating a fraudulent sale of Graceland, the famous Memphis, Tennessee , home owned by the late Elvis Presley. But while a fraud attempt targeting such a famous structure and family would easily make national news, the vast majority of title theft and mortgage fraud schemes do not.

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Housing Wire

JUNE 21, 2024

Both existing housing inventory and home prices have been rising together year over year, which might seem odd at first glance since existing home sales are trending near all-time lows. However, I can clear up any confusion on this topic. Let’s keep it simple: total active listings are still below 2019 levels nationally, and the days on market are under 30 days today.

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Housing Wire

JUNE 18, 2024

Mortgage rates continued to inch toward the 7% mark following last week’s meeting of Federal Reserve policymakers and new inflation data that showed further cooling of consumer prices. On Tuesday, HousingWire ‘s Mortgage Rates Center showed that the average 30-year rate for conforming loans was 7.08%. That was down 11 basis points from the same time last week and exactly 50 basis points below this year’s peak rate that was recorded in early May.

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Housing Wire

JUNE 17, 2024

Wells Fargo ’s program that provides up to $5,000 in closing costs for low- and moderate-income families to purchase a home has been extended to an additional 16 metro areas, the bank announced on Monday. The credit is available for borrowers with combined incomes of up to 80% of their area’s median income who are seeking to purchase a home as a primary residence.

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Housing Wire

JUNE 7, 2024

Legal and financial troubles are piling up for mortgage fintech lender LoanSnap , with the company having been recently evicted from its headquarters in Southern California. The news was previously reported this week by TechCrunch. TechCrunch reported on Monday that while “LoanSnap has not yet shut down, according to two employees, the vibe inside the company is harrowing as workers wait for clarity on the company’s future.“ The firm reportedly failed to pay employees for at least a month late l

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Housing Wire

JUNE 3, 2024

Keller Williams Realty has launched a real estate assistant that is powered by generative artificial intelligence (AI) and is trained on the company’s proprietary models, systems, books and training resources. “We are thrilled to bring this AI-powered tool to agents and look forward to its transformative impact on their work,” Chris Cox, KW’s chief technology and digital officer, said in a prepared statement.

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