Sat.Jul 03, 2021 - Fri.Jul 09, 2021

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Fannie Mae: Sellers still thriving as home prices stay high

Housing Wire

Sellers, rejoice. Roughly 77% of respondents to Fannie Mae’s Home Purchase Sentiment Index (HPSI), a composite index designed to track the housing market and consumer confidence to sell or buy a home, said now is a good time to sell. That’s up from 67% the prior month. To boot, a reported 64% of survey respondents said it’s a bad time to buy a home, up from 56% last month.

Sellers 499
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The Week Ahead: Fed Chair Examines the Path of the Economy

Appraisal Buzz

Fed Chair Jerome Powell will testify this week at a hearing charting the course of the U.S. economy and how it will influence mortgage rates moving into Q3 and beyond. The post The Week Ahead: Fed Chair Examines the Path of the Economy appeared first on theMReport.com. The post The Week Ahead: Fed Chair Examines the Path of the Economy appeared first on Appraisal Buzz.

Appraisal 370
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Broken Ankle & Kitchen Remodel… Life Happens

Cleveland Appraisal Blog

Hello everyone! I hope you are all having a fantastic summer. It’s good to a little normalcy coming back. While I had intended on posting something more substantial this week, life has made that a little tricky. Last week, my wife broke her right ankle in numerous areas. She has been through one surgery and has another major surgery in about a week.

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How Do You Time Adjust?

George Dell

Time adjustments is a timely topic. Recent ski-jump rises in prices have been ramp-ant in many places. Valuemetrics.info provided a free, two-hour webinar on the topic, and we had almost exactly 1000 appraisers sign up. (Although many did not show – free, you know.) Prior to the webinar, I asked some reviewers about how appraisers […]. The post How Do You Time Adjust?

Appraisal 195
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Pending home sales crush hopes of forbearance crash bros

Housing Wire

The most recent pending home sales report that soundly beat estimates after a downtrend in the previous months caused some serious head-scratching. Pending home sales were up a healthy 8% from April and just over 13% compared to the same month last year. Of course, last year’s comps should be discounted due to COVID-19. From the National Association of Realtors : “Pending home sales rose 8% in May from the prior month and 13.1% from one year ago.

Realtors 479
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Homebuyers Crave Affordable, Transparent, Time-Saving Transactions

Appraisal Buzz

Of the many issues the COVID-19 pandemic brought to light, the usefulness of technology in the homebuying process is one of significance for mortgage professionals. While industry leaders knew it before, a global crisis forced many to accelerate the adaptation of online real estate transactions. A prop tech company, Spruce, conducted a study to examine … The post Homebuyers Crave Affordable, Transparent, Time-Saving Transactions appeared first on theMReport.com.

More Trending

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Why Builder Lumber Prices Remain Higher than Headlines Suggest

Eyes on Housing

Lumber futures prices have decreased by 52 percent (on a front-month basis) over the past seven weeks as mill prices have fallen 48 percent over the same period.[1] In contrast, prices paid by builders since late May have declined by a fraction of that impact. The disconnect—which has always existed—is inherent to the lumber supply chain and choices that must.

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Digital closings have spiked 228% since 2019

Housing Wire

The number of title and settlement companies offering digital closings has increased 228% since 2019, as more of the industry moves online in the wake of the COVID-19 pandemic. Per a survey of 300 title professionals conducted by the American Land Title Association , only 14% of professionals offered digital closings prior to the health crisis. Now, in 2021, 46% offer digital closings, according to Diane Tomb, ALTA chief executive officer.

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Buyers and Sellers Drifting Farther Apart; Lowest Rates in 5 Months

Appraisal Buzz

Fannie Mae said “Consumers are increasingly adamant that it’s a good time to sell, bad time to buy a home” as it released its June Home Purchase Sentiment Index (HPSI). The index, based on the company’s monthly National Housing Survey, shows a growing difference in the number of consumers who hold one or another of those opinions.

Sellers 370
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How to Use Digital Forms to Collect Better Energy Field Data

GoForrmz

Collect energy data using digital forms and instantly route submitted forms and information to the back-office, integrated systems, connected databases, and more Energy field teams are often tasked with the responsibility of collecting important project information – so why aren’t they given the tools they need to work more efficiently and accurately?

Tools 158
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Shortages Cause Builders to Raise Prices, Pre-Order Materials

Eyes on Housing

Recent posts have discussed how builders are facing widespread shortages of many building materials, and how materials prices for the same house have increased by 26 percent over the past year. Results from a follow-on NAHB survey show that builders have reacted to the shortages in a variety of ways, most commonly by raising the prices of their homes and.

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Mortgage rates fall back down to 2.9%

Housing Wire

The average 30-year fixed-rate mortgage fell eight basis points from the week prior to 2.9%, according to data released Thursday by Freddie Mac ‘s PMMS. According to Sam Khater, Freddie Mac’s chief economist, last week’s dip followed the concurrent drop in U.S. Treasury yields earlier this week. “While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week’s jobs report,” sai

Mortgage 446
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Mortgage Rates Fall to 2.9%

Appraisal Buzz

For the second straight week, mortgage rates remain under the 3% mark, but will affordability remain a deterrent to prospective homebuyers unwilling to pay for higher-priced homes? The post Mortgage Rates Fall to 2.9% appeared first on theMReport.com. The post Mortgage Rates Fall to 2.9% appeared first on Appraisal Buzz.

Mortgage 370
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Top Digital Forms for Communicating Construction Information Flow

GoForrmz

Remove communication barriers and level-up workflow processes with these construction digital forms Construction workflows vary from project to project – the larger the project, the greater the amount of people involved. With communication playing an integral role throughout the course of construction, paper forms can act as an obstacle, resulting in lack of visibility to real-time information, decreased work productivity, and missing data.

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Crosswinds for Construction Job Openings

Eyes on Housing

The count of open construction jobs declined in May to 299,000 unfilled positions, according to data from the BLS Job Openings and Labor Turnover Survey (JOLTS). The housing market remains hot and requires additional labor, lots and lumber and building materials to add inventory. Overall, hiring in the construction sector remained strong in May, ticking down to a 4.2% rate.

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Mortgage applications fall for third straight week

Housing Wire

Mortgage applications decreased again , this time falling 1.8% in the week ending July 2, 2021, according to the latest report from the Mortgage Bankers Association. This marks the third straight week of application declines, and represents the lowest level since the January 2020. “Treasury yields have been volatile despite mostly positive economic news, including last week’s June jobs report, which showed ongoing improvements in the labor market,” said Joel Kan, MBA associate vice preside

Mortgage 446
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Black Knight Closes Top of Mind Acquisition

Appraisal Buzz

Completion of sale adds industry-specific SureFire management tool to Black Knight’s array of offerings to manage customers and improve retention rates. . The post Black Knight Closes Top of Mind Acquisition appeared first on theMReport.com. The post Black Knight Closes Top of Mind Acquisition appeared first on Appraisal Buzz.

Tools 370
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Mortgage term lengths: Do you know your choices?

Midtown Appraisal Group

Appraisers aren’t real estate salespeople or mortgage brokers, and definitely shouldn’t be offering advice or counsel to the people whose properties they’re appraising. However, as we’ve discussed before, because of our particular role in the process, and because they often end up meeting home buyers and sellers during their inspections, it’s not surprising that we’re […].

Mortgage 139
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5 Benefits to Digitizing Your Rental Lease Agreements

GoForrmz

Digitally transform the renter’s experience and pave the way for rental lease agreements The world is continuously evolving and changing, but some things don’t ever seem to change. Paperwork is one such constant - whether you’re signing rental lease agreements or sending invoices to clients , forms are required in almost every industry. The real estate industry utilizes paper forms for various needs, one of which being rental lease agreements.

Tenants 139
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Home prices accelerating in areas without mass transit

Housing Wire

As more of the country moves to permanent work-from-home arrangements, home prices in car-dependent areas have risen twice as fast as those in transit-accessible areas, according to a recent study by Redfin. The median home-sale price in car-dependent areas, nationwide, has increased 32.8% to a record $418,100 since January 2020, while it has risen 15.6% to a record $540,500 in transit-accessible neighborhoods.

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Jay Arneja: How Lenders Can Accelerate Their E-Mortgage Strategies

Appraisal Buzz

PERSON OF THE WEEK: Traditional closing practices and paper-based post-closing workflows are fast becoming relics of a bygone era. Lenders that fail to embrace the e-mortgage, or at least go “hybrid,” as we’ve heard many times, will soon become relics as well. So, what steps must mortgage lenders take to successfully go fully digital with e-mortgages?

Mortgage 370
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Call to Comment; AMC Disciplinary Action

Appraiserblogs

1. A Call to Comment has been issued. 2. VA is looking for Appraisers. 3. AMC Disciplinary Action Snowballs into Multiple States… A Call to Comment has been issued. The FTC is asking for public comments on the consent decree by the Louisiana Real Estate Appraisal Board. The time line to comment is short and ends on July 22, 2021. VaCAP asks each of you to take a few minutes and read the consent decree as well as the analysis provided by the FTC before commenting.

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6 Moving Tips To Save Your Clients Time and Money

McKissock

So the moment has finally come. After meeting your client, hunting for their perfect home, and finding it, now it’s time for them to move. Everyone knows moving can be stressful and full of hiccups. While helping clients to move isn’t technically part of your job description, providing outstanding service is. By sharing moving tips, you can ensure a positive end to the purchase experience.

Clients 98
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Homes are selling well over listing prices as buyers compete against each other

Housing Wire

In case you didn’t know, we’re living in a seller’s market. But even though home prices are at record highs , buyers are still in the market. Not only are they shopping, but they’re putting down offers well over the listing price. Are you in the market for a home? Be prepared to spend money. Listing prices? Never heard of them! A buyer in Austin, Texas paid $1 million over a home’s listing price.

Buyers 438
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Mortgage Apps Dip for Second Consecutive Week

Appraisal Buzz

An analysis of mortgage application volume finds a decline in volume, with higher prices continuing to prevail despite rates in the 3% range. The post Mortgage Apps Dip for Second Consecutive Week appeared first on theMReport.com. The post Mortgage Apps Dip for Second Consecutive Week appeared first on Appraisal Buzz.

Mortgage 370
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How Do You Time Adjust?

Appraiserblogs

I was able to sort time adjustment methods by data source used (mostly compiled, published reports) and by the analytic used… Time adjustments is a timely topic. Recent ski-jump rises in prices have been ramp-ant in many places. Valuemetrics.info provided a free, two-hour webinar on the topic, and we had almost exactly 1000 appraisers sign up.

Appraisal 109
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How This Agent Got a $1 Million Transaction Through Instagram

McKissock

If anyone knows the power of social media for real estate, it’s Mike Schulte. Last year, a client slid into his direct messages with a multi-million dollar transaction. Schulte never met the guy and still doesn’t know what he looks like. “Every time we connected was through social,” said Schulte. Schulte, a Citi Habitats real estate agent from Queens, is one example of a growing trend in real estate: it’s impossible to ignore social media.

Agents 98
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Forbearance loans decrease for 18th straight week

Housing Wire

For the 18th straight week, servicers’ forbearance portfolio volume fell. It dropped four basis points to 3.87% last week, according to a survey from the Mortgage Bankers Association. The MBA estimates 1.9 million homeowners are still in some form of a forbearance plan. The share of Fannie Mae and Freddie Mac loans in forbearance also decreased three basis points to 1.99%, and Ginnie Mae loans decreased three basis points to 5.10%.

Finance 411
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A Deeper Look at the Current Market and the Appraisal Industry

Appraisal Buzz

In today’s Buzzcast, we dive into how the current market and evolving technologies are impacting the appraisal industry. Today we have Jim Cutillo, Founder and CEO of AppraisalVision, with Joan Trice, Founder of Allterra Group, LLC. We’ll be getting the inside scoop while Joan and Jim discuss the influences each of these factors have on one another.

Appraisal 370
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Bowery Valuation announces funding, national expansion

Valuation Review

Bowery Valuation announced $35 million in Series B funding led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) with participation from Capital One Ventures and existing investors including Builders VC, Fika Ventures, Navitas Capital, Camber Creek, Nine Four Ventures, Greenspring Associates, and Alpaca VC. This investment brings Bowery’s total funding to $66 million following the $20 million in Series A venture funding it received in 2019.

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Flexible Working Hours, Good Income, Challenging Work: Real Estate Appraisal Offers What Post-Pandemic Workers Want

McKissock

Despite the economic downturn and uncertainty caused by the COVID-19 pandemic, millions of U.S. workers are choosing to quit their jobs—with a record 4 million people quitting in April alone, according to Labor Department statistics. “As pandemic life recedes in the U.S., people are leaving their jobs in search of more money, more flexibility and more happiness,” reports NPR.

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What the industry wants from the FHFA, and what it may get

Housing Wire

President Joe Biden and Sandra Thompson, Acting Director of the FHFA. Just hours after the Biden administration appointed Sandra Thompson, a longtime regulator, to take the wheel at the Federal Housing Finance Agency (FHFA), a group representing independent mortgage bankers had some suggestions. But first, the Community Home Lender Association made it clear to Thompson and U.S.

Finance 381
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A Deeper Look at the Current Market and the Appraisal Industry

Appraisal Buzz

In today’s Buzzcast, we dive into how the current market and evolving technologies are impacting the appraisal industry. Today we have Jim Cutillo, Founder and CEO of AppraisalVision, with Joan Trice, Founder of Allterra Group, LLC. We’ll be getting the inside scoop while Joan and Jim discuss the influences each of these factors have on one another.

Appraisal 370
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COVID-19 vaccine availability brightens market, report says

Valuation Review

Commercial real estate services firm JLL offered more insight to Valuation Review from its recently released JLL Seniors Housing & Care – Investor Survey and Trends Outlook. COVID-19 vaccine availability will have a definitive impact on the status of the market, JLL revealed. Read on for more of our conversation with the commercial firm team.