Sat.Oct 30, 2021 - Fri.Nov 05, 2021

Waiting for a big drop in home prices? It could be a while

Housing Wire

With mortgage rates falling during the COVID-19 crisis, many households were able to refinance to lower payments.

CRN – Gross Living Area Measuring Standards Announcement

Appraisal Buzz

The Collateral Risk Network (CRN) announced today its formal endorsement of the gross living area measuring standard developed by the National Association of Home Builders (NAHB).

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Realtors Are Professionals Too

The Appraiser Coach

As an appraiser, you’re a real estate professional and you are in the business of valuing property. Inevitably, at some point in your career, you’re going to make another real. Read More.

Weakening housing affordability & that one new report

Sacramento Appraisal Blog

Are buyers struggling to afford the market? Let’s talk about that today. I have some brand new visuals to share (Part I) and then let’s unpack a new study about affording new construction (Part II). What are you seeing in your area regarding affordability? I’d love to hear.

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Construction worker shortage has reached “crisis” levels

Housing Wire

For career switchers looking for a new path that doesn’t necessarily require a college degree, they could do worse than the building trades.

Unanswered Questions – Part 3

Appraisal Buzz

This article is the final submission in a 3-part series which uses probability theory as a useful tool for answering some of the difficult questions which have faced appraisers, particularly in rapidly changing market conditions.

Is Appraisal Modernization Stymied?

George Dell

Modernization means bring in modern methods. What are they? Why aren’t they here? Is it really that hard? We have big financial resources. We have motive. We have huge organizations in place. And we have regulatory clout!

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Rising home prices are fueling the private-label market

Housing Wire

Morgan , through its private label conduit , J.P. Morgan Mortgage Trust , so far this year has sponsored 13 private-label securitization offerings backed by jumbo loans valued at $13.8 billion.

Guild Mortgage Launches Loan Program For Medical Professionals

Appraisal Buzz

Lender and servicer Guild Mortgage has introduced a new mortgage option designed to make it easier for medical professionals to buy their first home.

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10 Awesomely Functional Gifts for the Real Estate Investor in Your Life

The Robert Weiler Company

‘Tis the season to be stumped! Coming up with ideas for the perfect gifts to surprise that special person each year can be an unnerving task. And, if you have a real estate investor in your life, the gift-finding pursuit can be quite a challenge.

Private Residential Spending Dips in September

Eyes on Housing

NAHB analysis of Census Construction Spending data shows that total private residential construction spending decreased 0.4% in September to a seasonally adjusted annual rate of $773.5 billion. Total private residential construction spending was 19.3% higher than a year ago.

How Zillow’s model crushed its iBuying business

Housing Wire

On Tuesday Zillow announced it will be shutting down its Offers business, which wasn’t too much of a shock considering how their stock had been performing for some time. The news was that they had been overpaying for homes and their losses on those purchases were getting larger and larger.

Climate Change Identified as Risk to U.S. Financial Stability

Appraisal Buzz

In a first under the Biden Administration, a committee under the U.S. Department of Treasury has identified climate change as an “emerging and increasing threat to U.S. financial stability.”

NAR: Residential property availability a ‘concern’

Valuation Review

The National Association of Realtors Fair Housing Policy & Valuation Director Sehar Siddiqi spoke virtually on a webinar sponsored by Metro-West Appraisal.

Home Prices Starting to Discourage a Segment of Home Buyers

Eyes on Housing

After growing steadily for six straight quarters, and peaking at 61% in the second quarter of 2021, the share of prospective buyers actively trying to find a home to buy declined to 57% in the third quarter.

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5 takeaways from Zillow’s nightmare

Housing Wire

Zillow CEO Rich Barton. Look, similar to other technology companies that have gone before us, we strongly believe in taking big swings and failing fast. We have learned from our experience in Zillow Offers in Q3 and are applying those learnings as we look ahead.”.

Unemployment Rate Fell to 4.6 Percent in October 

Appraisal Buzz

The U.S. economy added 531,000 jobs in October – stronger than expectations – and the unemployment rate dropped to 4.6%, according to the U.S. Bureau of Labor Statistics.

Appraisers knowing their ‘why’ is key to success

Valuation Review

Dustin Harris' (“The Appraiser Coach”) blog post, “Knowing Your Why is the Key to Success,” is highlighted for this month’s Valuation Review installment. Harris shares his thoughts with regards to reminding appraisers how important that word “why” will be to them. Read on for more helpful tips

Job Gains Accelerate in October

Eyes on Housing

Job gains picked up in October after two consecutive months of a slowdown. Total payroll employment rose by 531,000 and the unemployment rate dropped to 4.6% in October. Construction industry employment (both residential and non-residential) totaled 7.5

Here’s what is happening in local housing markets across the country

Housing Wire

Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housing markets. Local real estate agents, loan officers and appraisers share what characteristics are currently defining their housing markets. Aspen, Colorado.

LendingHome Finalizes $388 Million Revolving Mortgage-Backed Securitization

Appraisal Buzz

LendingHome Funding Corp. , a lender to real estate investors, has closed a $388 million revolving securitization of unrated residential transition loans. This is the seventh broadly syndicated securitization transaction sponsored by LendingHome since 2019.

October Newsletter- Happy Halloween!

DW Slater Company

Fall Pumpkins on Display – Photo by Monstera from Pexels. I would rather sit on a pumpkin and have it all to myself, than be crowded on a velvet cushion. Henry David Thoreau. Fall is absolutely my most favorite season!

Federal Reserve: Taper Begins

Eyes on Housing

The Federal Reserve has supported the housing market during the virus crisis, the 2020 recession, and the subsequent, ongoing recovery via asset-backed purchases (among other tools), including $40 billion a month of mortgage-backed security (MBS) purchases.

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Federal Reserve tapers asset purchases

Housing Wire

It’s official. The Federal Reserve announced Wednesday that it will soon begin to taper its monthly asset purchases.

No Matter The Price, Homes Sell Quickly

Appraisal Buzz

A new study by Redfin shows that homeseekers looking to stretch their money as far as possible should now be beginning to see a bit of relief as the amount of affordable homes on the market jumped 13% over last year.

USPAP Definitions of ‘His’ and ‘Her’

Appraiserblogs

The USPAP Exposure Draft Process Continues To Step Outside Their Purpose With Her / Him as the new ‘Misleading’ Debacle The general idea of definitions added to USPAP was supposed to be industry-specific nomenclature.

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Third Quarter of 2021 Homeownership Rate at 65.4%

Eyes on Housing

The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate was flat at 65.4% in the third quarter of 2021. Compared to prior reports, the data was affected less significantly by the pandemic, since in-person interviews were back in 99.5% of the sample.

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Mortgage rates decline to 3.09%

Housing Wire

The average 30-year-fixed rate mortgage dropped to 3.09 % during the week ending Nov. 4, down from 3.14% the week prior , according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.78 %.

The Role of Data in the Mortgage Industry

Appraisal Buzz

To understand where your organization can implement data solutions, you must first understand the different ways your data can be used. DS News takes a deeper dive into big data, and its proper usage in the mortgage space. The post The Role of Data in the Mortgage Industry appeared first on DSNews.

Stephen Forrester Memorial Fund

Appraiserblogs

Appraisers, I just received notice about the untimely death due to COVID-19 of a Tennessee appraiser, Stephen Forrester, while he and his wife and two young kids were on vacation in the Bahamas. Details are posted below. Please click here, and donate if you can. I just donated to this GoFundMe.

Perceptions of Housing Affordability Worsen for Third Straight Quarter

Eyes on Housing

In the third quarter of 2021, 73% of buyers estimate they can afford less than half the homes available for-sale in their markets. That share is up from 71% the prior quarter, 65% the quarter before that, and 63% in the final quarter of 2020.

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Freddie Mac spurs landlords to report on-time rent payments

Housing Wire

Freddie Mac wants to encourage multifamily landlords to report positive rental payments to the credit bureaus to give renters a better shot at qualifying for a mortgage.

Six Strategies to Eliminate Processor Bias

Appraisal Buzz

When processor bias is present, it can create inefficiencies that trickle down to the production team, slowing down closings and hampering business. MReport delves into six measures to take in order to avoid this issue.

Asian Americans Face Systemic Higher Mortgage Denial Rates Despite Having Stronger Credit Profiles

Urban

The gap in denial rates between Asian and white mortgage applicants bucks conventional indicators, as Asian applicants, on average, have higher credit scores

Home asking prices hit all-time high, pending sales slow

Valuation Review

Asking prices of homes increased to an all-time high of 12 percent, according to a Redfin report. However, pending sales were up just 4 percent, the smallest year-over-year increase since June 2020

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Stronger real estate agent connections will be the key to lending success in 2022 – Here’s why

Housing Wire

If you make your living by originating new mortgage loans, I don’t have to tell you that the business is changing. You probably already know that the MBA’s latest mortgage forecast puts the purchase money at 75% of all loan volume. You’re probably already feeling it in your business. John G.

Patrice Le Melle Named to New Residential Investment Board

Appraisal Buzz

New Residential bolsters its Board of Directors with the addition of Columbia University’s Associate General Counsel, who brings extensive knowledge of government and corporate governance to the firm.