Sat.Nov 27, 2021 - Fri.Dec 03, 2021

FHFA: Government to back mortgages up to $970,800 in 2022

Housing Wire

The Federal Housing Finance Agency (FHFA) today announced the baseline conforming loan limit for 2022 will be $647,200, an increase of 18%.

Cost Approach in Fifteen Minutes or Less

Appraisal Buzz

This article was first published in the Fall 2021 Edition of Appraisal Buzz Magazine. To receive this subscription directly, click here.

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Listing Inventory Trends In The Time Of COVID

Miller Samuel

The Winter 2022 issue of Elliman Magazine was published this week and it is quite a beautiful publication. I created a chart for the publication which compares month listing inventory trends across a number of the markets we cover for Douglas Elliman.

Buckle up for next year’s housing market

Sacramento Appraisal Blog

It’s real estate prediction season and I have a few thoughts about the beginning of next year. I’m cautious about predicting because my crystal ball is broken, but it’s a no-brainer to say we’re poised to start next year with heavy competition.

Pending home sales shock 2021 housing crash bears

Housing Wire

Today, pending home sales came in as a big beat of estimates — up 7.5% in October — and since we are days away from December, we can officially label the 2021 housing crash bears as even worse than the 2020 housing crash bears.

The Week Ahead: Forecasting Mortgage Industry Trends for 2022

Appraisal Buzz

In next week’s “Reflections and Projections” webinar, Rick Sharga and Ed Delgado will look back on 2021 and discuss how the industry must conform to changes in compliance, the marketplace, and the needs of customers to properly prepare for the coming year.

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Is Appraisal Obsolete?

George Dell

Obsolete! Such a harsh word. Can it be? Is the problem convolution? Does it mean I will soon be obsolete? Not needed? Not loved? Terrible. What can be done? Yet all the little signs are pointing that way. Automated” valuation models have much of the market, and continue to gain.

Ex-MBA prez Ronald McCord to pay $52M mortgage fraud penalty

Housing Wire

A federal judge ordered Ronald McCord, the founder of Oklahoma City-based lender and servicer First Mortgage Company , who was also once the president of the Mortgage Bankers Association (MBA), to pay $51.8 million in restitution for mortgage fraud.

Building Permits Boom—Will the Market Finally See Inventory Relief?

Appraisal Buzz

One economist stated, “Builders in recent months have put the pedal to the metal to get new homes up and meet a rush of demand. The post Building Permits Boom—Will the Market Finally See Inventory Relief? appeared first on theMReport.com.

Are Pictures Really Worth a 1000 Words?

The Appraiser Coach

Realtor magazine published an article about whether or not listing photos should stay online after the home has sold. Some homeowners have privacy and safety concerns over these photos being. Read More.

Pending and Existing Home Sales Jump in October

Eyes on Housing

Despite low inventory and increasing affordability concerns, both pending home sales and existing home sales jumped in October, according to the National Association of Realtors (NAR).

Housing inventory has never been lower

Housing Wire

It’s official – housing inventory in America is at a crisis level. The number of active listings hit an all-time low during the week ending November 28, according to a Redfin report published on Wednesday.

IMB Data Shows Significant Profit Increases

Appraisal Buzz

An industry report breaks down trends and changes regarding Q3 profitability for Independent mortgage banks and mortgage subsidiaries of chartered banks. Here’s what the report found. The post IMB Data Shows Significant Profit Increases appeared first on DSNews.

HUD Dismisses Claims Alleging Racism

Appraiserblogs

…white America (government) keeps trying to ‘fix’ Black People who are not broken in the first place! We’ve all heard of redlining. No one doubts it existed and MAY still exist, among private lenders. It’s hard to accept major national banking corps would risk it but it IS possible.

Private Residential Spending Dips for Second Month

Eyes on Housing

NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate of $774.9 billion, down 0.5% from the upwardly revised September estimates. Total private residential construction spending was 16.7%

Mortgage rates remain flat as Omicron fears spread

Housing Wire

Mortgage rates increased one basis point to 3.11% in the week ending Dec. 2, ignoring the volatility in the financial markets caused by the Omicron Covid variant , according to the latest Freddie Mac PMMS mortgage report.

Production Profits Increase for IMBs in Late 2021

Appraisal Buzz

According to a report, “Net production profit rebounded in the third quarter of 2021 after a drop-off in the second quarter, but was down more than half from the record profit one year ago.”

Analysis of the “Appraisal Gap” White Paper

Appraiserblogs

My critical analysis of Freddie Mac’s “appraisal gap” white paper Appraisers, this is not an easy essay to write. It is my critical analysis of an academic study put out by a GSE, which I have read.

Employment Situation in October: State-Level Analysis

Eyes on Housing

Nonfarm payroll employment increased in 47 states and the District of Columbia in October compared to the previous month while three states lost jobs.

What Omicron, bond market and jobs mean for housing

Housing Wire

Today, the Bureau of Labor Statistics reported 210,000 jobs were created in November — a miss from estimates. They also reported 82,000 in positive revisions to the previous jobs report. The unemployment rate is currently at 4.2%. For men and women age 20 and over, it stands at 4.0%.

Omicron Helping Rates More Than The Fed is Hurting; Housing Market Shifting, But Might Not Be Cooling

Appraisal Buzz

Several developments are converging on the global economy and financial markets at the moment. Each brings its own causes for concern. Together, they bring a significant increase in volatility. Should we be worried about Omicron? Answering such questions is beyond the scope of this newsletter.

Study: ADUs Can Add 35% to Home’s Value

Empire Appraisal Group

Study: ADUs Can Add 35% to Home’s Value. Accessory dwelling units, also known as granny flats, in-law suites, or garage apartments, have been on the rise since the pandemic. ADUs are growing at a rate of 9% or 100,000 per year, according to a new analysis by Porch.com, a home improvement site.

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Home Price Appreciation Decelerates in September

Eyes on Housing

In September, national home prices grew at a slower but still unsustainable pace. Locally, 14 out of 20 metro areas reported that they realized a deceleration in home price growth in September.

Residential construction jobs slowly return

Housing Wire

Following a strong showing in October , a somewhat disappointing U.S. jobs report released Friday shows that 210,000 non-farm jobs were added in November, bringing the unemployment rate down to 4.2%. While this is a 0.4% decrease in unemployment, the rate is still above the 3.5%

Building Permits Boom

Appraisal Buzz

All signs point to a house building boom as the number of building permits that were created this summer reached 1.69 million, well above the 1.5 million mark at which Zillow says indicates a boom.

The Loan Officer’s Guide to Appraisals Part 12:  Frequently Asked Questions

Riverfront Appraisals

Well, we did it! We made it to the end of a year-long series called the Loan Officer’s Guide to Appraisals! If you’ve read each post, or listened to each accompanying podcast over at The Appraisal Cast, thank you!

Job Gains Decelerate in November

Eyes on Housing

While job gains decelerated in November, the unemployment rate dropped to 4.2% and the labor force participation rate increased to 61.8%, the highest reading since March 2020.

Introducing the HousingWire 2021 Tech Trendsetters

Housing Wire

The housing industry has been working in overdrive over the last few years to shed the idea that its technology is antiquated and outdated. In today’s environment, this couldn’t be further from the truth.

37M Do Not Qualify for a Credit Score

Appraisal Buzz

VantageScore Solutions, a company that produces consumer credit scoring models, has found that 1-in-3 people in disadvantaged areas may not be able to obtain a credit score from a traditional credit bureau, but these people, whom number in the tens of millions, may be scoreable under more modern systems with inclusive methodologies.

Nurturing Mental Health at Home: How to Create a Space that Promotes Healing and Mindfulness

Raleigh Realty

The Connection to Mental Health and Your Living Space The places that you spend the most time have a serious impact on your mental health and wellbeing.

Construction Loan Growth During Third Quarter

Eyes on Housing

Residential construction loan volume reached a post-Great Recession high during the third quarter, as home building activity continued to expand in 2021. The volume of 1-4 unit residential construction loans made by FDIC-insured institutions increased by 6% during the third quarter.

Zillow: Over half of our iBuying inventory is on the move

Housing Wire

Zillow said Thursday that more than 50% of its remaining iBuying inventory “has sold, is under contract to sell or has reached agreement on disposition terms.”. Also, the company’s board of directors authorized the repurchase up to $750 million in shares of Zillow stock, according to a press release.

Timothy Fisher Joins Deephaven as VP of Business Development

Appraisal Buzz

Non-QM lender Deephaven Mortgage today announced that Timothy (Tim) Fisher has joined the company as Vice President, Business Development. Based in Dallas, he is charged with growing Deephaven’s correspondent book of business in Texas and surrounding states.

BBG announces promotion, appointment

Valuation Review

BBG recently promoted two senior executives in a reorganization of its leadership team. The company also appointed a chief technology officer. Read on for more information