Housing Wire
JULY 16, 2021
Cash buyers are pouring into the housing market this year, and they’re picking off more than half of available inventory in certain areas in Florida and New York. As of July 14, nearly one-third of U.S. home purchases this year were paid with just cash — 30%, specifically — according to a recent Redfin study. That represents the largest share since 2014, when 30.6% of homes were purchased with all cash.
Sacramento Appraisal Blog
JULY 12, 2021
The housing market is slowing and today I want to share seven quick ways I’m seeing that. But here’s the thing. This market is still driving at warp speed. In short, the market is slowing, but it’s not slow. Podcast with Golden 1 Credit Union: If you need some background noise, here’s a podcast I […].
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Appraisal Buzz
JULY 16, 2021
Through its Duty to Serve program, the FHFA is seeking equitable housing options for underserved markets as a solution to closing the affordability gap. The post FHFA Director Addresses Underserved Markets appeared first on DSNews. The post FHFA Director Addresses Underserved Markets appeared first on Appraisal Buzz.
The Appraiser Coach
JULY 13, 2021
Recently, I had a scary experience while taking comp photos. I live in a very rural area where there are a lot of people who are very protective about their. Read More.
Housing Wire
JULY 16, 2021
Home sales fell 1.2% from May to June, the largest drop at this time of year on record since at least 2012, according to a new Redfin study released this week. The national median home-sale price hit a record high of $386,888, up 25% year over year, but a slight decline from the record of 26% in May. The number of homes for sale fell 28% year over year from 2020, and the typical home sold in just 14 days — a record low and, down from 39 days in June 2020.
Realtor
JULY 13, 2021
Getty Images Buyers, we know it’s hard out there for you right now. In our current seller’s market, the national inventory of active listings is down 43.1% year over year, according to the Realtor.com June 2021 Housing Market Trends Report. And a scarcer selection means people are paying more, too, with listings up 12.7% in price. All of this demand means buyers are going to ever-greater lengths to make their offer stand out.
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Eyes on Housing
JULY 14, 2021
Framing lumber prices garnered more attention than any other building material over the past year as prices quadrupled between April 2020 and May 2021. But even as lumber prices decline, the spotlight on lumber continues to crowd out the story of meteoric price increases of another wood product integral to the integrity of a building’s structure—oriented strand board (OSB).
Housing Wire
JULY 12, 2021
This is the first time I am writing about mortgage backed securities (MBS) because I hardly ever consider this aspect of the housing ecosystem in my work. But since now even Federal Reserve members are discussing the pros and cons of MBS, this is a good time to give you my take. The 10-year yield has been in a downtrend since 1981, and so have mortgage rates, so the MBS market hasn’t eve been a focus of mine.
George Dell
JULY 14, 2021
Once upon a time, appraisers did not give an opinion! They provided estimates. Why the change? It seemed appraisers were getting sued over their estimates of value, which opened the door to attack on how the analysis was done. An estimate comes from an analysis. The professional response: “We will just deliver an opinion!” Safe! […]. The post Opinion, Estimate, or Prediction?
Appraisal Buzz
JULY 16, 2021
A House Committee will take a closer look at HUD’s work toward supporting homeownership by underwriting homeownership for low- and moderate-income families through its programs. The post The Week Ahead: HUD to Outline Its Equitable Housing Goals on the Hill appeared first on DSNews. The post The Week Ahead: HUD to Outline Its Equitable Housing Goals on the Hill appeared first on Appraisal Buzz.
Eyes on Housing
JULY 13, 2021
In June, consumer prices increased at the fastest pace in the past 13 years. The recent surge in inflation mainly reflect increases in a few sectors influenced by the pandemic shutdown and rebounding demand as the economy fully reopens. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.9% in June on a seasonally.
Housing Wire
JULY 14, 2021
After several consecutive weeks of drops, mortgage applications jumped 16% for the week ending July 9, 2021, according to the latest report from the Mortgage Bankers Association. The prior week ‘s report showed a 1.8% drop in applications to the lowest level since January 2020. The sudden increase in applications was driven “heavily” by increased refinancing as mortgage rates dipped again, said Joel Kan, MBA associate vice president of economic and industry forecasting. “
Urban
JULY 14, 2021
How states and localities can get funds out to residents facing evictions when the moratorium is lifted.
Appraisal Buzz
JULY 16, 2021
It was big, bad news when it came out last summer. Almost a year later, the 50 basis point “adverse market fee,” which affected a majority of refinance mortgages has been eliminated! Backstory In early August 2020, Fannie and Freddie (who collectively buy or guarantee a vast majority of all mortgages) announced that virtually all conventional refinance loans would be subject to a new fee of 0.50 points (e.g. an extra $1500 upfront on a.
Eyes on Housing
JULY 15, 2021
The National Association of Home Builders (NAHB) released its Remodeling Market Index (RMI) for the second quarter, posting a reading of 87, up 14 points from the second quarter of 2020. The increase in the index is a sign of improving remodelers’ confidence in their markets, for projects of all sizes. The RMI is an average of two major component.
Housing Wire
JULY 13, 2021
Competition between would-be homebuyers is still high, but an increase in homes hitting the market in June brought some relief from bidding wars. Per a recent Redfin study , 65% of home offers written by company agents in June faced competition, down from a rate of 72.1% in May and a peak of 74.1% in April. That’s still higher than the 56.8% bidding-war rate Redfin saw in June 2020, when the housing market was starting to rebound from a temporary standstill triggered by pandemic shutdowns,
Appraiserblogs
JULY 15, 2021
Relationships. It’s a lost art of business when it comes to the appraiser profession… I have been an appraiser since 2003, when I started my career path. Since then, the appraiser profession has gone through many changes, none more impactful than creating the Home Valuation Code of Conduct or HVCC law that was put into effect after the crash. HVCC created the new normal for the profession where Appraisal Management Companies (AMCs) were installed as the firewall or third party between the
Appraisal Buzz
JULY 15, 2021
Competition remains strong among buyers, as a new analysis reveals homes spent 30% fewer days on the market in June year-over-year, highlighting continued competition amongst buyers. The post Homebuyers Seek a Piece of the Shrinking Pie appeared first on theMReport.com. The post Homebuyers Seek a Piece of the Shrinking Pie appeared first on Appraisal Buzz.
Eyes on Housing
JULY 16, 2021
Over the five months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 483,878. On a year-over-year (YoY) basis, this is a 38.7% increase over the May 2020 level of 348,898. Year-to-date ending in May, single-family permits increased in all four regions. The Northeast region reported the strongest increase of 48.8%, followed by the Midwest (+45.
Housing Wire
JULY 15, 2021
Mortgage credit availability dipped 8.5% in June to 118.8 — indicating that lending standards are tightening, per the Mortgage Bankers Association’s Mortgage Credit Availability Index. It’s the lowest MCAI level — which uses 100 as a benchmark — since September of 2020, and ends more than six months of increasing credit supply, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Mortgage credit has not recovered since the sharp dow
GoForrmz
JULY 14, 2021
Improve your rental lease agreement forms with these five impactful fields The renting experience is an enduring, stressful process. For property management firms, landlords, and tenants, rental lease agreements need to be completed, reviewed, and signed in order to move into a new property. In most cases, landlords utilize a property management firm to reduce their time and effort spent on the rental property since most tenants go through property management firms to find their next location to
Appraisal Buzz
JULY 15, 2021
Homebuyers shared their perspectives on buying a home digitally in a recent survey by Fannie Mae, with an overwhelming share upholding the traditional face-to-face transaction. The post Embracing the American Dream Electronically appeared first on DSNews. The post Embracing the American Dream Electronically appeared first on Appraisal Buzz.
McKissock
JULY 11, 2021
Working with family members can have many perks. They’re people you can trust to have the company’s best interests in mind, and when you find success, you can share it with the people you value most. It has practical value, too — if one family member falls ill, someone else can help pick up the slack. However, working with family can have some challenges, particularly in the real estate business.
Housing Wire
JULY 14, 2021
A shareholder sued Rocket Mortgage , the Detroit-based mortgage behemoth, for allegedly making misleading disclosures to conceal adverse market conditions. The class action-seeking lawsuit, which was filed in the Eastern District Of Michigan’s Southern Division, alleges that Rocket was aware of factors that were already taking a toll on its business, while touting its future performance to investors.
GoForrmz
JULY 15, 2021
Simplify the collection of timesheets, time-off requests, and other employee scheduling requests with digital and online forms Scheduling employee time off can be tricky when relying on paper forms and PDFs to collect requests. Between PTO requests , sick time, maternity and paternity leave, and holidays, it can be difficult to efficiently manage incoming requests and scheduling.
Appraisal Buzz
JULY 14, 2021
As the refinance segment approaches the saturation point, and mortgage rates gradually begin to rise, mortgage lenders are shifting their focus to the purchase market, which comes with a new set of challenges compared with the last cycle – lack of inventory, rising prices, savvier (and thus more demanding) borrowers, and the lingering effects of the COVID-19 crisis, to name a few.
Eyes on Housing
JULY 15, 2021
NAHB analysis of the 2020 Census Bureau Survey of Construction (SOC) data shows that, nationwide, the share of non-conventional financing for new home sales accounted for 34.4% of the market, while conventional financing dominated the market at 65.6%. In 2019, share of non-conventional financing was 35.0% of the market while conventional financing accounted for 65.0% of the market share.
Housing Wire
JULY 14, 2021
For the first time in a year, the number of buyers who locked in mortgage rates to purchase a second home fell in June. Per a recent Redfin study , second home mortgages saw a year-over-year decrease of 11.1%. Home prices in seasonal towns, meanwhile, rose 28% year over year to $468,000 in June. The dip in vacation home mortgages is the first such decline since April 2020, following more than a year of double- and triple-digit increases in mortgage-rate locks for second homes, according to Taylo
McKissock
JULY 16, 2021
Are you about to take your appraisal licensing and certification exam and have knots in your stomach? Then you’re in luck, because our Pro-Series webinar, “Proven Test Taking Tips for Your Real Estate Appraiser Exam,” is back by popular demand! Join us on Wednesday, August 4, 2021 from 11:00am–12:00pm ET for this FREE one-hour, Pro-Series webinar.
Appraisal Buzz
JULY 16, 2021
Jake Fowler has joined Constant , a fintech provider of digital loan servicing and loss mitigation customer portals, as vice president of partnerships, financial services. Fowler most recently served as assistant vice president of associate memberships at the Consumer Bankers Association, where he managed relationships with non-bank members and served as liaison to the Small Business Banking Committee.
Empire Appraisal Group
JULY 15, 2021
Does the Primary Bathroom Still Need a Tub? Article Source: Does the Primary Bathroom Still Need a Tub? | Realtor Magazine. Many buyers may be unlikely to purchase a home without a bathtub even though renovation trends are moving toward fancy, supersized showers. Seventy-four percent of recent and prospective buyers say they want a shower stall and tub, while 36% call a tub “essential,” according to the National Association of Home Builders’ annual What Home Buyers Really Want survey.
Housing Wire
JULY 12, 2021
Hispanic homeowners are more likely to have adult relatives currently living with them — and are more likely to have lived with relatives themselves, prior to buying their home. Per a recent Redfin study of 1,500 homeowners, 52% of current Hispanic homeowners have at some point lived with family or friends without paying rent to save money for future housing costs — against only 39% of Black homeowners and 38% of white homeowners.
Valuation Review
JULY 14, 2021
CoreLogic recently announced a definitive merger agreement to acquire all outstanding shares of ClosingCorp. The transaction is expected to close in the third quarter of 2021 subject to regulatory approvals, and other customary closing conditions, the company announced in a release. Read on for more details.
Appraisal Buzz
JULY 14, 2021
Mortgage application volume spiked 16.0% on an adjusted basis during the week ended July 9, as the average rate for a 30-year fixed rate mortgage dropped to 3.09%, down from 3.15% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances increased a whopping 20% compared with the previous week while applications for purchases increased 8%.
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