Housing Wire
JUNE 23, 2021
Mark Calabria, the director of the Federal Housing Finance Agency , must go. He is slowly but surely undermining the system he has been charged to oversee, imposing his ideological will on Fannie Mae and Freddie Mac in a way that will leave them weaker, and the housing finance system that depends on them increasingly unable to meet the critical housing needs of the nation.
Sacramento Appraisal Blog
JUNE 21, 2021
A couple weeks ago a viral story came out about a fund called BlackRock who was reported to be buying everything in sight and paying 20-50% above market value. Let’s talk about this as well as other institutional investors right now. This is a longer post, so scroll topics (or digest slowly). Market update on […].
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Appraisal Buzz
JUNE 22, 2021
The number of new forbearance requests remained low this past week, and overall, the share of mortgage loans in active forbearance dropped by 11 basis points from 4.04% of servicers’ portfolio volume to 3.93% during the week ending June 13, according to the weekly forbearance report from Mortgage Bankers Association (MBA). That leaves some 2 … The post New Forbearance Requests Remain Extremely Low appeared first on DSNews.
The Appraiser Coach
JUNE 22, 2021
I love having the opportunity to get involved with other appraisers and to assist them in moving their businesses to the next level. I’ve been doing a lot of one-on-one. Read More.
Housing Wire
JUNE 23, 2021
The big news from the U.S. Census Bureau’s May new home sales report is that sales inventory has increased to 5.1 months, which brings the three-month average to 4.63 months. That begins to change the equation for some homebuilders, who were absolutely thriving in an ultra-low-inventory housing market environment. . As a reminder, when the three-month average for inventory is 4.3 months or lower, builders have the confidence to continue to build.
Cleveland Appraisal Blog
JUNE 25, 2021
What is the primary reason a newly built home has a higher market value than the same home that is older? In a word, depreciation. What is depreciation? Simply stated, it is loss in value. There are three basic causes of depreciation for homes. Physical, functional, and external obsolescence. What do they indicate and how do appraiser’s measure depreciation?
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George Dell
JUNE 23, 2021
Statistics is a necessary part of modernized valuation, and it is very much misunderstood. The main problem with statistics is words! First, let’s get one word out of the way – A parameter is a summary number of any data set, such as mean, median, maximum, minimum, range, quantile, or variation (standard deviation). We use […]. The post Is Statistics Always Scary?
Housing Wire
JUNE 24, 2021
The average 30-year fixed-rate mortgage rose nine basis points from the week prior to 3.02%, according to data released Thursday by Freddie Mac ‘s PMMS. This is the first time in 10 weeks mortgage rates have risen above 3%. “As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year,” said Sam Khater, Freddie Mac’s chief economist. “For those homeowners who have not yet refinanced – and there rem
Eyes on Housing
JUNE 21, 2021
Last Thursday’s post reported on home buyer preferences for kitchen features, from NAHB’s recent study What Home Buyers Really Want, 2021 Edition. That study also asked the same panel of 3,247 recent and prospective home buyers to rate 18 bathroom features on the same four tier scale: Results show that bathrooms, especially the home’s primary bathroom, tend to be very.
Appraisal Buzz
JUNE 21, 2021
The fifth largest economy in the world, California is home to some of the most extravagant residential properties you’ll find anywhere in the US. As a Southern California appraiser for 12 years, I’ve seen my share: homes with vineyards as backyards, celebrity mansions, even a castle. Yep, a castle. Try to find a decent comp for that! Although it tops most lists of best states in the country for year-round weather, California’s climate is a lot more diverse than you’ve heard.
DW Slater Company
JUNE 24, 2021
Taking in the views of Mount Ranier. Do you need some time off? This past year has been a time like none other. As we dealt with all of the unknowns, worries, and concerns of the pandemic, appraisers are busy. Busier than ever. The recent article from Freddie Mac reporting on appraiser capacity during the pandemic reflects what we have been experiencing. “How can we take time off when it is so busy?
Housing Wire
JUNE 23, 2021
An astonishing 580 homes in the Seattle metro area have sold for $300,000 or more above their asking prices in 2021. That’s compared to only 16 homes during the same period in 2020. And that’s just the high end, according to the latest analysis from Redfin. The brokerage/listings portal said 4,078 homes in Seattle have sold for between $100,000 and $299,999 above asking price, compared with 362 last year.
Eyes on Housing
JUNE 25, 2021
Recent Census data, combined with NAHB survey results, illustrate the way in which home buyers in the lower one-fourth of the market have been squeezed entirely out of the market for new construction, and forced to look exclusively in the stock of existing homes—where the inventory of homes available for sale remains in a historically low range (at a 2.5-month.
Appraisal Buzz
JUNE 22, 2021
Existing-home sales dipped 0.9% in May compared with April, mainly due to limited supply and rising home prices, according to the National Association of Realtors (NAR). It was the fourth consecutive month that existing-home sales declined. Year-over-year, sales were up 44.6%, however, home sales in May 2020 were severely impacted by the pandemic. Regionally, and month over month, existing-home sales fell 0.4% in the South, 1.4% in the Northeast, and 4.1% in the West.
Midtown Appraisal Group
JUNE 22, 2021
Until the pandemic, like many appraisers, I often didn’t interact with property owners during the appraisal process: A financial institution would call with an appraisal request, I’d make arrangements with the real estate agent to pick up the keys or access the lockbox, and do the inspection when the owners or residents were at work. […].
Housing Wire
JUNE 21, 2021
Though the number of high-quality refi candidates grew from 12 to more than 14 million from March through May — a 15% increase — actual refinance rate locks dropped by 27% over the same period, according to recent data from Black Knight’s Originations Market Monitor. Month over month, overall rate lock volume was down 4.7% in May, with declines seen across purchase locks (-3.4%) as well as cash-out (-3.4%) and rate/term (-8.2%) refinance locks.
Eyes on Housing
JUNE 24, 2021
Nonfarm payroll employment increased in 33 states and the District of Columbia in May compared to the previous month while 16 states lost jobs. North Dakota remained unchanged. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 559,000 in May, following an upwardly revised increase of 278,000 jobs in April.
Appraisal Buzz
JUNE 24, 2021
Chrysalis Holdings LLC has made an investment in INVISR, a financial technology business focused on digital transformation. With the investment, INVISR CEO and co-founder Tal Gozhansky will become CTO of Chrysalis Holdings’ portfolio companies while continuing to lead INVISR. Before founding INVISR, Gozhansky was a leader in launching and scaling Salesforce’s financial services practice in New York City, and technology initiatives for multiple Fortune 500 financial services firms.
Appraiserblogs
JUNE 24, 2021
…since we know retail mortgage lenders, they will demand appraisers take their own photos but accept MLS or no photos in bifurcated “appraisals.” An appraiser shared these modifications with me: Exterior photographs Clear, descriptive photographs showing the front, back, and a street scene of the subject property and the front of each comparable.
Housing Wire
JUNE 22, 2021
The question on everyone’s minds: When will this hot housing market cool down? Arch MI investigates this and more in its Spring Housing and Mortgage Market Review. We’ve broken down some of the data below, but be sure to take a deeper dive into the report by clicking here. The post Will we ever see a “normal” housing market again? appeared first on HousingWire.
McKissock
JUNE 21, 2021
The world of buying or selling a home is not always joyful. Bad things happen. Contracts fall through. Inspections and appraisals come back with deal-breaking news. You need to drop the asking price. A buyer withdraws an offer. When those things happen, it will be up to you to deliver the bad news honestly and openly, without destroying your clients’ confidence in you or the whole process.
Appraisal Buzz
JUNE 24, 2021
Mr. Cooper has promoted its vice chairman, Chris Marshall, to president, responsible for mortgage origination, servicing and technology operations. He will retain his existing responsibilities pending appointment of a new chief financial officer. “We believe we can grow our servicing portfolio to $1 trillion, while delivering excellent service to our customers and investors, generating consistent returns on equity and cashflow, and providing a great working environment for our teammates,” says M
Urban
JUNE 23, 2021
Three characteristics about the city’s low-density housing stock can help policymakers evaluate whether, when, where, and how to encourage private developers to build more infill housing.
Housing Wire
JUNE 22, 2021
Crazy. Horrible. Grueling. These are the words real estate agents use when asked to describe the current state of the market and what it’s like to buy a home today. Buyers are facing unprecedented challenges, they say, due to a confluence of housing market conditions: Pricing. Redfin reported earlier this month that the national median home-sale price hit a record high of $377,200 in May, up a record 26% year over year.
Realtor
JUNE 24, 2021
Neustockimages/iStock How much does an appraisal cost? If you need a mortgage to buy a home , your lender will require a home appraisal —where a professional estimates the value of your place to make sure it’s at least enough to cover the mortgage. While the lender hires the appraiser, the buyer pays for it, which raises the question: How much does an appraisal cost?
Appraisal Buzz
JUNE 25, 2021
One agent reports a “constant barrage of deals,” and the latest numbers indicate the practice is ramping up among the top ibuying firms. The post iBuying ‘Up to Full Speed’ Following 2020 Pause appeared first on theMReport.com. The post iBuying ‘Up to Full Speed’ Following 2020 Pause appeared first on Appraisal Buzz.
Empire Appraisal Group
JUNE 24, 2021
Fla. Insurer Growing as 3 Private Insurers Cancel Policies. source: Fla. Insurer Growing as 3 Private Insurers Cancel Policies | Florida Realtors. By Ron Hurtibise. State-owned Citizens Property Ins. is growing rapidly, and Fla. insurance regulators recently authorized “extraordinary” terminations for thousands of homeowners insured by Universal Insurance of North America, Gulfstream Property & Casualty and Southern Fidelity.
Housing Wire
JUNE 22, 2021
Existing home sales fell for the fourth consecutive month in May, down.9% from April to 5.8 million, the National Association of Realtors reported on Tuesday. According to the NAR, despite existing home sales falling, activity is slowly approaching pre-pandemic levels. The low amount of existing homes left on the market continued to experience overheated prices from consistent competition.
Valuation Review
JUNE 23, 2021
Valuation Review spoke with Realquantum CEO Jeff Weiner to discuss the company’s recent commercial appraisal market survey. Many interesting comments were delivered by the May survey’s respondents assessing where the commercial side of appraising stands as the world moves past a pandemic environment into the “new” world of appraising. Read on for more of our conversation.
Appraisal Buzz
JUNE 23, 2021
In today’s Buzzcast, we dive into the Home Valuation Code of Conduct, where it began, and how it’s viewed today in the industry. Today we have Alfred Pollard, Former General Counsel at FHFA, with Joan Trice, Founder of Allterra Group, LLC. They delve into a deep discussion regarding the HVCC and what we’re still learning from the housing crisis today.
Urban
JUNE 24, 2021
What can jurisdictions do to prevent a wave of evictions?
Housing Wire
JUNE 21, 2021
The Securities and Exchange Commission announced last week a cybersecurity violation by title insurance giant First American Financial Corp. after the company learned of a breach that exposed customer social security numbers and sensitive financial information, yet failed to act. First American agreed to a cease-and-desist order and will pay a $487,616 penalty.
Valuation Review
JUNE 21, 2021
The American Society of Appraisers’ (ASA) International President Lorrie Beaumont, who became a member of ASA years ago, is stepping away from her current position. Beaumont expressed her gratitude in a letter. Valuation Review shares her thoughts to ASA members and friends, and what she hopes the future holds for the profession.
Appraisal Buzz
JUNE 21, 2021
Pandemic-related remote work situations are pushing more Americans to purchase second homes. The post Surge in the Demand for Vacation Homes appeared first on DSNews. The post Surge in the Demand for Vacation Homes appeared first on Appraisal Buzz.
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