Sat.Oct 02, 2021 - Fri.Oct 08, 2021

Top markets for affordable renovated housing inventory

Housing Wire

Skyrocketing U.S. home prices are quickly shifting the affordability calculus for prospective homebuyers in 2021 — even though mortgage rates have remained near record lows. The median home price nationwide in August increased 14.9%

Bracing for Impact: Navigating Accusations of Bias in Appraising

Appraisal Buzz

This article was originally published in the Fall 2021 Appraisal Buzz Magazine here. As a black appraiser responsible for collateral risk at a mortgage bank, racial bias in appraising claws at me from every direction.

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Tech companies & Wall Street targeting residential real estate

Sacramento Appraisal Blog

Tech companies and investment funds have their eye on residential housing. I wrote about this a few months ago and wanted to do a follow-up piece. Here are some things on my mind as well as fresh visuals. Any thoughts? TWO THINGS: 1) iBuyers are on a rampage: The iBuyer model has been on a […].

Fannie and Freddie WHAT NOW?!

George Dell

Fannie Mae’s Director of Collateral Policy, Lyle Radke, spoke at the Housing Wire conference this week. The audience was mostly non-appraisers. They laughed when he said: “Appraisers see their job as an art form. It’s hard for them to rigorously explain exactly what they’re doing.”

Study: 24% of sellers received four or more offers in 2021

Housing Wire

Nearly one quarter of U.S. home sellers received four or more offers on their home in 2021, according to Zillow’s latest consumer housing trends report. The rise in the number of homes that received multiple offers is reflected in the increased frequency of bidding wars in 2021.

Freddie Mac Research Explores Causes for the Appraisal Valuation Gap for Homeowners in Minority Neighborhoods

Appraisal Buzz

MCLEAN, Va. Freddie Mac (OTCQB: FMCC) today released an analysis showing that appraisal values are more likely to fall below the contracted sale price of a home in census tracts with a higher share of Black and Latino households, resulting in an appraisal gap.

Knowing Your Why is the Key to Success

The Appraiser Coach

I mentor a lot of appraisers from all across the nation. Most of the time, appraisers ask me how to do something such as, how to get their business to. Read More.

More Trending

FHFA puts kibosh on CSS issuing non-GSE securities

Housing Wire

Former banker Matthew Feldman has been named chairman of the board of managers at the Federal Housing Finance Agency – controlled Common Securitization Solutions , where he will lead a transition to better align the organization’s “corporate governance structure with its core mission,” FHFA announced today.

Unemployment Fell to 4.8 Percent in September; Construction Sector Growth Lagging

Appraisal Buzz

The U.S. economy added roughly 194,000 jobs in September, beating expectations and driving the unemployment rate down to 4.8%, according to the the U.S. Bureau of Labor Statistics.

New Suspicious Law in CA

Appraiserblogs

…any suspicion of a discriminatory appraisal by the holder of a real estate appraiser license… Folks in the Golden State, here’s something you’d better keep a very keen eyeball on: Appraiser Discrimination – AB 948 (Holden) Signed by Gov.

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Share of New Homes with Decks Drops Below 20 Percent

Eyes on Housing

Of the roughly 990,000 single-family homes started in 2020, only 19.3 percent included decks, according to NAHB tabulation of data from the Survey of Construction (SOC, conducted by the U.S. Census Bureau and partially funded by HUD).

When will mortgage rates get over 4%?

Housing Wire

In several previous articles I have opined that an increase in mortgage rates may be our only hope for slowing the escalation of home prices that we’ve been experiencing for the past year.

Forbearances Expiring; Remote Work Not Killing Cities; Rates Surge Higher Despite Weak Jobs Data

Appraisal Buzz

The number of mortgages in forbearance saw its l argest reduction in 12 months l ast week. Black Knight said 177,000 loans exited the program, many of them having reached the end of the 18 months of reduced or suspended payments allowed for those financially impacted by the COVID-19 pandemic.

3 Ways Digital Data Capture Can Support Your PropTech Initiatives

GoForrmz

Utilize new, innovative technology to bolster your real estate initiatives and workflows Digital transformation has become more prevalent than ever before.

Job Gains Slow Sharply in September

Eyes on Housing

Job gains slowed for the second straight month amid the resurgence of COVID-19 cases. Total payroll employment rose by 194,000 in September and the unemployment rate dropped to 4.8%. For the coming months, job gains are expected to accelerate as COVID-19 cases began to subside.

Mortgage rates back down below 3%

Housing Wire

The average 30-year-fixed mortgage rate slipped back down to 2.99% for the week ending Oct. 7, according to Freddie Mac ’s latest PMMS survey. The week before , rates had made it above the 3% mark for the first time since June.

Freddie Mac Launches Multi-Billion Dollar Bond Program For Affordable Housing

Appraisal Buzz

Freddie Mac plans to offer at least $3 billion in single-family affordable housing bonds. This new bond program will support affordable homeownership and serve historically underserved markets.

Condo Prices Are Shooting Through the Roof in Florida

Empire Appraisal Group

Condo Prices Are Shooting Through the Roof in Florida. jennifermagee – iStock / Getty Images Plus. Condo Prices Are Shooting Through the Roof in Florida.

Auto Loans and Mortgages for Younger Households

Eyes on Housing

Homeownership continues to be a primary driver of household wealth, according to the 2019 Survey of Consumer Finances (SCF). Though homeownership rates increase with age, young households, those under the age of 35, experienced the largest gains for homeownership in 2019.

Fannie Mae changes homeowner education requirements

Housing Wire

Fannie Mae announced Wednesday that, starting in 2022, it will allow third-parties to fulfill the homeownership education requirement on some affordable mortgages.

Rising Home Prices Drive Up Mortgage Costs

Appraisal Buzz

Amid rising home prices, the average mortgage payment has increased by $50 over the last six weeks as sellers’ median asking price increased 12% year over year to a new record high according to a new report from Redfin.

St. Louis commercial real estate firm acquires Denver firm

Valuation Review

Intelica Commercial Real Estate, a St. Louis-based firm known for its brokerage and property management services, has acquired a Denver company. The company recently acquired James Real Estate Services, a commercial real estate advisory firm that has been based in Denver since 1982.

State-Level GDP in the Second Quarter of 2021

Eyes on Housing

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the second quarter of 2021 compared to the first quarter of 2021. According to the U.S. Bureau of Economic Analysis (BEA), the percent change increase in real GDP ranged from 9.7 percent in Nevada to 1.8

San Diego surpasses LA in home unaffordability

Housing Wire

It is no surprise that four Californian metropolitan areas led the way in unaffordability in September. Interestingly, San Diego actually surpassed Los Angeles in unaffordability, according to a new report from OJO Labs.

Congressional Push to Fund Housing in Build Back Better Act

Appraisal Buzz

House Financial Services Committee reps call on the Biden Administration to fund housing measures in reconciliation in the $3.5 trillion Build Back Better Act. The post Congressional Push to Fund Housing in Build Back Better Act appeared first on DSNews.

Fannie executive outlines organization’s commitment to reduce appraisal bias

Valuation Review

The many reports recently alleging racial bias in home appraisals has created a not-so favorable image of the appraisal process in the mortgage industry.

Customer Success Story: Mavid Group

GoForrmz

Mavid Group streamlines the completion of construction job site onboarding forms, insurance documentation, and compliance processes with digital forms, online form sharing, and the Egnyte integration. “ “ GoFormz allows us to manage everything effectively, and easily, from the office.

Realtors still get most of their leads from Facebook

Housing Wire

Over half of Realtors said that social media was their top lead-generating technology tool, according to a new survey report from the National Association of Realtors.

The Housing Market Pushing Up Mortgage Costs?

Appraisal Buzz

Amid rising home prices, the average mortgage payment has increased by $50 over the last six weeks as sellers’ median asking price increased 12% year over year to a new record high according to a new report from Redfin.

AMC outlines appraisal workflow in white paper

Valuation Review

The topic of modernizing the real estate appraisal workflow has created a fair amount of controversy, which is strange given the many benefits every other function in the home financing transaction has enjoyed, says Class Valuation in its latest white paper titled “Modernizing the Appraisal Workflow.”

In which city is missing household payments most prevalent?

Mortgagebroker News

The rate of missed payments considerably exceeds the national average

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Construction a bright spot in weak September jobs report

Housing Wire

Total non-farm employment added a disappointing 194,000 jobs in the month of September, bringing the unemployment rate down to 4.8%, according to the U.S. jobs report released on Friday.

Expanding Affordable Housing Access Through $3.5T Measure

Appraisal Buzz

Thirty members of the House Financial Services Committee have written a letter to President Biden, House Speaker Pelosi, and Senate Majority Leader Schumer to pass housing provisions in the Build Back Better Act. The post Expanding Affordable Housing Access Through $3.5T

S&P CoreLogic Case-Shiller Index shows annual home price gain

Valuation Review

S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices. The data released for June showed home prices continued to increase across the U.S. Read on to find out more information

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Lower-income buyers often go for expensive homes – StatsCan

Mortgagebroker News

This trend is especially prevalent in one province, statistics agency says

Mortgage applications fall 6.9% with reduced refi appetite

Housing Wire

Mortgage application volume dropped 6.9% for the week ending Oct. 1, as higher rates reduced borrowers’ waning appetites for refis even further , according to the Mortgage Bankers Association (MBA). On an unadjusted basis, the index fell 7% in the period.

NAHB Urges Biden to Address Home Construction Bottlenecks

Appraisal Buzz

In a letter to the White House, NAHB Chairman Fowke outlined three major areas of concern for home builders that may negatively impact the overall U.S. economic landscape. The post NAHB Urges Biden to Address Home Construction Bottlenecks appeared first on theMReport.com.