Sat.Oct 16, 2021 - Fri.Oct 22, 2021

Investors are buying more, but spending less

Housing Wire

Real estate investors are buying more properties, but paying less for them, according to a report from RealtyTrac released Thursday based on ATTOM Data Solutions home sales data. In the second quarter of 2021, investor purchases accounted for 15.4%

Appraisers – Don’t Fall for the Scam!

Appraisal Buzz

In today’s Buzzcast, we dive into the recent phone scam that has been targeting appraisers. Today we have Joan Trice, Founder of Alterra Group, and Alan Pair, Chief Appraiser of SVP Valuations. We’ll be getting the inside scoop while they discuss what to do if you receive a call.

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High-Impact Home Upgrades for Any Budget

Cleveland Appraisal Blog

When you looked at your email today, you no doubt received a post indicating a new article was out entitled “How Remaining Economic Life Works” So, funny story… I just started working on that article.

What! No Report?

George Dell

No report. Can it be? Does modernized appraisal require a modernized report? And how about non-appraiser appraisals (valuations)? Here we use the word ‘appraisal’ in its generic public meaning.)

Existing home sales crush the housing bears — again

Housing Wire

The National Association of Realtors ‘ existing home sales report for September came in at an excellent beat of estimates at 6.29 million. Now that we are just 10 days away from Halloween in 2021, we can all chuckle a bit at how wrong the housing bears of 2020-2021 have been.

Modernizing Appraisals: Collaborative Valuation

Appraisal Buzz

This article was originally published in the Fall 2021 Appraisal Buzz Magazine here. Our profession has been abuzz the last year or two with regards to the GSEs being mandated to modernize the appraisal profession. Many stakeholders in the profession have given their opinions on what that means.

Tandem Garage Conundrum

The Appraiser Coach

A question that comes up quite often on the forums is what to do about garages that have tandem spaces, what to do about two car garages that can really. Read More.

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Homebuilders growing very concerned about affordability

Housing Wire

Homebuilder confidence continued to rise in October despite increasing affordability issues due to rising material prices and ongoing shortages, according to the latest National Association of Home Builders (NAHB) and Wells Fargo Housing Market Index (HMI) report released on Monday.

Big Jump in Home Sales–Impressive Considering The Lack of Supply; Rates Rising Quickly

Appraisal Buzz

Existing home sales resumed an upward trajectory in September after dipping 2.0 percent in August. The National Association of Realtors® (NAR) said sales of pre-owned single-family houses, townhouses, condominiums, and cooperative apartments rose 7.0 percent in September, although this still left them 2.3 percent behind the pace in September 2020. Sales were at a seasonally adjusted annual level of 6.29 million units, compared to 5.88 million the previous month and 6.44 million a year.

Strong Demand Boosts Builder Confidence Despite Supply Chain Disruptions

Eyes on Housing

Strong consumer demand helped push builder confidence higher in October despite growing affordability challenges stemming from rising material prices and shortages.

Updated for 2021: How to Get Things Done When Everything Feels Important

DataMaster

It is not enough to be busy, so are the ants. The question is: What are we busy about? Henry David Thoreau. We’re busier than we’ve ever been. How often have you talked to a friend about how busy you’ve been? How many important items do you have to get done?

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FHFA to make desktop appraisals permanent

Housing Wire

Desktop appraisals, a temporary flexibility implemented in March 2020 to keep the mortgage industry afloat amid lockdowns and social distancing, will become permanent, the Federal Housing Finance Agency said today.

Continuing the Congressional Push for Equitable Housing

Appraisal Buzz

Alongside affordable housing advocates, and in testimony to Congress, Rep. Maxine Waters continues to address the affordable housing component of the Biden Administration’s Build Back Better Act. The post Continuing the Congressional Push for Equitable Housing appeared first on theMReport.com.

Lots Harder to Obtain than Ever

Eyes on Housing

Home building, like other U.S. industries, has been dealing with the supply side challenges of labor and material shortages. Unlike other industries, however, home builders confront an additional challenge in obtaining lots on which to build.

Desktop Appraisals Soon to Be the New Purchase Wrinkle

Appraiserblogs

The desktop appraisals are not necessarily more reliable, which could become an adverse issue for appraisers in the future… Appraisers, we learned about this late on Monday, Oct. 18, 2021: Sandra L.

Is the housing market really 20% overbuilt?

Housing Wire

I’ve been hearing some chatter lately that the uptick in home buying that started in February of 2020 (before COVID, by the way) and has continued into 2021 is being substantially driven by a national emotional state of fear of missing out (FOMO).

Delinquencies Continue to Decline but Forbearances Still a Concern; Highest Rates Since April

Appraisal Buzz

The national delinquency rate has fallen below 4.0 percent for the first time since COVID-19 started messing up the world. Black Knight, in its “first look” at September’s mortgage performance data, says the rate in September, 3.91

Top 20 Markets for Single-Family and Multifamily Permits: 2011-2020

Eyes on Housing

Despite the volatility surrounding the recent COVID-19 pandemic, the housing market has shown remarkable resilience, fueled by demographic tailwinds and a housing shortage due to a decade of underbuilding.

NAR: Pending home sales recover

Valuation Review

Pending home sales rebounded in August, recording significant gains after two prior months of declines, according to the National Association of Realtors (NAR). Each of the four major U.S. regions mounted month-over-month growth in contract activity. Read on for more from NAR

Mortgage activity falters as rates rise

Housing Wire

Mortgage application activity dropped 6.3% for the week ending Oct. 15, according to the latest Mortgage Bankers Association survey. And, as you might have guessed, mortgage rates had a lot to do with it.

Prospective Buyers Cite Down Payment, High Prices as Barriers

Appraisal Buzz

Buying a home is typically the largest purchase one makes in their lifetime and new data from Bank of America shows that the locations and feelings of family are a huge factor for first-time buyers looking to get into the market.

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Existing Home Sales Surge in September while First-time Buyers are Priced Out

Eyes on Housing

As inventory improved in recent months, existing home sales surged to 8-month high in September, according to the National Association of Realtors (NAR).

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Institutional Investors Have a Comparative Advantage in Purchasing Homes That Need Repair

Urban

How can we level the playing field for prospective owner-occupants

Housing starts data pushing toward pre-cycle highs

Housing Wire

Today, the U.S. Census Bureau reported that housing starts hit 1.55 million for September, and housing permits came in at 1.589 million. These data lines missed monthly expectations, and we had negative revisions to the previous months when combined — overall, not the most exciting report.

Family Is an Important Factor for First-Time Homebuyers

Appraisal Buzz

Buying a home is typically the largest purchase one makes in their lifetime and new data from Bank of America shows that the locations and feelings of family are a huge factor for first-time buyers looking to get into the market.

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State and Local Property Tax Revenues Eclipse $700 Billion

Eyes on Housing

NAHB analysis of the Census Bureau’s quarterly tax data shows that $703.5 billion in taxes were paid by property owners in the four quarters ending Q2 2021.[1] 1] Four-quarter property tax revenues have climbed 13.2% since decreasing 0.2% in Q2 2020 (the first decrease since 2012).

Investor Invasion: Profit-Minded Home Buyers Flock to S. Fla.

Empire Appraisal Group

Investor Invasion: Profit-Minded Home Buyers Flock to S. Sky Noir Photography by Bill Dickinson. By Rebecca San Juan. Redfin: Home purchases by investors in Miami and Fort Lauderdale jumped over 90% in 2Q 2021 compared to 2Q 2020; the 2020 numbers were impacted by COVID-19.

Mortgage rates climb to 3.09%

Housing Wire

The average 30-year-fixed rate mortgage climbed to 3.09% during the week ending Oct. 21, rising from 3.05% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.80%. Most economists believe they’ll continue to climb.

Housing Starts Dipped in August

Appraisal Buzz

Housing starts continued to disappoint in September, decreasing 1.6% compared with August to an annual pace of 1.555 million, according to estimates from the U.S. Census Bureau and U.S. Department of Housing and Urban Development. Year-over-year, housing starts were up 7.4%.

Single-Family Starts Flat in September

Eyes on Housing

Total housing starts decreased 1.6% in September, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Single-family starts were flat for the month, while overall multifamily starts declined in August. The August total starts reading of 1.56

AMC expands on its tech tool for appraisers

Valuation Review

Valuation Review concludes its conversation with Incenter Appraisal Management President Mark Walser, who gives more details about RemoteVal to further assist appraisers. The technology also provides assistance to lender designated users. Read on for final thoughts from Walser

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AAG Survey: 92% of Seniors Want to Age in Place, Majority See the Home as ‘Most Valuable Asset’

Housing Wire

An overwhelming majority of surveyed seniors revealed that they would prefer to age in place in their current home, as opposed to moving into some kind of an assisted living facility.

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Foreclosure Starts Reverse Course in September

Appraisal Buzz

Citing the need to closely monitor foreclosure numbers after the Federal Foreclosure Moratorium expired in July, Black Knight has revealed a “first-look” at its data for September 2021. According to the preliminary release, the national delinquency rate fell to 3.91% in September, down 2.3%

Mortgage Rates Rise, Activity Declines

Eyes on Housing

The last month of mortgage purchasing and refinancing activities, as reflected in the Mortgage Bankers Association’s (MBA) latest weekly application surveys1, shows a rise in purchase applications and a decrease in refinancing as compared to the prior month’s activity.

California signs legislation to increase affordable housing, strengthen accountability

Valuation Review

California Gov. Gavin Newsom signed AB Bill 948, and other bills, on Sept.

Abortion, marijuana laws play a role in relocation decisions

Housing Wire

Over the past few years, politics has become an increasing polarizing subject, so it should come as no surprise that it is influencing recent homebuyers’ decisions of where they want to live.

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The Week Ahead: New CFPB Chief to Deliver Report to Congress

Appraisal Buzz

Rohit Chopra will testify before the Senate Committee on Banking and provide an update on the latest actions the Bureau is taking to protect the nation’s consumers. The post The Week Ahead: New CFPB Chief to Deliver Report to Congress appeared first on DSNews.