Sat.Nov 06, 2021 - Fri.Nov 12, 2021

Single-family rents soar in tight housing market

Housing Wire

You could buy a top-of-the-line laptop and a new cell phone to match, or you could pay one month’s rent for a single-family home in Los Angeles. It’s not much better for prospective single-family renters across California, a study by HouseCanary found.

Zillow Zinged

Cleveland Appraisal Blog

I have written several articles demonstrating the inaccuracy of AVMs like Zillow’s Zestimates.

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Racial and Ethnic Valuation Gaps

Appraisal Buzz

In today’s Buzzcast, we dive into the racial and ethnic gaps within the home purchase appraisal.

Zillow Offers As A Proxy For 'Big Data' Shows The Lack Of Qualitative Analysis

Miller Samuel

Yes, big data usually infers 'quantitative' analysis, as in "relying on numbers." The Zestimate legacy of profound inaccuracy finally reached a devastating conclusion with the collapse of Zillow Offers this week and the loss of hundreds of millions in shareholder equity.

Americans’ mortgage debt looks great again

Housing Wire

One of the most unloved American economic success stories has been how spectacular American households with mortgage debt look today. Let’s take a look at the New York Federal Reserve’s Household Debt and Credit Report for the third quarter, released today.

Goodbye Zillow

Sacramento Appraisal Blog

Last week Zillow announced failure as a home flipper and there were no candle vigils. But there has been so much talk and I’ve heard everything from “This means the market is going to crash” to “The iBuyer model is dead.”

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Quick Take: How Using Third-Party Data Positively Impacts the Mortgage Industry

Appraisal Buzz

MReport takes a closer look at how mortgage professionals should focus on streamlining processes through automated technology and data-enabled solutions. The post Quick Take: How Using Third-Party Data Positively Impacts the Mortgage Industry appeared first on theMReport.com.

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When will we see the next housing recession?

Housing Wire

Economic cycles are like serial killers on a Netflix show: they leave clues to get caught. Interpreting these clues gives you the ability to see when the economy is in recovery and when things are about to go into recession.

What is the Market in ‘Market Value’?

George Dell

Everyone knows what’s a market — (or do they)? Market Value is the ultimate goal of appraisals, of AVMs, of evaluations, of BPOs, hybrids, exceptions, and all forms of opinions (everyone has one). So, market value must be based on “the market”! To measure it, we must first know what it is.

New Mortgage Consultancy Launched by Industry Veteran Brian Hale

Appraisal Buzz

Brian Hale, a seasoned mortgage industry executive with over 40 years of experience, has launched a new consultancy business, Mortgage Advisory Partners (MAP).

Get Out of Your Comfort Zone

The Appraiser Coach

Over and over again, in just about any mastermind group or private coaching, I see the same phenomenon. People get comfortable with what they’re doing and, even when they are. Read More.

Mortgage delinquency rate continues to shrink

Housing Wire

Mortgage delinquency rates hit the lowest level since the beginning of the pandemic in August, according to the most recent CoreLogic Loan Performance Report. However, some borrowers are still facing severe financial challenges.

Building Materials Prices Post Record Year-To-Date Increase through October

Eyes on Housing

The prices of goods used in residential construction ex-energy climbed 0.8% in October (not seasonally adjusted), according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics.

The Week Ahead: Charting a Course to Success in 2022

Appraisal Buzz

Managing assets and discovering new sources of income in a variable market will be the focus of an upcoming webinar on avoiding the ups and downs of the distress industry. The post The Week Ahead: Charting a Course to Success in 2022 appeared first on DSNews.

Thank You Veterans

DW Slater Company

We appreciate all veterans and we truly thank you all for your service to our country. In honor of our veterans here is a list of special items available for veterans today: Restaurants. Applebee’s- Veterans and active duty receive a free meal today.

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More borrowers are getting forbearance modifications

Housing Wire

Forbearance predictably declined across the board last week as exits accelerated, but more borrowers are going into plan modifications because they are still struggling to recover their pre-pandemic income. The total number of loans in forbearance decreased by nine basis points to 2.06% as of Oct.

Construction Layoff Rate Dives

Eyes on Housing

The labor market continues to tighten. In the September BLS Job Openings and Labor Turnover Survey (JOLTS) data, the national number of job quits for all sectors (4.4 million) was up 34% year-over-year as worker churn accelerates. Total national job openings stands at 10.4 million.

More Looking to List Their Homes This Winter

Appraisal Buzz

Those who have sat on the sidelines over the last few months and held out on selling their homes are increasingly looking to get into the market, a move that could pay off big for buyers and sellers alike.

20 Awesomely Functional Gifts for Real Estate Investors [2021]

The Robert Weiler Company

‘Tis the season to be stumped! Coming up with ideas for the perfect gifts to surprise that special person each year can be an unnerving task. And, if you have a real estate investor in your life, the gift-finding pursuit can be quite a challenge.

Mortgage rates drop below 3% yet again

Housing Wire

Mortgage rates fell below 3% in the week ending November 10, according to the latest Freddie Mac PMMS mortgage report. The 30-year fixed-rate mortgage declined to 2.98% last week, falling 11 basis points from 3.09% the week prior.

Consumer Prices Post the Largest Gain in Three Decades

Eyes on Housing

Compared to a year ago, on a not seasonally adjusted basis, consumer prices increased by 6.2% in October, the largest year-over-year gain since December 1990. Supply-chain constraints and strong consumer demand as the economy reopened have contributed to recent price increases.

Is Listing Your Home Soon a Good Idea?

Appraisal Buzz

Those who have sat on the sidelines over the last few months and held out on selling their homes are increasingly looking to get into the market, a move that could pay off big for buyers and sellers alike.

Another “You’re Biased” Story

Appraiserblogs

This story, titled “Black homeowners allege appraisal bias in Prince George’s County” is published by a TV station based in Washington D.C. The homeowners who were interviewed live or lived in Prince George’s County, which is immediately east of Washington D.C.

FHA’s manufactured housing loan program gets a facelift

Housing Wire

Manufactured housing is a topic that has gained some steam on Capital Hill as of late, with the White House announcing earlier in the year that it intends to address the lack of affordable housing in the nation by upping the available supply of MH.

Housing Affordability Holds Steady but Supply-Side Challenges Persist

Eyes on Housing

Housing affordability held steady at its lowest level in nearly a decade, as higher home prices offset lower mortgage rates to keep the affordability rate flat in the third quarter of 2021.

Mortgage Rates Are Actually Much Higher; Forbearance and Foreclosure Updates

Appraisal Buzz

Several sources for mortgage rate data are doing consumers a major disservice this week. At least two of them are claiming that the average top tier 30yr fixed rate is still under 3.00%. It’s not. One disclaimer right up front: different companies have different rate-quoting policies.

Is Housing Wealth Equitable in Your City?

Urban

White households have nearly three times more housing wealth than households of color, a trend new research shows extends to 96 percent of US cities with sufficient data

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Nicole Beattie will be the next CEO of Amrock

Housing Wire

Amrock , a title insurance, property valuations and settlement services provider that is part of the Rocket Companies family, announced Wednesday that longtime CEO, Brian Hughes will be retiring later this month and Nicole Beattie, the current vice president of mortgage servicing at sister company Rocket Mortgage , will take over.

Residential Real Estate Credit Standards Ease Slightly in Third Quarter

Eyes on Housing

The latest results of the Federal Reserve’s Board’s Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS), lending standards and demand for residential real estate (RRE) loans both eased slightly in the third quarter of 2021.

Active Forbearance Numbers Continue To Drop

Appraisal Buzz

For the first time since the start of the COVID-19 pandemic, the number of homes in a forbearance plan has fallen below the 2% mark.

How Likely Are You to Get an Appraisal Waiver? Hint: Not Very :)

JMV Lending

WHY WE REFUSED REFINANCES IN 2020 This is a quick aside but a reminder that we stopped accepting refinance applications in 2020. It cost us millions in lost revenue but we did so anyway because we wanted to make sure we could maintain our service levels for purchase business.

Homepoint winds down Ginnie Mae loan-servicing business

Housing Wire

Home Point Financial President and CEO Willie Newman. Mortgage lender Home Point Financial , which does business as Homepoint , is poised to exit the Ginnie Mae mortgage-servicing rights market, according to its CEO and filings with the Securities and Exchange Commission.

Q3 2021 Consumer Credit

Eyes on Housing

In the third quarter of 2021, non-real estate-secured consumer credit increased at a seasonally adjusted annual rate by 5.6%, with revolving debt1 increasing by 7.4% and nonrevolving debt2 increasing by 5.1%. Consumer credit totaled $4.4

Regions Bank Hires Todd Jarman as VP

Appraisal Buzz

Regions Bank on Monday announced Todd Jarman has joined its Income Property Finance group as senior vice president overseeing production offices in Atlanta, Birmingham, Charlotte, Chicago and Washington, D.C.

Zillow Upside Down on 93% of Their Portfolio in One Housing Market

Chicagoland Appraisal Blog

2 months ago I wrote an article comparing Zillow’s Zestimate program to a regular appraisal process. It’s a common question that comes up and with the real estate market skyrocketing, thought I’d answer the question once and for all.

Regulators done playing nice with mortgage servicers

Housing Wire

The federal government’s top regulators announced Wednesday that they are collectively resuming mortgage servicing supervisory and enforcement practices in full, ending certain flexibilities it offered mortgage servicers at the onset of the Covid-19 pandemic.

Lumber, Steel, and Gypsum Products Prices Lead Building Materials Index Higher in October

Eyes on Housing

The prices of goods used in residential construction ex-energy climbed 0.8% in October (not seasonally adjusted), according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics.