Sat.Jan 28, 2023 - Fri.Feb 03, 2023

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The housing market went from an ice bath to a hot shower

Sacramento Appraisal Blog

The housing market is getting hot again for the spring. It went from an ice bath in the fall to a hot shower so far in January. It’s not scalding like 2021, but it’s been a striking change. Let’s talk about this.

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Housing Market Tracker: Housing inventory falls once more

Housing Wire

We are off and going now, as seasonality has kicked into full gear with the purchase application data. And, so far, it’s been a good start to the year.

Inventory 491
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Market Target?

George Dell

Market, the word, is used over 2500 times in The Appraisal of Real Estate. And over 650 times in the current (2021-2024) version of USPAP. Market” must matter! But what is it? Market” has two main meanings which correspond to the definitions in The Dictionary of Real Estate Appraisal.

Marketing 195
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A New Year Starts with Strong Gains

Eyes on Housing

Job growth rebounded in January. After declines for five consecutive months, total nonfarm payroll employment increased by 517,000 in the first month of 2023 and the unemployment rate hit a 53-year low at 3.4% as more people entered the labor market.

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Appraiser Countersuing Black Homeowners for Defamation

Appraiserblogs

The Maryland appraiser has filed a countersuit against the homeowners, claiming defamation. Appraisers, there have been several lawsuits filed against appraisers by borrowers who “don’t like your value, so I’m accusing you of discrimination” over the last year or so.

Appraisal 156
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Rate buydowns are the cat’s meow in today’s market

Housing Wire

High interest rates, coupled with a still-low supply of housing, have created price hurtles that are keeping many first-time homebuyers and lower-income borrowers locked out of the housing market.

Marketing 435

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Fewer Prospective Buyers Are Fully Engaged in Purchase Process

Eyes on Housing

Dwindling housing affordability in the fourth quarter of 2022 caused the share of prospective home buyers who are actively engaged in the purchase process (i.e. who have moved beyond just the planning phase) to drop to 46%, down from 59% a quarter earlier.

Buyers 179
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Fastapp AMC Alleged Violations of AIR

Appraiserblogs

The following court documents in the case Naftali Horowitz v. Nicole Andrews, Fastapp AMC founder v.

Appraisal 145
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AmeriSave accused of defamation, failure to pay wages in lawsuit

Housing Wire

A group of 11 former employees are accusing AmeriSave Mortgage Corp. in a new lawsuit of failing to pay the wages, bonuses and commissions that were agreed to when they were hired by the company.

Legal 417
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FAQ #5: What is an Appraisal Waiver?

Riverfront Appraisals

Appraisal waivers have been around for quite some time now, but have really gained serious traction just in the past few years. I realize that some may not be familiar with the term, or its dangers, so in this short post, I’ll cover both.

Appraisal 139
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Housing Affordability Goes South

Eyes on Housing

Buyers’ outlook for housing affordability took a sharp negative turn in the final quarter of 2022, when a record high of 87% reported being able to afford fewer than 50% of the homes for-sale in their markets.

Buyers 156
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Housing Market Down But Not Out- January Newsletter

DW Slater Company

Winter is here! Last week we had one evening of beautiful snow that quickly melted away. As I type, we are receiving winter weather watch notifications as we are getting ready for a more dangerous icing event here in North Texas this week.

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UWM rolls out construction-to-permanent loans

Housing Wire

Michigan-based lender United Wholesale Mortgage (UWM) has introduced a construction-to-permanent loan that covers the cost of building a home and then converts to a permanent mortgage once construction is complete.

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Meet your mentor: A step-by-step for finding a real estate role model

Inman

Whether you’re looking to start strong or take your existing business to the next level, a mentor can be key. Learn how to find the expertise and experience you need in a real estate mentor.

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Unaffordable Prices Are Back on Top as Most Common Reason Buyers Can’t Make Purchase

Eyes on Housing

An earlier post revealed that 65% of buyers who were actively engaged in the process of finding a home in the fourth quarter of 2022 have spent 3+ months searching for a home without success.

Buyers 152
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How to Level Up as an Appraiser

McKissock

As part of our contributor series, experienced appraiser Conrad Meertins Jr. shares his advice on how to level up as an appraiser. There is a popular saying, “Skills pay the bills.”

Appraisal 111
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Hawkish Fed couldn’t curb market optimism — and mortgage rates tumbled 

Housing Wire

The Federal Reserve Chairman Jerome Powell maintained a hawkish tone during his speech at a press conference on Wednesday afternoon — but it wasn’t hawkish enough to keep optimism from spreading across the markets as mortgage rates dropped closer to 6%.

Mortgage 388
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Master the art of cold calling with these 8 can’t-miss strategies

Inman

Cold calling can be an intimidating prospect for many real estate agents, but it doesn’t have to be, writes renowned trainer Darryl Davis.

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Further Downshift for the Fed

Eyes on Housing

Further downshifting its pace of tightening of monetary policy, the Federal Reserve’s monetary policy committee raised the federal funds target rate by 25 basis points, increasing that target to an upper bound of 4.75%.

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Top 10 Things Appraisers Wish Real Estate Agents Understood

McKissock

As part of our Question of the Month survey series, we asked members of our appraisal community, “What’s one thing you wish real estate agents knew about the appraisal process?” Thank you to the large number of appraisers who shared their input!

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The mortgage servicing experts at Sagent are building the future of fintech

Housing Wire

Building the future of mortgage servicing technology is about granular, nuanced innovation — knowing what changes must happen and when, and executing with no mistakes across scale operations where every tiny detail is highly regulated.

Lending 389
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US home prices slip for fifth month as market bottom comes into view

Inman

The Case-Schiller index posted a 7.7 percent annual gain in home prices — down from a 9.2 percent gain in October — while the FHFA index showed a 0.1 percent decline in prices between October and November.

Marketing 160
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Fourth Quarter of 2022 Homeownership Rate at 65.9%

Eyes on Housing

The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 65.9% in the last quarter of 2022, which is statistically unchanged from the fourth quarter reading (66%). It is 0.4 percentage points higher than the rate in the fourth quarter of 2021.

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Fannie Seeks Upstanding Invisibles for Long-Term Commitment

Appraiserblogs

Fannie’s big news about embracing the “invisibles,” under the pretext of helping the underserved, Fannie announced it had tweaked the knobs and dials on its impenetrable underwriting algorithm in order to fit “credit invisibles” for mortgages.

Law 104
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FHA announces new changes to loss mitigation waterfall 

Housing Wire

The Federal Housing Administration (FHA) announced on Monday changes to its loss mitigation options for borrowers struggling to pay their mortgages. The announcement follows the Biden administration’s decision to set an end date for the COVID-19 pandemic national emergency declaration.

Legal 380
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Rogers Healy pulls from Compass to hire first director of operations

Inman

The independent brokerage has hired Diyanna Ahuja to lead its team of more than 500 agents, who brings 2 decades of experience in luxury retail operations and real estate to the role. Brokerage Select dallas texas Diyanna Ahuja Rogers Healy rogers Healy and Associates

Retail 157
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December Private Residential Spending Dips

Eyes on Housing

Private residential construction spending declined 0.3% in December 2022, as spending on single-family construction dropped 2.3% amid higher mortgage rates. Private residential construction spending fell for the seventh consecutive month, standing at an annual pace of $857 billion.

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Tenant in Distress… What Would You Do?

Appraiserblogs

These situations apparently caused a severe depression to engulf the tenant. Appraisers, last week I received a call from an appraiser who was very upset about an encounter at the Subject dwelling, within city limits, not long before, and wanted to know ‘what to do.’

Tenants 98
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First Internet Bank is shuttering its consumer mortgage business

Housing Wire

First Internet Bank is shutting down its consumer mortgage business due to a steep decline in mortgage volumes and the negative outlook for mortgage lending that is forecasted to continue for the next several years.

Business 379
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Broker Spotlight: Megan and Damon Williamson, The Agency Dallas

Inman

Find out how Dallas Realtors Megan and Damon Williamson are combining their individual talents to grow The Agency's brokerage presence in Dallas, Texas. Brokerage Service broker spotlight Damon Williamson Megan Williamson The Agency Dallas

Realtors 157
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How Pandemic Changed Living Arrangements of Young Adults

Eyes on Housing

NAHB’s analysis of headship rates from the latest 2021 American Community Survey (ACS) reveals that the Covid-19 pandemic unlocked some pent-up housing demand, especially among young adults ages 25 to 34.

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Square Footage Costs Higher in Suburbs than Cities

Empire Appraisal Group

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Home price growth continued to soften in November

Housing Wire

Yearly home price growth continued to cool in November as mortgage rates reached some of their highest levels in decades, which resulted in annual home price gains shrinking for the eight consecutive month, according to the S&P CoreLogic Case-Shiller National Home Price Index , released Tuesday.

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Social media tactics top agents rely on in their marketing plan

Inman

The social media ecosystem is complex, and established platforms are facing challenges. In this fraught landscape, which social media channels can luxury agents rely on? Two leading agents weigh in.

Agents 158