George Dell
MARCH 15, 2023
Market value, of course! Or is it? The great recession, and things like that, which come around every 12-15 years, all concur with the ‘accepted’ definition of market value, as written in the USPAP book Advisory Opinion 30. In short, the definition requires: Most probable price Competitive and open market Prudent and knowledgeable consumers No […] The post Market Value or Other Value?
Housing Wire
MARCH 16, 2023
How is today’s housing starts data , which beat expectations, good for mortgage rates ? Typically good economic data is bad for rates, especially in this environment, when a Fed member will come out and say building or buying homes is bad for fighting inflation. The answer is simple: The best way to fight inflation long-term is to add more supply. Destroying demand is a short-term fix, but longer-term supply is the natural economic way.
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Sacramento Appraisal Blog
MARCH 14, 2023
I’ve got two things on my mind today. Price cycles and getting bid up during the first week. Well, and banks failing. And my 23rd wedding anniversary this week. And getting in shape. Anyway, let’s look at the first two things. UPCOMING (PUBLIC) SPEAKING GIGS: 3/24/23 How to Think Like an Appraiser (at SAR) 3/28/23 Downtown Regional […] The post Real estate price cycles & getting bid up first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.
The Appraiser Coach
MARCH 14, 2023
I’ve talked about the importance of paying yourself first, and how living that principle will bless your life. Equally important, however, is its sister principle: pay 10% to charity second.
Eyes on Housing
MARCH 15, 2023
After four consecutive declines, the producer price index (PPI) for inputs to residential construction less energy (i.e., building materials) rose 0.3% in February 2023 (not seasonally adjusted) follow a 1.1% increase in January (revised), according to the latest PPI report. Price growth of goods inputs to residential construction, including energy, gained 0.4% over the month.
Housing Wire
MARCH 16, 2023
After pulling back at the start of the year , homebuilders jumped back in during February as homebuyer demand and builder confidence trended upward. Homes were started at an estimated annual pace of 1.45 million in February, up 9.8% month over month, according to a report released Thursday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD).
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GoForrmz
MARCH 14, 2023
Watch the on-demand webinar recap Over the past few years, businesses have been forced to change how they communicate and collaborate with clients, vendors, and employees. But due to outdated, pen-and-paper-based processes, many businesses still struggle with collecting real-time, error-free documents. How can you create an efficient process of capturing data for all parts of your business?
Eyes on Housing
MARCH 17, 2023
NAHB recently released its 2023 priced out estimates, showing how higher prices and interest rates affect housing affordability. The new estimates show that 96.5 million households are already not able to afford a median priced new home in 2023 due to the fact that their incomes are insufficient to qualify for the required mortgage under standard underwriting criteria.
Housing Wire
MARCH 16, 2023
A group of 11 U.S. banks has agreed to make $30 billion in deposits at First Republic Bank to avoid another regional bank failure. The rescue comes after Silvergate Bank , Silicon Valley Bank and Signature Bank collapsed amid a liquidity crisis caused by a deposit run. “Today, 11 banks announced $30 billion in deposits into First Republic Bank.
Inman
MARCH 17, 2023
The sudden change in the global banking landscape has left luxury real estate clients hanging out "in the parking lot," Kofi Nartey said, as they wait to see where the remaining chips will fall.
Appraiserblogs
MARCH 15, 2023
Garbage data in means garbage results out every time! It’s no secret that AVMs have been a thorn in the side of real estate appraisers since they first came out. Despite all their bells and whistles, these automated valuation models still rely on inaccurate public records and often come up with wildly inaccurate home values. Unfortunately, some consumers don’t realize this until it’s too late – when reality comes crashing down from a local real estate professional after they’ve already gotten t
Eyes on Housing
MARCH 16, 2023
Single-family production remained at an anemic pace in February as builders continue to wrestle with elevated mortgage rates, high construction costs and tightening credit conditions that threaten to be exacerbated by recent turmoil in the banking system. Led by gains in apartment construction, overall housing starts in February increased 9.8% to a seasonally adjusted annual rate of 1.
Housing Wire
MARCH 15, 2023
Following a chorus of complaints from the mortgage industry, the Federal Housing Finance Agency (FHFA) on Wednesday announced that it would delay the implementation of a new and controversial upfront fee on Fannie Mae and Freddie Mac borrowers with higher debt-to-income ratios. The upfront pricing fee on DTI ratios of 40% or more – part of a larger series of changes to the Enterprises’ pricing grids – was slated to go into effect on May 1, 2023. “FHFA has decided to delay the effecti
Inman
MARCH 15, 2023
Coldwell Banker Chief Operating Officer Liz Gehringer told Inman a diversity push is helping grow the company even in a slower market. She also touted the return of international buyers as the pandemic winds down.
Riverfront Appraisals
MARCH 16, 2023
From time to time, we get questions from Realtors, homeowners, and builders asking us why we use certain approaches, or if we can only use one of the approaches to value. In this FAQ post, we’ll look at the three commonly-used approaches to value when appraising a single family residential property. The three approaches we’ll […] The post FAQ #11: Which Appraisal Method is the Best?
Eyes on Housing
MARCH 15, 2023
Although high construction costs and elevated interest rates continue to hamper housing affordability, builders expressed cautious optimism in March as a lack of existing inventory is shifting demand to the new home market. Builder confidence in the market for newly built single-family homes in March rose two points to 44, according to the National Association of Home Builders (NAHB)/Wells Fargo.
Housing Wire
MARCH 17, 2023
Single-family home purchase demand by investors remained steady in the fourth quarter of 2022, despite a dip in iBuying and larger investor demand, according to a report released this month by CoreLogic. The share of investor purchases of single-family homes fell to 21% in June of 2022, but rebounded to 26% in September and has remained stable since that point, according to CoreLogic economist Thomas Malone.
Inman
MARCH 14, 2023
EXp Canada has appointed veteran real estate agents John Tsai, Nadia Habib and Nathalie Goodyer to three C-suite positions, according to the company. Tsai joined the brokerage in 2017.
Appraiserblogs
MARCH 13, 2023
Her Google & Yelp business pages have received a slew of negative reviews from people living as far away as New Zealand! As real estate appraisers, we understand the importance of accuracy and fairness in our work. We are expected to perform valuation services competently and in a manner that is independent, impartial and objective. We also know how important it is to uphold ethical standards in order to protect ourselves and our clients from potential legal action.
Eyes on Housing
MARCH 14, 2023
Over the first month of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 53,062. On a year-over-year (YoY) basis, this is 36.4% below the January 2022 level of 83,404. Year-to-date ending in January, single-family permits declined in all four regions. The Northeast posted a decline of 20.3%, while the West region reported the steepest decline of.
Housing Wire
MARCH 14, 2023
Despite affordability challenges, the Hispanic homeownership rate reached 48.6% in 2022, the eighth consecutive year of growth. Latinos added a net total of 349,000 homeowner households last year, which is one of the largest single year gains over the last decade, the National Association of Hispanic Real Estate Professionals ( NAHREP ) said in its 2022 state of Hispanic homeownership report on Tuesday.
Inman
MARCH 13, 2023
Transaction sides fell 18.2 percent year over year for a total of $472.9 billion in sales in 2022, a 12.5 percent decline, according to a full-year earnings report released Monday afternoon by the Texas-based brokerage.
Appraiserblogs
MARCH 17, 2023
Who is going to organize raising the funds and hiring the lobbyist? We are woefully behind the curve here. Myself and many others were organized in the early 1990s and managed to protect the appraisers’ interests for the most part at that time. Here in 2023, there does not appear to be any meaningful response other than the same old anecdotal war stories we pass along among ourselves.
Eyes on Housing
MARCH 14, 2023
Consumer prices in February saw the smallest year-over-year gain since September 2021 with an eighth consecutive month of a deceleration. However, the shelter index (housing inflation) continued to rise at an accelerated pace and was the largest contributor to the total increase, accounting for over 70% of the increase. Shelter inflation is a lagging indicator and will primarily be cooled.
Housing Wire
MARCH 15, 2023
Fannie Mae announced on Wednesday that it has appointed Michael Seelig to its board of directors, where he will serve on the audit committee. Seelig’s mandate is to “help Fannie Mae fulfill its mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America,” according to a statement from the government-sponsored enterprise (GSE).
Inman
MARCH 13, 2023
Our successful owners routinely gather to share winning business strategies, discuss joint business ventures, and help make each other even stronger, displaying an unbeatable combination of know-how and camaraderie.
McKissock
MARCH 17, 2023
As an experienced appraiser, there are many reasons you may decide to take on a trainee. You might be looking to grow your business, delegate tasks (e.g., property inspections), or prepare for retirement. Whatever the reason, supervisors play an essential role in the training and development of future appraisers. Are you ready to take on the responsibility — and enjoy the potential benefits — of adding a trainee to your team?
Eyes on Housing
MARCH 13, 2023
Nonfarm payroll employment increased in 48 states and the District of Columbia in January compared to the previous month, while Wyoming and Rhode Island lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 504,000 in January, following a gain of 260,000 jobs in December. On a month-over-month basis, employment data was strong in.
Housing Wire
MARCH 16, 2023
After increasing steadily for over a month, mortgage rates fell last week following a deposit run that provoked a liquidity crisis in regional U.S. financial institutions — and resulted in the failures of Silicon Valley Bank and Signature Bank. But what is there to expect ahead for the housing market? Industry observers said that, at least in the short term, mortgage rate declines will support home prices but lead to a better outlook for the spring season.
Inman
MARCH 13, 2023
Luxury buyers place a high value on acquiring the world’s most iconic brands, so it’s only natural they would appreciate an acclaimed name when making their next great real estate purchase.
GoForrmz
MARCH 13, 2023
Digital innovation starts with better data capture In a world of fast-paced innovation and new technologies, there’s one industry that tends to be a little behind the curve: Oil & Gas. This isn’t to say that the minds in the field aren’t adaptable and progressive, but that the industry itself is so interconnected and nuanced that it’s difficult to bring new technologies into a field that so much of life depends on.
Housing Wire
MARCH 17, 2023
Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks spilled red ink in the fourth quarter of 2022 amid a jump in mortgage rates. These companies reported a net loss of $2,812 on each loan originated from October to December, an increase of more than four times the average per-loan loss of $624 in the third quarter, according to the Mortgage Bankers Association (MBA). “For the third consecutive quarter, the average pre-tax net production income was in the red, rea
Inman
MARCH 13, 2023
Is automating responses the best tactic in an industry that typically requires a deep level of personalization? In this episode, we will take a deeper dive into the benefits of these tools for entrepreneurs and the pitfalls of relying too heavily on technology.
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