Housing Wire

JULY 8, 2022

What does it mean to get a positive job report with all the talk about a recession, which ramped up starting in January 2022? Let’s look at the U.S. jobs and economic numbers as five of my six recession red flags are up today. The June data shows that we added another 372,000 jobs as we get closer to the employment numbers before COVID-19. We did have 74,000 negative revisions to the previous reports, however, the internals of this jobs report is the most interesting aspect.

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Construction Housing Market Marketing Government 520

Sacramento Appraisal Blog

JULY 6, 2022

A quick change in rates has led to a quick change in the housing market. We didn’t see much difference right away in the stats, but we are finally getting some good numbers now. Let me show you what I mean. UPCOMING (PUBLIC) SPEAKING GIGS: 7/15/2022 Lunch & Learn Big Market Update (sign up here)) […].

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Housing Market Marketing Contracts Buyers 448

Appraisal Buzz

JULY 6, 2022

HOUSTON, TX (July 6, 2022) – Accurity Consolidated is once again turning heads and taking its place as the highlight of appraisal industry conversations. The company’s innovative team of appraisers continue to set impressive goals and break records that are simply unheard of among the competition. Since launching in 2020, Accurity has made it a mission to push the boundaries of what appraisal teams can accomplish through industry-leading turn times and service levels provided to clients.

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Appraisal Clients Marketing 397

Cleveland Appraisal Blog

JULY 6, 2022

In one Facebook group the other day, (yes, I’m back on Facebook ) one member mentioned they feel that a person who scans a property to provide an appraiser with a floor plan should be licensed. What do you think? In this article, I thought I would share my thoughts on this and whether scanning a property with Cubicasa is considered to be an appraisal inspection.

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Housing Wire

JULY 6, 2022

Non-QM lender Sprout Mortgage is shutting down operations, multiple workers said on Wednesday. The company informed workers of the shut down in a conference call on Wednesday, a former staffer said. Sprout had already instituted several rounds of job cuts in the months leading up to the shutdown, the ex-employee said. The closure of Long Island-based Sprout, headed by industry veteran Michael Strauss, represents the second non-QM mortgage lender to close in recent weeks amid historic volatility.

Mortgage 500

Mortgage Retail Investors Business 500

George Dell

JULY 6, 2022

A valuation model may not be a model valuation. What happened with that sentence? It’s called “equivocation.” Something I learned about in my college English class. What I learned is that a word can be used for different meanings. Equivocation can be used to make language more colorful – to entice, to irritate, or to […]. The post What is a Valuation Model?

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Valuation Appraisal 195

The Appraiser Coach

JULY 5, 2022

A couple years ago, I was out skiing with my boys, something I try to do once a week during the winter. We had a great time, but at one. Read More.

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Advertising Real Estate Agent Government Business 195

Housing Wire

JULY 6, 2022

As recession talk becomes more prevalent, some people are concerned that mortgage credit lending will get much tighter. This typically happens in a recession, however, the notion that credit lending in America will collapse as it did from 2005 to 2008 couldn’t be more incorrect, as we haven’t had a credit boom in the period between 2008-2022. One of the biggest reasons home sales crashed from their peak in 2005 was that the credit available to facilitate that boom in lending simply collaps

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Lending Mortgage Business Inventory 485

Eyes on Housing

JULY 4, 2022

NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $672.9 billion in taxes were paid by property owners in the four quarters ending Q1 2022 (not seasonally adjusted), a 0.1% quarterly increase.[1] State and local governments collected $1.9 trillion over the same period, the largest amount on record (nominal and real) and 16.0% more than.

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Appraisal Buzz

JULY 5, 2022

We live in unprecedented times regarding appraiser scrutiny. Fannie Mae and Freddie Mac review appraisals using Collateral Underwriter and Automated Collateral Evaluation. State boards field complaints about appraisals, often when appraised value is below sales contract price. There are obligations to clients and other intended users under the engagement letter and assignment conditions, and questions asked by a lender or AMC, all part of the existing reality of working as a professional apprais

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Appraisal Finance Lending Contracts 221

Appraiserblogs

JULY 6, 2022

How Does an Eminent Domain Attorney Critique and Review An Appraisal Upon Which His Client’s Just Compensation Is Based? Attorneys representing property owners and appraisers responsible for documenting the value of the property being taken often work together in an eminent domain case. The appraiser develops an independent opinion of value for the property through an appraisal, and the attorney ensures that the appraisal is sufficient to support a just compensation determination in what is esse

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Valuation Legal Appraisal Development 123

Housing Wire

JULY 7, 2022

Roughly eight in 10 consumers participating in a recent survey are frustrated with the housing market, inflation and the increasingly worsening economy — reflecting record-setting dissatisfaction from respondents of Fannie Mae ‘s Home Purchase Sentiment Index (HPSI). The index, which tracks consumer confidence in the housing market, fell 3.4 points from May to June, dropping to 64.8 — its second-lowest reading in a decade.

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Housing Market Mortgage Marketing 466

Eyes on Housing

JULY 6, 2022

The construction labor market remains tight, but the total number of open construction sector jobs has likely reached a cyclical peak as economic activity slows in response to tighter financial conditions. The count of open construction jobs was little changed in May, falling from 440,000 in April to 434,000. The April reading remains the highest measure in the history of.

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Construction Marketing 153

Appraisal Buzz

JULY 8, 2022

The post Aggression Analysis appeared first on Appraisal Buzz.

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Appraisal 370

Appraiserblogs

JULY 5, 2022

…concerns that appraisers could be sued for making floor plans of a home… I’m an AI “member” (because I pay membership dues) even though I’m not supposed to say it that way. Technically, I am an Appraisal Institute Practicing Affiliate. Regardless, an AI email earlier on 6/29/22 had this news: Supreme Court Rejects Floor Plan Case; Appraisers Vulnerable The Supreme Court on June 27 rejected a case involving the use of floor plans in marketing materials.

Appraisal 123

Appraisal Real Estate Marketing 123

Housing Wire

JULY 5, 2022

Home price appreciation, which skyrocketed during the pandemic, is showing signs of slowing, according to a monthly report published by CoreLogic Tuesday. In May, home prices increased by 20.2% year-over-year, the report said. But come next May, the data vendor predicts home price appreciation will dip to 5%. The recent hikes in mortgage interest rates by the Federal Reserve has contributed to the expected cool down of home prices, according to the report.

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Sellers Buyers Housing Market Real Estate 466

Eyes on Housing

JULY 8, 2022

Despite interest rate hikes, job growth remained solid in June. Total nonfarm payroll employment increased by 372,000 and the unemployment rate remained at 3.6% in June. Construction industry employment (both residential and non-residential) totaled 7.7 million and has exceeded its February 2020 level. In June, residential construction lost 4,100 jobs, and non-residential construction added 16,500 jobs.

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Construction 148

Appraisal Buzz

JULY 8, 2022

PERSON OF THE WEEK: Industry observers will tell you that mortgage lenders typically turn away from an existing Loan Origination System (LOS) in favor of a new one every 5 years or so. The traditional process of selecting this software has been long, expensive, tedious and likely to drive lenders back to the same old software. There must be a better way.

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Appraisal Mortgage 195

Appraiserblogs

JULY 7, 2022

What makes equity so invidious as a governing tenet is that it involves not just helping people of one racial or cultural group but it has the effect of knocking struggling members of disfavored groups out of the game. One type of parlor game relies on players’ ability to maintain their memory, logic and articulation – all while getting blotto. These alcohol-fueled “think and drink” games are highly challenging.

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Training Appraisal Government Lending 123

Housing Wire

JULY 7, 2022

Purchase mortgage rates this week continued their recent downward trend, dropping 40 basis points to 5.30%, according to the latest Freddie Mac PMMS Index. A year ago at this time, 30-year fixed rate purchase rates were at 2.90%. The PMMS, a government-sponsored enterprise index, accounts solely for purchase mortgages reported by lenders during the past three days.

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Mortgage Government Technology Housing Market 458

Eyes on Housing

JULY 6, 2022

Per the Mortgage Bankers Association’s (MBA) survey through the week ending July 1, total mortgage activity decreased, with the 30-year fixed-rate mortgage (FRM) rate reaching 5.8% on average. The latest week’s rate decreased to 5.74%, declining for the second straight week but still above pandemic levels. The Market Composite Index, a measure of mortgage loan application volume, decreased by 5.4%.

Mortgage 144

Mortgage Marketing Inventory 144

Appraisal Buzz

JULY 8, 2022

The U.S. economy added about 372,000 jobs in June, above expactations, however, the unemployment rate remained unchanged compared with May at 3.6%, according to the U.S. Bureau of Labor Statistics. Notable job gains occurred in professional and business services, leisure and hospitality and health care. The number of unemployed persons was essentially unchanged at 5.9 million.

Business 195

Business Appraisal 195

Midtown Appraisal Group

JULY 3, 2022

It’s best to understand your options before you shop If you’ve been thinking about buying a home in Canada, you’ve probably also been thinking about mortgages. If you’ve ever spoken to anyone at your bank or other financial institution about mortgages, you probably know there are a sometimes-bewildering number of options. But what do they […].

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Mortgage 96

Housing Wire

JULY 8, 2022

Just two days after it abruptly shut down its operations, non-QM lender Sprout Mortgage became the target of a class-action-seeking lawsuit. Two former employees are suing the Long Island-based Sprout, its affiliated company Recovco Mortgage Management LLC and chief executive officer Michael Strauss, alleging they laid off around 100 employees at the New York office on Wednesday without giving legally required written notice and failed to pay their paychecks due the following day.

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Mortgage Legal Investors Finance 432

Eyes on Housing

JULY 7, 2022

The average length of time to complete construction of a multifamily building, after obtaining authorization, is 17.5 months, according to the 2021 Survey of Construction (SOC) from the Census Bureau. The authorization-to-completion time in 2021 inched up from 2020, decelerating the upward trend since 2013. The average time to build multifamily homes varies with the number of units in.

Construction 143

Construction 143

Appraisal Buzz

JULY 8, 2022

The 447 commercial chapter 11 filings in June represented a 29 percent increase from the 347 filings in June 2021, according to new data provided by Epiq Bankruptcy. Overall commercial filings decreased 7% in June 2022, as the 1,864 filings were down from the 1,999 commercial filings registered in June 2021. Small business filings, captured … The post Commercial Chapter 11 Filings Increase Nearly 30% in June appeared first on DSNews.

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Business Appraisal 195

Yolo Solano Appraisal Blog

JULY 7, 2022

It’s tough to be a renter in the Sacramento market now. Per the US Census Bureau, the Q1 2022 rental vacancy rate dropped to 3.0%. Good luck to anyone trying to find a home to rent.

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Real Estate Agent Real Estate Agents Appraisal 78

Housing Wire

JULY 6, 2022

Wells Fargo, the third-biggest mortgage lender in the country, will lay off 125 employees in its home lending division in Iowa by the end of August. The bank will cut 11 jobs in July and 114 in August, according to Worker Adjustment and Retraining Notification (WARN) notices submitted to the Iowa Workforce Development. The bank eliminated 72 mortgage jobs in Iowa across earlier layoffs.

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Mortgage Lending Business Development 410

Eyes on Housing

JULY 5, 2022

The earlier June post highlighted the rising number and share of Hispanics in the construction industry. Hispanics now account for almost a third of the construction workforce, according to the 2021 Current Population Survey. In this post, we focus on the regional and state-level differences in the racial and ethnic composition of the construction labor force.

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Construction 128

Appraisal Buzz

JULY 8, 2022

The COVID-19 pandemic did not just cause a global health crisis; not only did it throw the economy in a tizzy but it made certain markets behave in ways people have not seen before and could not anticipate. But housing, one of the pillars of the American Economy, saw cost burdens worsen during the first … The post On the Pandemic and Affordability appeared first on DSNews.

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Appraisal Marketing 195

The Robert Weiler Company

JULY 7, 2022

If you have been an avid investor over the last few years, you know there hasn’t been a better buy than Columbus real estate. Home prices and sales continue to trend upwards, population growth shows no sign of slowing down, and business expansion is seemingly the norm. So, why are you waiting to make that commercial real estate investment? The Arch City has not only a diverse population but also many different types of commercial properties for sale , which are ripe for your investment.

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Housing Wire

JULY 7, 2022

Enact Holdings Inc., the holding company for Enact Mortgage Insurance Co. , has inked a deal with five lenders that have agreed to extend a $200 million revolving line of credit to the company. The credit facility will be used for working capital and other corporate purposes as well as for capital contributions to its insurance subsidiaries. Enact (Nasdaq: ACT), formerly known as Genworth Mortgage Insurance Corp., announced the new five-year credit facility in a filing with the U.S.

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Insurance Mortgage Finance Investing 407

Empire Appraisal Group

JULY 6, 2022

Fla. Unlikely to Feel Impact from Slowing Market. Wary buyers and rising interest rates may affect some U.S. markets, but Fla.’s rising demand and lack of construction will probably offset a potential cooldown. WEST PALM BEACH, Fla. – Six of the nation’s top 25 most overvalued housing markets are in the Sunshine State, which can expect to see a “prolonged period of unaffordability” even as prices in other regions of the country cool.

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Marketing Landlords Real Estate Tenants 78

Appraisal Buzz

JULY 8, 2022

Texas-based Velocity Credit Union has selected Black Knight Inc. ’s Black Knight Empower LOS and integrated origination solutions to support its members and employees with advanced automation and digital capabilities. “At Velocity, we’re dedicated to meeting the needs of our members for years to come, and our selection of Black Knight’s integrated technology, data and analytics is central to this mission,” says Lindsey Record, vice president of mortgage lending at Velocit

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Lending Technology Appraisal Mortgage 195