Sat.Oct 08, 2022 - Fri.Oct 14, 2022

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Advice for Buyers & Sellers in Today’s Market

Sacramento Appraisal Blog

The housing market has shifted, and today I have some practical advice for buyers and sellers. This is coming from hundreds of conversations every month as well as stats I'm pulling. Some new memes too. Enjoy if you wish.

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11 Twitter accounts to help you stay up-to-date on the housing market

Housing Wire

Twitter has become somewhat ubiquitous in today’s social media landscape, with more than 200 million users worldwide. The timeline moves about as quickly as the news does, which is why it can be such a valuable resource for those trying to keep up with current events. Mortgage professionals are no exception – whether you find yourself tweeting for work or in your free time, you may also want to follow accounts for people and organizations that are relevant to the industry in order to stay up-to-

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If You’re Using Zillow Sales to Price Per Square Foot…You’ll Probably Be Low!

Cleveland Appraisal Blog

Zillow has data that can be very helpful. I know, I know… In previous articles, I have exposed the lack of accuracy with their Zestimates. However, when it comes to a data source, I do find that Zillow offers great information for the public. When appraising a property, I usually look to see if there is any information on Zillow about the property I am appraising.

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The Two States of Anxiety for an Appraiser

Appraisal Buzz

The post The Two States of Anxiety for an Appraiser appeared first on Appraisal Buzz.

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Home prices are close to dipping below last year

Sacramento Appraisal Blog

We are on the cusp of seeing year-over-year median price declines, so let’s talk about it. I wanted to share what looks to be on the horizon in the Sacramento area, and whether you’re local or not, I hope this is helpful. UPCOMING (PUBLIC) SPEAKING GIGS: 10/11/22 Folsom MLS Meeting (9am) 10/13/22 Market update in […]. The post Home prices are close to dipping below last year first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Equifax to provide utility credit data to mortgage firms

Housing Wire

Equifax will be providing telecommunications and subscription television credit data to the mortgage industry to “streamline the mortgage underwriting process and support loans within the secondary mortgage market,” the credit bureau said Friday. Providing utility payments to mortgage companies alongside traditional credit reports could improve homeownership prospects for more than 190 million consumers, 80% of whom have traditional credit files but may benefit from additional insigh

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Clarifying Communication Between Debt Collectors and Third-Party Vendors

Appraisal Buzz

Attorney Roy Diaz examines the fallout from case of Hunstein v. Preferred Collection & Management Services, regarding whether communication among debt collectors and third-party vendors constitutes a concrete injury for purposes of Article III Standing. The post Clarifying Communication Between Debt Collectors and Third-Party Vendors appeared first on Appraisal Buzz.

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Advantages of Starting Your Business in Cleveland

Cleveland Appraisal Blog

This week I welcome back guest blogger Seth Murphey. In this article, he discusses the advantages of starting a business in Cleveland. I grew up in Denver, Colorado, and moved to Cleveland in 1996. Cleveland is an awesome place to live! I think Seth’s article touches on some of the reasons why. I hope you enjoy his article! Location can make or break a business’s success and is a critical consideration when deciding where to find a company.

Business 195
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Will hotter inflation data trigger more rate hikes?

Housing Wire

On Thursday, the Bureau of Labor Statistics (BLS) reported that Consumer Price Index (CPI) inflation came in hotter than expected, and people are scared that the Federal Reserve will now be more aggressive with their rate hikes. Personally, I believe the Fed knows that rental inflation data can lag so at this point of the rate hike cycle, they won’t act in a more aggressive fashion.

Landlords 441
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Building Materials Prices Decline in September

Eyes on Housing

The prices of building materials decreased 0.3% in September (not seasonally adjusted) according to the latest Producer Price Index (PPI) report. The PPI for goods inputs to residential construction, including energy, declined for the third consecutive month in September (-0.1%). Prices have fallen 2.3% since June, the largest three-month drop since April 2020.

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Homeowners Using HELOCs to Cut Housing Costs

Appraisal Buzz

According to Jon Giles, Head of Consumer Direct Lending at TD Bank, “Many Americans have more equity in their homes than ever before, and when used responsibly, HELOCs and home equity loans are effective, affordable tools which can assist in paying down higher interest debt or allowing for home renovations, which can add value to the property.” The post Homeowners Using HELOCs to Cut Housing Costs appeared first on Appraisal Buzz.

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Wells Fargo Workers Went on Appraisal-Fraud Bender

Appraiserblogs

Loan officers at Wells Fargo altered values in the bank’s database, so loans would qualify for so-called appraisal waivers… It feels like Ground Hog Day all over again. Who can forget the Wells Fargo banker who, stressed from opening fraudulent accounts in the name of hapless depositors, had begun guzzling hand sanitizer? That was in 2016. New revelations from the nation’s second-largest mortgage lender will make the U.S. taxpayer want to take a good long pull on the nearest bottle of hand wash.

Appraisal 139
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JPMorgan, Wells Fargo, and the challenging times ahead 

Housing Wire

JPMorgan Chase and Wells Fargo & Co., two of the nation’s largest banks, each faced a double-digit decline in their mortgage origination volumes in the third quarter of 2022. And the coming days don’t look any kinder: the banks’ top executives said on Friday the landscape remains challenging due to macroeconomic and geopolitical issues.

Retail 424
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Residential Building Wage Growth Slowing

Eyes on Housing

Average hourly earnings for residential building workers* continue to rise in August but at a slower pace. Wage growth has retreated from the highest rate of 2021. The recent housing slowdown indicates that, while labor demand is still high, employers are cautious about hiring amid a slowing economy and rising interest rates. According to the Bureau of Labor Statistics (BLS).

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Update: More Florida Counties Eligible for FEMA Aid

Appraisal Buzz

In the aftermath of Hurricane Ian, homeowners in four additional counties are eligible to apply for federal disaster assistance. The post Update: More Florida Counties Eligible for FEMA Aid appeared first on Appraisal Buzz.

Appraisal 195
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Hybrid Appraisals and the Associated Risks

Boston Appraisal

In recent years, it has become common for lenders to obtain hybrid appraisals. While appraisers provide an essential service through their reports, this work comes at high costs to the buyer or borrower. This cost can be measured in terms of dollars spent on an appraisal or the time required to produce a full appraisal report. As a result, delays in the lending or mortgage process are not uncommon; more recently, there have been attempts to mitigate this problem.

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Homebuyers are extremely pessimistic about the housing market

Housing Wire

Despite continued home price appreciation and a volatile mortgage rate environment that has resulted in the least affordable housing market in decades, there remains a minority of consumers who still feel that now is a good time to buy a home. According to Fannie Mae ‘s latest Home Purchase Sentiment Index, 19% of consumers feel that now is a good time to buy a home.

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Inflation Remains Stubbornly High Despite Fed Rate Hikes

Eyes on Housing

Consumer prices eased in September for the third-straight month as declines in energy prices partly offset increases in food and shelter indexes. Despite this slight improvement, inflation remains above an 8% year-over-year rate for the seven straight month. The food and shelter indexes continued to rise at an accelerated pace, with the owners’ equivalent rent index seeing the largest monthly.

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Q3 Foreclosure Rates ‘Reflecting Other Aspects of the Economy’

Appraisal Buzz

With talk of a recession on the horizon, ATTOM’s latest data breaks down foreclosure rates and related data, as well as how they are being impacted by larger economic factors. The post Q3 Foreclosure Rates ‘Reflecting Other Aspects of the Economy’ appeared first on Appraisal Buzz.

Appraisal 195
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The Government Screwing Over an Entire Industry

Appraiserblogs

The government wants to move to a fully automated appraisal format, and the more that they can dirty the narrative in their favor, the quicker they get to their objective… This just in: In a recent memo, the CFPB wants you to know that if you are buying a home, that you can contest your appraisal. By the way, anyone at any time can contest an appraisal for any reason.

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Black Knight integrates servicing platform with Surefire CRM

Housing Wire

Black Knight announced the integration of its digital servicing platform and its Surefire CRM, which it says will enhance customer engagement and retention. Servicing Digital , offered as an app or responsive web design, allows customers to easily access their loan- and home-related information, as well as perform self-service capabilities. Surefire is a mortgage-specific marketing automation and content solution that helps mortgage professionals reach new customers and earn repeat business. .

Design 441
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Mortgage Activity Continues to Fall as Rates Rise

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending October 7th, total mortgage activity declined 2.0% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose six basis points to 6.81%. The FRM has risen 80 basis points over the past month, reaching its highest level since 2006. The Market Composite Index, a measure of.

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First-Time Buyers Giving Housing Market a Boost

Appraisal Buzz

The share of first-time homebuyers rose in August, posting a strong year-over-year gain that brought market share up to pre-pandemic levels. The post First-Time Buyers Giving Housing Market a Boost appeared first on Appraisal Buzz.

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NAR Appraisal Survey

Appraiserblogs

The results of the NAR appraisal survey show more than half of appraisers reported AMCs to be the greatest challenge in their business with 40% reporting not being compensated fairly. Only 3% of members witnessed or experienced discrimination in an appraisal… NAR Research conducted a survey of all 9,700 appraiser members and 50,000 randomly-selected non-appraiser members to determine the level of impact of appraisals on the current market and member business in terms of cost, turn-around times,

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Lenders One opens first branch inside a Walmart

Housing Wire

The first Walmart -based in-store branch from retail mortgage cooperative Lenders One opened this week in Newton, New Jersey. And two additional mortgage branches are expected to open in Walmarts in New Jersey and Florida within the next 30 days. Family First Funding , a Toms River, New Jersey-based retail lender, opened a branch in the Walmart in Newton on Monday, Lenders One said in a statement.

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Remodeling Market Sentiment Softened in Third Quarter, But Remains Positive

Eyes on Housing

The NAHB/Westlake Royal Remodeling Market Index (RMI) for the third quarter of 2022 posted a reading of 77, declining 10 points from the third quarter of 2021. The RMI is based on a survey that asks remodelers to rate various aspects of the residential remodeling market “good,” “fair” or “poor.” Responses from each question are converted to an index that.

Marketing 147
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A Look at First-Lien Mortgage Defaults

Appraisal Buzz

Reporting data for August 2022, S&P and Experian found defaults for first-lien mortgages held steady for the second month in a row. Click through to learn the details. The post A Look at First-Lien Mortgage Defaults appeared first on Appraisal Buzz.

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Home Appraisals – What Do They Look For?

D Fritz Appraisals

How Home Appraisers Decide on the Value of Your Property. There are many reasons you may need to know the value of your property and for this, you need a home appraisal. Home appraisers are trained to inspect and measure your property and perform comparisons that result in an accurate valuation for the current housing market. Home appraisals are a vital part of the home buying process as they have a big influence on the amount a lending institution will loan the buyer.

Appraisal 106
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Robert Toll, co-founder of Toll Brothers, dies at 81

Housing Wire

Robert Irwin Toll , co-founder of Toll Brothers who also served as its former chairman and CEO, died Friday at his home in New York. Toll, who co-founded the large nationwide development firm alongside brother Bruce in 1967, was 81 and had Parkinson’s disease. Toll started the company after graduating from the University of Pennsylvania law school in the mid-1960s and time spent working at Philadelphia law firm Wolf Block.

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Now Available: Create Customizable, No-Code Workflows to Automate Common Tasks

GoForrmz

No-Code Workflows are available in all GoFormz subscription tiers The Workflows feature is now available to all GoFormz users, empowering them to build a Workflow from scratch and customize Workflow Recipes. What is a Workflow ? A Workflow is a repeatable automated process. You use Workflows to automate processes like emailing forms and uploading completed forms to connected applications.

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Examining ZIP Codes With Fastest-Growing Renter Populations

Appraisal Buzz

According to RentCafe’s latest market trend report, renting has reached its highest peak in over 50 years, as renters surpass homeowners in 41% of ZIP codes in the 50 largest U.S. cities analyzed. The post Examining ZIP Codes With Fastest-Growing Renter Populations appeared first on Appraisal Buzz.

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Hybrid Appraisals and the Associated Risks

Boston Appraisal

In recent years, it has become common for lenders to obtain hybrid appraisals. While appraisers provide an essential service through their reports, this work comes at high costs to the buyer or borrower. This cost can be measured in terms of dollars spent on an appraisal or the time required to produce a full appraisal report. As a result, delays in the lending or mortgage process are not uncommon; more recently, there have been attempts to mitigate this problem.

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Guaranteed Rate taps Stavvy to scale eClosings

Housing Wire

Stavvy , a fintech company at the intersection of lending and real estate, on Wednesday announced partnering with Guaranteed Rate , one of America’s largest nonbanks. The companies say together they will drive digitization and enable relationships across the mortgage ecosystem, “from title and settlement agents to real estate professionals.”. Guaranteed Rate stated that due to a focus on agent’s digital adoption, the two companies are poised to drive transformation and accelerate the numbe

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Why Does My Commercial Property Need An Appraisal

Valcre

An appraisal is often required when purchasing a commercial property. It’s a professional estimation of a property’s market value. The lenders may request an appraisal if the property is bought on a mortgage or other types of loan. This helps them confirm the value of a property before approving a loan.