Sat.Oct 29, 2022 - Fri.Nov 04, 2022

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What happens after the Fed’s rate hike?

Housing Wire

The Federal Reserve will hold another meeting this week, where everyone assumes we will get another 75 bps rate hike. The question is: how many more rate hikes are left? And, once they’re done hiking rates, will the Fed need to keep rates high because the consumer balance sheet looks so good?

Law 411
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Attracting More Appraisal Business

Cleveland Appraisal Blog

Most appraisers are experiencing a significant slowdown in mortgage lending work due to rapidly increasing mortgage rates which are slowing down the housing market. I have seen a slowdown in my lending work also. So what can we do? Half my work is non-lending work, and that’s been a blessing.

Business 322
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The Language Barrier

The Appraiser Coach

Language is important. We often get so caught up in the moment, so laser-focused on how we feel about something, that we become casual in the verbiage that we use. Read More.

Business 311
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The housing market is feeling the pain of higher rates

Sacramento Appraisal Blog

The housing market is really starting to feel the pain of higher mortgage rates. Today I’d like to unpack some fresh October stats to show what I mean. I also have some thoughts about the spring season when prices are dropping. Whether you’re local or not, I hope this is helpful.

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The honey badger labor market will still bite housing

Housing Wire

On Friday, the Bureau of Labor Statistics reported that 261,000 jobs were created and we had 29,000 positive revisions to prior reports. This means the honey badger labor market will keep the Federal Reserve from pivoting anytime soon. . This has been a theme of mine lately.

Marketing 390
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See Your Home Haunted with this Site

Appraisal Buzz

This article was originally written on foxyai.com and can be found here. Halloween is here and has already taken over! With finding costumes, trick-or-treating, and haunted houses galore, why not join in on all of the fun? Take a picture of your house and make it the ultimate Halloween dream when you upload your picture here. With FoxyAI, you can upload a picture of your home and have it spookified!

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Happy Halloween!

DW Slater Company

Happy Halloween! We wish you a safe and enjoyable Halloween. Enjoy these scary prior posts, just in time for Halloween! The Wylie Ax Murder House- Does Murder Impact the Value of Real Estate? HAUNTED HOUSES, HAUNTED REAL ESTATE. Haunted House Adjustments.

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Lenders convince buyers to ‘marry the house and date the rate’

Housing Wire

The Federal Reserve’s tightening of monetary policy is causing mortgage rates to rise rapidly. For lenders, that means finding new ways to drum up business, like introducing programs that try to convince borrowers to ‘marry the house and date the rate.’.

Buyers 378
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Industry Survey: Personnel Costs Driving Up Mortgage Overhead

Appraisal Buzz

In response to the additional stress on their balance sheets, some mortgage industry firms have announced layoffs, ceased specific products, or shuttered all together. The post Industry Survey: Personnel Costs Driving Up Mortgage Overhead appeared first on Appraisal Buzz. Around The Web

Appraisal 195
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Labor Market Softens in October

Eyes on Housing

Job growth slowed in October as the Fed continues its tightening of financial conditions to fight inflation, but the overall labor market remains tight. The unemployment rate increased by 0.2 percentage points to 3.7%

Marketing 135
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The Risks and Rewards of ACE+ PDRs

Kairos Appraisal Services

The ACE+ Property Data Report is a new component that could allow borrowers on Freddie Mac–eligible loans to avoid a full appraisal inspection on purchases or cash-out or rate-term refinances.

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What is a 2-1 temporary rate buydown?

Housing Wire

As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments.

Sellers 377
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Buyer Demand Softens as Homes Linger on Market

Appraisal Buzz

Although homes are staying on the market longer compared to last year, numbers are still moving faster than pre-pandemic norms. Meanwhile, homebuyers nationwide are pulling back or halting their home searches due to affordability constraints.

Buyers 195
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Affordability Expectations Improve as the Typical Buyer Changes

Eyes on Housing

Prospective buyers in the third quarter of 2022 are more likely to have higher levels of income and education than earlier in the year. This helps explain why affordability expectations have improved.

Buyers 131
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Join us at GroundBreak 2022

GoForrmz

How to find GoFormz at GroundBreak 2022 We are so excited to be attending Groundbreak in New Orleans, this November 7-9, 2022! Before you gear up for the event, we want to help you find GoFormz this year. With 120+ vendors and sessions, planning is a must for a successful Groundbreak experience.

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Rocket’s struggle to adapt to highly volatile market conditions

Housing Wire

Last year, Rocket Mortgage , America’s top mortgage lender, benefited greatly from record low mortgage rates — racking up more than double the refi volume of any lender. .

Marketing 365
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Slowdown in Supply and Demand Force Sellers to Improvise

Appraisal Buzz

As many would-be home sellers are holding onto their existing homes, properties are now staying on the market longer according to the latest Zillow analysis, leaving sellers to try and draw in homebuyers with attractive listings and price drops.

Sellers 195
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Bidding Wars Jump as Top Reason (Remaining) Buyers Can’t Make Purchase

Eyes on Housing

An earlier post revealed that a record 70% of buyers who were actively engaged in the process of finding a home in the third quarter of 2022 have spent 3+ months searching for a home without success. Those buyers also have higher incomes and education levels than in previous quarters.

Buyers 128
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Can You Talk to an Appraiser?

Empire Appraisal Group

More than a quarter of real estate professionals say they avoid having any interaction with an appraiser, falsely believing they legally can’t. Source: Can You Talk to an Appraiser? nar.realtor). eyecrave productions – E+/Getty Images.

Legal 78
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Mr. Cooper makes its biggest job cut yet

Housing Wire

Retail lender and servicer Mr. Cooper has dropped the ax on approximately 800 staffers, roughly a week after hinting that job cuts were coming due to lower origination production.

Retail 360
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Fannie Mae: Lenders Share Pain Points Amid Economic Headwinds

Appraisal Buzz

“Surveyed lenders cited personnel expenses as the primary factors driving up loan origination costs over the past two years,” said Doug Duncan, Fannie Mae’s SVP and Chief Economist. The post Fannie Mae: Lenders Share Pain Points Amid Economic Headwinds appeared first on Appraisal Buzz.

Appraisal 195
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Third Quarter of 2022 Homeownership Rate at 66%

Eyes on Housing

The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 66% in the third quarter of 2022, which is statistically unchanged from the last quarter reading (65.8%). It is 0.6 percentage points higher than the rate in the third quarter of 2021.

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Clear Capital announces global staff layoffs

Valuation Review

#ClearCapital #layoffs

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Fed delivers another 75 bps rate hike

Housing Wire

Amid a surprisingly strong U.S. economic performance and persistent inflation, the Federal Reserve on Wednesday raised the federal funds rate by another 75 basis points, to 3.75%-4%, launching it to the highest level since December 2007.

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More Homeowners Report the Intent to Move Between Metros

Appraisal Buzz

“With a recession looming and household expenses high, many people can’t afford to buy a home in an expensive area and/or want to save money in case of an emergency, which makes relocating somewhere more affordable an attractive option,” said Redfin Economics Research Lead Chen Zhao.

Appraisal 195
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An End to Large Rate Hikes from the Fed?

Eyes on Housing

Continuing its tightening of financial conditions to bring the rate of inflation lower, the Federal Reserve’s monetary policy committee raised the federal funds target rate by 75 basis points, increasing that target to an upper bound of 4%.

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Data, analytics exec details AVM advantages

Valuation Review

#FirstAmericanData&Analytics #AVMtechnology #avmsuite

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Why industry experts don’t expect mortgage rates to fall

Housing Wire

Despite new language in the Federal Open Market Committee statement that suggested a potential slowdown in curbing inflation, Federal Reserve Chairman Jerome Powell maintained a hawkish tone on raising the federal funds rates during Wednesday’s press conference.

Mortgage 343
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High Rates, Inflation Prompt Homebuyers to Migrate to More Affordable Places

Appraisal Buzz

Surging mortgage rates and persistently high home prices are motivating many of the buyers who remain in the market to relocate to more affordable areas, but migration may slow as the economy continues to soften, according to a Redfin analysis.

Appraisal 195
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Construction Job Market Volatility

Eyes on Housing

The count of open, unfilled jobs for the overall economy increased in September, rising from 10.3 million open positions to 10.71 million. This represents a small increase from a year ago (10.67 million).

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FHFA welcomes new chief of staff, executive secretary

Valuation Review

#FederalHousingFinanceAgency #appointed positions #chiefofstaff #executivesecretary

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The great mortgage bank consolidation wave is underway

Housing Wire

One mortgage M&A expert believes that of the 130 or so IMBs that did $1 billion to $2 billion for production in 2021, 17% of them will not even be able to do $500 million over the 12 months ending June 30, 2023.

Mortgage 339
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Bankruptcy Court Weighs in on Case Involving Collections and Past Debts

Appraisal Buzz

Attorney Joel Jensen discusses a recent proceeding involving violations of a bankruptcy rule. Learn the latest and how it could impact the industry. The post Bankruptcy Court Weighs in on Case Involving Collections and Past Debts appeared first on Appraisal Buzz. Around The Web

Appraisal 150
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Share of Young Adults Living with Parents Declined in 2021

Eyes on Housing

Spurred by elevated savings early in the pandemic and encouraged by lower interest rates, rising numbers of young adults left parental homes in 2021.

Law 113