Sat.Feb 18, 2023 - Fri.Feb 24, 2023

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The housing market is heating up & still frozen

Sacramento Appraisal Blog

The housing market is definitely heating up for the spring, but it still feels frozen with so many buyers and sellers sitting right now. I recently talked about sellers sitting out of the market, but today let’s look at buyers. UPCOMING (PUBLIC) SPEAKING GIGS: 3/06/23 Matt the Mortgage Guy YouTube Live 3pm PST 3/09/23 Matt Gouge Event […] The post The housing market is heating up & still frozen first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Wells Fargo conducts another round of layoffs in home lending business

Housing Wire

Wells Fargo , the largest depository mortgage lender in America, issued pink slips to employees in its home lending business on Tuesday following its decision to exit the correspondent channel. “I can’t provide any specifics but we announced in January strategic plans to create a more focused Home Lending business,” Tom Goyda, senior vice president of consumer lending communications at Wells Fargo, said in an e-mailed response.

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The Hard to Find (Important) Details

The Appraiser Coach

I’ve recently been looking into real estate as an investor, and I found a rental property relatively close to my home that looked pretty promising. It was advertised as a.

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More homebuyers are blaming their agents — and hauling them to court

Inman

Even though the extreme seller's market is in the rearview mirror, disgruntled clients have been filing more lawsuits against their agents, according to an analysis by Victor Insurance Managers.

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Reasons To Get An Appraisal

Padove Appraisal Service

There are several reasons why someone may want to get a real estate appraisal: Buying or selling a property: If you are buying or selling a property, an appraisal can help determine its fair market value, which can be useful in negotiations and setting a listing price. Financing: If you are financing your purchase or refinancing your existing mortgage, your lender may require an appraisal to ensure that the property’s value is sufficient to secure the loan.

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FHA makes 30 bps MIP cut, mortgage industry cheers

Housing Wire

The Federal Housing Administration (FHA) on Wednesday morning announced a 30 basis point reduction in the annual premium charged to mortgage borrowers. The cut, widely anticipated by the industry, will result in mortgage insurance premiums (MIP) of 55 bps for most borrowers, down from 85. In a statement released Wednesday, the White House said the MIP cut will reduce housing costs by an average of $800 for roughly 850,000 homebuyers and homeowners in 2023.

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It’s a tool, not a solution: What top pros are saying about ChatGPT

Inman

Unchecked and unregulated AI has the potential to blur the lines of authorship and ownership, at the very least. Perhaps the less obvious reason to proceed with caution is ownership of your voice and not abdicating your unique expertise and value to a bot.

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Multifamily Built-for-Rent Share Rises

Eyes on Housing

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the fourth quarter of 2022. For the fourth quarter, 133,000 multifamily residences started construction. For 2022 as whole, 525,000 rental apartments started construction. The market share of rental units of multifamily construction starts increased to almost 98% as the already small condo.

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Opinion: How the title industry protects homeowners

Housing Wire

When people think about the title insurance industry , what comes to mind is often its core products – title insurance policies that protect property rights of homeowners and lenders. But many may be surprised to learn that title and settlement professionals do so much more than conduct title searches, issue policies and process claims. As an industry, our commitment to protection goes beyond title insurance policies.

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Using Equity To Buy A Second Home

D Fritz Appraisals

How to Use Home Equity to Buy Another House Are you dreaming of owning a second home? Using equity to buy a second home can make your dream a reality. Taking equity out of your home to buy another house can be a financially advantageous option, as it allows homeowners to tap into the built-up value of their primary residence without worrying about saving up for a second mortgage.

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How to put AI to work to make more money in your real estate business

Inman

ChatGPT is poised to become a truly disruptive technology — if you know how to use it. As she wraps up this three-part series, Bernice Ross talks with Jeff Lobb about specific content marketing use cases for ChatGPT.

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Multifamily Developer Confidence Remains in Negative Territory in Fourth Quarter

Eyes on Housing

While the two main confidence indexes for multifamily housing increased slightly in the fourth quarter, they both remain in negative territory, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) increased two points to 34 compared to the previous.

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New home sales continue to climb in 2023

Housing Wire

New home sales started off 2023 on a positive note, rising 7.2% from December to a seasonally adjusted annual pace of 670,000 homes, according to data published by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD) on Friday. This marks the second consecutive month of increases and the strongest sales pace since March 2022.

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FAQ #8:  What Happens When the Appraisal Comes Back Under Contract Price?

Riverfront Appraisals

While this is indeed one of the most frequently asked questions we get – especially from homeowners – it’s not a new topic to our blog. I’ve written about it a few times over the years, but since the question keeps popping up, I’ll keep writing about it! As I’ve written about this topic […] The post FAQ #8: What Happens When the Appraisal Comes Back Under Contract Price?

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Opendoor’s losses doubled in Q4 as the iBuyer’s revenue fell 25%

Inman

The dominant iBuyer lost nearly $400 million in the fourth quarter, according to an earnings call Thursday afternoon. That's better than the previous quarter, but a big jump from the same period in 2021.

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Existing Home Sales Continue to Fall in January

Eyes on Housing

As elevated mortgage rates and tight inventory continue to weaken housing demand, the volume of existing home sales declined for a twelfth consecutive month as of January, according to the National Association of Realtors (NAR). This is the longest run of declines since 1999. While mortgage rates have stabilized in January, they are likely to see a rise in the.

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The housing industry is on a mortgage rate roller coaster

Housing Wire

The mortgage industry has been on a roller coaster ride this year due to a resilient economy. In the span of a month, mortgage rates shot up near 7% after dropping to the low 6%-levels. “The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market and the threat of sticky inflation,” said Sam Khater, Freddie Mac ’s chief economist.

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CEO discusses ‘slowdown’ in commercial real estate appraising

Valuation Review

The status of commercial real estate appraising is examined. #Valcre #commercialspacein2023 #appraisers.

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New-home transactions roar to life with strongest sales pace in a year

Inman

A dip in mortgage rates and a backlog of empty homes helped power sales of newly constructed houses for the second-straight month in January, according to data released Friday by the U.S. Census Bureau.

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‘Opportunity’ to Work for Free is Not a Plan

Appraiserblogs

I gave this ‘opportunity’ further critical analysis in terms of time spent versus the fee income potential. Appraisers, I’d like to disclose a personal ‘opportunity’ that was presented to me last fall, early winter. A company with AMC roots was, or is, recruiting people to become “property inspectors” with the resulting reports potentially fed to other appraisers who do HYBRID, or maybe even DESKTOP reports.

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Mortgage delinquency rates improve across the board

Housing Wire

Mortgage delinquencies were down across the board in January, with the overall national delinquency rate declining to 3.38%, a drop of 10 basis points from December, according to Black Knight ’s month-end mortgage performance statistics. National delinquency in January declined 15.1% compared to the same period last year. The number of borrowers 30-days late decreased by 46,000, or 4.8%, from the previous month, while serious delinquencies – which refer to 90-plus days past due – improved again,

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Missing Middle Housing Production Lags

Eyes on Housing

The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. While townhouse construction has trended higher in recent quarters, the multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed. For 2021, there were only 12,000 starts of such residences.

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Offerpad lost $24K on every home sold in Q4 as losses hit record high

Inman

Offerpad sold more than 10,000 homes last year for the first time in company history, but posted a record $121.1 million fourth-quarter loss, according to an earnings call for the iBuyer on Wednesday.

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Top 10 Most Affordable Places to Live in Marin County

Realvals

Marin County is one of the most beautiful counties in California. Located just north of San Francisco, Marin County is known for its hiking and biking trails, redwood forests, sandy beaches, top-tier schools, good food, and great places to live. With all these benefits comes a hefty price tag for housing in the area. This list will hopefully help you decide what areas you can consider when looking for your new house in Marin County.

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Mutual of Omaha Mortgage acquires Keller Mortgage

Housing Wire

Mutual of Omaha Mortgage (MOM) has acquired the assets of Keller Mortgage – the lending arm of real estate holding company kwx – for an undisclosed amount. Keller Mortgage will be operated as an independent division alongside Mutual of Omaha’s existing forward and reverse mortgage division, MOM said in an e-mailed response. “This transaction brings together two leaders in the mortgage industry, leveraging the strengths of each to provide outstanding products and services to homebuyers fro

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GoFormz's Answers to Your Top Digital Form Questions

GoForrmz

Your top questions about digital forms answered Digital transformation is redesigning the way businesses work. Within the last three years, there’s been an increase in remote work and reliance on up-to-date technology. That’s where digital forms come into play. Digital forms have helped many different industries streamline their daily processes and eliminate manual paperwork.

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$1.3B South Florida indie brokerage returns to Keller Williams

Inman

After nearly five years away from Keller Williams, Florida-based indie brokerage Laurie Finkelstein Reader Real Estate has rejoined the Texas franchisor. Finkelstein Reader initially joined Keller Williams in 2011 as the leader of the Laurie Finkelstein Reader Real Estate Team. Her team served buyers and sellers in Broward County, Florida.

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Fla. Top State for 2022 Home Value Increases

Empire Appraisal Group

AndreyPopov, iStock, Getty Images Source: Fla. Top State for 2022 Home Value Increases | Florida Realtors Fla. Top State for 2022 Home Value Increases By Dylan Abad Analysis finds Fla. home prices rose 17.27% last year, the most in the U.S., with Vermont second at 15.15%. But in last-place Idaho, values sank 0.18%. TAMPA, Fla. – Florida home values rose more in 2022 than in any other state, according to data analyzed from real estate company, Zillow.

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Housing Market Tracker: Mortgage rates spike as inventory falls

Housing Wire

Another week down in 2023 and we’re seeing crazier action in the housing market as purchase application data fell, mortgage rates rose again, and weekly inventory took another dive with a noticeable move lower in new listing data. Here is a quick rundown from last week : Purchase applications fell 6% weekly as the market digested the first round of higher rates.

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Top Digital Forms for Engineers

GoForrmz

Capture accurate, thorough data with these digital forms Engineering is a broad field that covers a wide range of disciplines including civil, chemical, electrical, industrial, and mechanical. This variety of engineering reflects the wide range of problems that engineers solve and the various industries and sectors they serve. Since engineers play a crucial role in solving some of the world’s most complex problems, it’s safe to say that they require accurate, thorough data collection to be succe

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Leverage data and analytics to inform your luxury real estate strategy

Inman

Data is everywhere, but that doesn’t mean it’s captured and leveraged effectively. Despite granularity delivering the greatest results and value, many still resort to sweeping generalizations when discussing real estate.

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5 Useful Appraisal Technology Webinars (Exclusive to Members)

McKissock

Here at McKissock, our Unlimited Learning Members enjoy 24/7 access to a wide variety of online resources for real estate appraisers. These include appraisal webinars, job aids, checklists, classes, and much more. Below is a list of five useful appraisal technology webinars available right now in our membership toolkit. If you already have an Unlimited Learning Membership, you can access all of these appraisal technology webinars for free under the “Learning Library” tab in your membership dashb

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How to price homes properly in a volatile housing market

Housing Wire

High-volume home sellers are in a bit of a pickle in today’s market thanks to rapidly rising mortgage rates last year. “We’re just trying to move inventory quickly,” said Lee Kearney, a Tampa, Florida-based real estate investor who has an inventory of between 15 and 20 homes for sale at any given time. “If it’s not moving, change the pricing so it does move.

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Best Neighborhoods In Sugar Land Texas

Houston Properties

One of Houston’s Best Suburbs, Sugar Land is also among the fastest-growing cities in Texas thanks to its re-developed commercial districts and master-planned communities.