Sat.Jan 20, 2024 - Fri.Jan 26, 2024

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The housing market has 80s vibes

Sacramento Appraisal Blog

The housing market has 80s vibes. The 90s are back for clothing, but it’s the early 1980s when it comes to housing narratives. Today, I want to show some headlines from over forty years ago, and I’d love to hear your take. UPCOMING (PUBLIC) SPEAKING GIGS: 01/31/24 Joel Wright & Mike Gobbi Event 9am (on […] The post The housing market has 80s vibes first appeared on Sacramento Appraisal Blog.

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Mortgage rates, inventory and demand rise as price cuts fall

Housing Wire

Housing inventory, new listing data and mortgage rates are all rising, but the price cut data percentages are falling. Traditionally at this time of year purchase apps rise and the number of price cuts fall. However, at the current trend, we will break below the lows in the price cut percentage data that we saw in 2023 in the spring of this year. I will watch for rising mortgage rates to see if they change the weekly data.

Inventory 541
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No Time Adjustments!?

George Dell

Time adjustments are not required. Unless they are needed. Appraisal time adjustments are also labeled as “market conditions” adjustments. Or, more recently in Evidence Based Valuation, “Market Price Indexing (MPI)©”. The FHFA blog post of 1/16/2024 defines “underappraisals” as those loan appraisals which come in below the contract price. The rising market […] The post No Time Adjustments!?

Contracts 338
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Everyperson Syndrome: Signs and Symptoms

The Appraiser Coach

It’s a situation I’ve seen time and time again. Someone in the appraisal office is doing too much. They take all the phone calls. They do all the data entry. They send out all the emails. They update AMCs when needed. They make appointments. What don’t they do? Sleep, probably. I have a term for this kind of behavior: Everyperson Syndrome. I know that many of you think you know where I’m going with this.

Training 195
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Central Bank Central Video Podcast: Miller Samuels’ Chief Sees Stubbornly High Mortgage Rates, Low Inventories

Miller Samuel

A long time friend and journalist Kathleen Hays invited me to speak with her about the impact of the recent Fed pivot on the U.S. housing market. She has extensive experience interviewing experts about the economy from time at Bloomberg Television. She’s started up a very cool Substack: Central Bank Central that features conversations around Fed policy.

Inventory 195
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Many baby boomers live in “time capsules” that need renovations to age in place

Housing Wire

Fifty-five percent of surveyed baby boomers plan to remain in their existing homes as they age, but less than a quarter of those surveyed have any plans to renovate their homes to more safely and easily accommodate natural changes that come with aging. This is according to a new report from home improvement services company Leaf Home and market research firm Morning Consult , which enlisted responses from 1,001 baby boomer homeowners (aged 59–77) and 1,001 millennials (aged 27–42) in late Decemb

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U.S. Population Growth Returns to Pre-Pandemic Levels

Eyes on Housing

According to the U.S. Census Bureau’s latest estimates, the U.S. resident population grew by 1,643,484 to a total population of 334,914,895. The population growth rate reached its highest level since the pandemic at 0.49%. This is just above the 2019 growth rate (0.46%), while slightly below the 2018 growth rate (0.53%). The Census Bureau reports that the primary source for.

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False Claims of Racism Against Appraiser

Appraiserblogs

…my career, business, and health at risk due to false claims made by a homeowner. As a professional real estate appraiser with many years of experience, I have seen my fair share of disputes between homeowners and appraisers. However, the situation I am about to share with you is one that has left me shocked and appalled. It is a story of false claims, intentional infliction of emotional distress, and the damaging effects of a homeowner’s actions on an appraiser’s career, business, and health.

Appraisal 137
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Fannie Mae updates HomeReady, provides temporary $2,500 credit

Housing Wire

Fannie Mae has announced updates to its HomeReady product, including a temporary $2,500 credit for very low-income purchase borrowers to use for down payment and closing costs. Another step the government-sponsored enterprise took was to enhance the best efforts commitments on HomeReady loans. It allows lenders to lock in margins and reduce hedging costs.

Insurance 488
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Attorney lays out how real estate can survive the commission suits

Inman

At Inman Connect, Ed Zorn proposed mandating buyer representation agreements, killing the MLS compensation field, adding a concession field, and creating a fund to pay out settlements.

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All-Cash Share of New Home Sales Remains Elevated in 2023

Eyes on Housing

NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the all-cash purchases accounted for 8.4% of new home sales in 2023—a 1.3 percentage point decline over the year but still the second-highest share since 1991. In contrast, the share of new home sales backed by VA loans fell to a 16-year low of 4.8% in 2023.

Finance 143
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Damned If You Do and Damned If You Don’t

Appraiserblogs

Damned if you do, damned if you don’t has become the new normal in the real estate appraisal profession. The government and those that write the rules have made it illegal (a punishable violation) to refuse an appraisal assignment in an area which consists primarily of non-whites. The government and those that write the rules also state the purpose of an appraisal is to determine the value of the home/property in its market setting, so an underwriter can make a lending decision.

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Demand for mortgages picks up: MBA

Housing Wire

Mortgage demand continued to increase last week, as seen in an uptick in purchase activity. Mortgage applications rose by 3.7% in the week ending Jan. 19 compared to one week earlier on a seasonally adjusted basis, per the Mortgage Bankers Association ‘s (MBA) weekly mortgage applications survey. “Conventional and FHA purchase applications drove most of the increase last week as some buyers moved to act early this season,” Joel Kan , MBA’s vice president and deputy chief economist, said in a st

Mortgage 488
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10 ways to provide concierge service, elevate your UVP

Inman

Attract buyers by taking your value proposition to the next level with advice from Chelsea Hamre from RE/MAX, Julia Boland from Corcoran, DJ Ten Hoeve from Keller Williams at Inman Connect New York.

Buyers 192
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U.S. Economy Ends 2023 With Surprisingly Strong Growth

Eyes on Housing

The U.S. economy grew at a surprisingly strong pace in the fourth quarter, mainly fueled by resilient consumer spending. However, the fourth quarter data from the GDP report suggests that inflation is cooling. The GDP price index rose 1.5% for the fourth quarter, down from a 3.3% increase in the third quarter. The Personal Consumption Expenditures (PCE) Price Index, which.

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Home Prices Continue to Rise, and Detroit Just Beat Miami for the First Time

BiggerPockets

Home prices have grown year over year through the last several months and show no signs of slowing down. Some markets have more momentum than ever and have emerged as early hot spots this year. Here's what you need to know.

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Another homeowners’ insurance carrier leaves California

Housing Wire

Homeowners in California now have even fewer choices in homeowners insurance carriers. The Hartford Financial Services Group , better known as The Hartford, announced Wednesday that it would no longer issue new homeowners insurance policies in California starting in February 2024. The firm noted that this change would also impact The Hartford’s joint homeowners insurance program with AARP.

Insurance 482
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Blame ‘Ziltorfin’: CoStar CEO says competitors souring industry rep

Inman

During his latest ICNY appearance CoStar Group CEO Andy Florance chastised Zillow, Redfin and Realtor.com for prioritizing their bottom line to the detriment of buyers and listing agents.

Agents 192
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Employment Situation in December: State-Level Analysis

Eyes on Housing

Nonfarm payroll employment increased in 39 states and the District of Columbia in December compared to the previous month, while 11 states saw a decrease. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 216,000 in December, following a gain of 173,000 jobs in November. On a month-over-month basis, employment data was most favorable in.

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Fannie Mae Expands Allowance for Attorney-Opinion Letters Instead of Title Insurance. What Is the Backlash All About?

BiggerPockets

As part of its goal to increase affordable mortgage access for homebuyers in the United States, Fannie Mae announced in December that it would accept attorney-opinion letters (AOLs) in place of title […]

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After years of cutting costs, lenders are still not out of the woods: Stratmor

Housing Wire

The past three years in the mortgage industry were cutthroat, with origination volume shrinking, and while things are looking better for 2024 , lenders are still in a position where they must make bold moves to stem losses on the production side of the business, according to a report from Stratmor Group , a mortgage advisory firm. More than half of mortgage executives who participated in Stratmor’s recent survey indicated that they do not believe their companies have turned the corner to b

Mortgage 475
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‘Listing of the future’ will be virtual and multipurpose: ICNY

Inman

AI-driven, personalized listings will include an immersive virtual tour experience and data will be used not just for sales and marketing, but also restorations, renovations and appraisals.

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Housing Share of GDP Inched up In the Fourth Quarter of 2023

Eyes on Housing

Housing’s share of the economy rose to 16.0% at the end of the fourth quarter of 2023. Overall GDP increased at a 3.3% annual rate, following a 4.9% increase in the third quarter of 2023, and a 2.1% increase in the second quarter of 2023. The annual GDP growth in 2023 was reported at 2.5%. Housing’s share of GDP on.

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“Silent Depression” or Complete Delusion: How Bad IS The American Economy?

BiggerPockets

The “silent depression” is here. Just like in 1929, the American economy is ravaged by a declining GDP, plummeting asset prices, widespread unemployment, and a completely fractured banking system. Wait…are any of those things happening today? Not quite.

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High costs and emotions are driving aging-in-place preferences

Housing Wire

Data from research organizations and aging advocacy groups is clear: More older Americans want to age in place in their own homes, as opposed to living in dedicated care facilities. To get a better grasp on this preference, Chicago-based National Public Radio (NPR) affiliate station WBEZ recently featured a dedicated aging-in-place segment. WBEZ spoke with experts and community members about why more older Americans are opting to remain in their homes as they grow older.

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‘Super-connectivity’ the key to uncovering affordability

Inman

At Inman Connect New York's Broker tract, Hilary Farnum-Fasth said that agents need to dig deep into their networks to find the right vendors and partners who can put the buying puzzle together for their clients.

Clients 190
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Brandon Farrell Promoted to Marketing and Media Strategy Manager for Lamacchia Companies

Lamacchia Realty

Friday, January 26 th , 2024- Chief Operating Officer Jackie Louh announced that Brandon Farrell has been promoted to Marketing and Media Strategy Manager for Lamacchia Companies. This promotion makes Brandon a member of the Leadership Team. Brandon has been with the company for 3.5 years when he joined as a photographer/videographer in 2020. As photographer/videographer, Brandon was announced as the Staff Star in November 2021.

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Is House Flipping Ethical?

BiggerPockets

With house flipping activity remaining high across the country, many investors are wrestling with this question: Is house flipping ethical? There are two sides to the argument, both of which we detail here.

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Pending home sales surged in December: NAR

Housing Wire

Pending home sales rose 8.3% month over month in December, according to the newest data from the National Association of Realtors (NAR). It was the largest monthly jump in pending home sales since 2020. NAR’s Pending Home Sales Index (PHSI) increased to 77.3 in December, up from 71.6 in November. On a year-over-year basis, pending sales were up 1.3%.

Contracts 468
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Tokenization of real estate isn’t next. It’s now

Inman

Two real estate agents with experience trading real estate with cryptocurrency were able to explain to the Inman New York audience how tokenization could very well be the answer to funding extensive commercial renovations.

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Housing Statistics for Beginners

Birmingham Appraisal

Mastering the Game: Why Housing Statistics Are Your Secret Weapon in Real Estate Hey there, fellow real estate pros! In the fast-paced world of house sales and market trends, staying ahead of the game is everything. As someone knee-deep in residential real estate appraisal, I’ve got a nugget of wisdom to share: housing statistics are your not-so-secret weapon for leveling up in the real estate hustle.

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From His Grandma’s Couch Making $15/Hour to $30K/Year from ONE Property

BiggerPockets

Could ONE multifamily rental property change your life? Just five years ago, Jaryn Pierson was sleeping on his grandma’s couch, working a minimum-wage job, and getting sober.

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Hackers accessed data of 16.6M customers in loanDepot cyberattack

Housing Wire

loanDepot’s latest update of its ongoing cyberattack shows that hackers gained access to the sensitive personal information of about 16.6 million individuals. The update, released Monday, does not reveal details of the data accessed by the unauthorized third party. “Unfortunately, we live in a world where these types of attacks are increasingly frequent and sophisticated, and our industry has not been spared.

Contracts 474
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With agent as consultant, proptech can unlock more transactions

Inman

Leaders from Better, Point and EasyKnock said that consumers are becoming increasingly curious about alternative financing options — but they still need agents to help guide them.

Agents 184