Sat.Oct 22, 2022 - Fri.Oct 28, 2022

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Are home prices declining? What are appraisers saying?

Sacramento Appraisal Blog

Home prices are the holy grail in real estate, and it almost seems sinful or off-limits to say they’re going down. But let’s be real. That’s what is happening right now locally and in some other portions of the country.

Appraisal 269
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7 Ways to Prepare for a Home Appraisal

Cleveland Appraisal Blog

Are you anticipating having your home appraised? How can you prepare for the inspection? This week I welcome back guest blogger, Betty White, who shares her thoughts on ways to prepare. While she is not an appraiser, I am, and I agree that these things can help!

Appraisal 306
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The case for mortgage rates to fall in 2023

Housing Wire

On Thursday, the gross domestic product data for the third quarter showed the U.S. economy grew at a rate of 2.6%, breaking the negative GDP streak we had in the past two quarters.

Mortgage 426
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What You Need to Know about Structural Risk

Appraisal Buzz

*The Appraisal Buzzcast Video will appear here at 5 am on 10/26*. Today’s Buzzcast interview is with Tom Winant and Alan Jeary of STRAAM Group. We sat down with Tom, Alan, and Joan Trice, Founder of Allterra Group, LLC, to discuss what the appraisal industry needs to know about structural risk.

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All-Cash New Home Sales Outnumber FHA-Backed for the First Time Since 2007

Eyes on Housing

NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the U.S. Census Bureau reveals that new home sales financed through FHA numbered 11,000 and accounted for 7.5% of the total in Q3 2022–the smallest share since the fourth quarter of 2007.

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[Video] Key Takeaways From the GoFormz Q3 Office Hours Webinar 2022

GoForrmz

Watch the replay of our Office Hours webinar and catch up on the latest GoFormz features In this webinar, Kelsey Griswold, Sr. Director of Product Management, and Alicia Bryan, Director of Customer Success, explore some enhancements to the GoFormz platform.

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Average Down Payments on Homes Rise Nationwide

Appraisal Buzz

According to a new LendingTree study, the average down payment on homes across the 50 largest U.S. metros analyzed has now topped $62,000, an overall 35% increase compared to 2021. The post Average Down Payments on Homes Rise Nationwide appeared first on Appraisal Buzz. Around The Web

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More Buyers Taking a Look at New Construction

Eyes on Housing

After bottoming out at 19% in the first quarter of 2022, the popularity of new homes continues to rebound, as the share of buyers looking for new construction rose to 21% and 27% in the second and third quarters of the year, respectively.

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Turning a Corner- October Newsletter 2022

DW Slater Company

Happy October and Happy 8th Anniversary to our blog and 7th Anniversary of our newsletter. The first newsletter was published in September 2015.

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FHFA to replace Classic FICO with more inclusive credit model 

Housing Wire

The Federal Housing Finance Agency (FHFA) on Monday announced that it is replacing the Classic FICO credit model, which Fannie Mae and Freddie Mac have relied on for nearly 20 years, for the FICO 10T and VantageScore 4.0.

Finance 377
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Pandemic Migration Could Play Role in November Election

Appraisal Buzz

“The pandemic-driven wave of relocation to suburbs and rural areas—which tend to lean more conservative than city centers—made those toss-up places more diverse,” said Taylor Marr, Redfin’s Deputy Chief Economist.

Appraisal 195
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Buyers’ Expectations of Housing Availability Continue to Improve

Eyes on Housing

For the second straight quarter, more prospective buyers expect housing availability to improve. In the third quarter of 2022, 37% of buyers expect the home search to get easier in the months ahead, up from 17% and 22% in the first and second quarters of the year, respectively.

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Woody Fincham Joined Keith Smith, Nikki Chambless & Jerry Miller On “Real Talk With Keith Smith!”

Valuation Nation

Uncategorized Appraisal Appraisal institute market analysis real estate valuation

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Where’s the bottom for new home sales?

Housing Wire

September new home sales beat expectations, but don’t get too excited. While monthly supply rose in this report, the previous reports were all revised lower and sale levels are still historically low.

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Housing Migration’s Effect on Polling Data

Appraisal Buzz

Early in the pandemic, many made the decision to leave urban centers in favor of the suburbs and beyond. But according to Redfin, those who moved took not only their belongings but also their voting preferences too, turning some counties from red or blue to purple.

Appraisal 195
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Economic Growth and Signs of Cooling Inflation in Third Quarter

Eyes on Housing

Real GDP grew in the third quarter, after shrinking for the first two straight quarters of 2022. This quarter’s growth was mostly fueled by a decline in the trade deficit. More important, the data from the GDP report suggests that inflation is cooling. The GDP price index, rose 4.1%

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HOW MANY PEOPLE HAVE LIVED IN A REAL HAUNTED HOUSE?

Empire Appraisal Group

2022 Study: More Than Half of Buyers Would Purchase a Haunted Home in a Competitive Market. HOW MANY PEOPLE HAVE LIVED IN A REAL HAUNTED HOUSE?

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Pennymac imposes a new round of layoffs ahead of Q3 earnings 

Housing Wire

Nonbank mortgage lender and servicer Pennymac Financial Services imposed a new round of layoffs to its employees this week, ahead of its third-quarter earnings report on Thursday. .

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Case Study: Impact of Flood Risk on Property Values

Appraisal Buzz

“The above analysis clearly indicates a property in flood zones sells for less and appreciates slower over time than a similar property outside flood zones, given everything else is equal, in Miami,” according to CoreLogic’s report.

Appraisal 195
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Inflation Brings Savings Rate Down In September

Eyes on Housing

The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.4% in September, the eighth consecutive monthly increase of this year. Gains in personal income are largely driven by increases in compensation of employees and personal income on assets.

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What’s New in Appraisal Membership: October 2022

McKissock

McKissock’s Unlimited Learning Members enjoy 24/7 access to a wide array of online appraisal classes, webinars, videos, podcasts, checklists, job aids, and other resources.

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Prioritizing client experience will be key for brokers in 2023

Housing Wire

Independent mortgage brokers are beginning to have the products and tech tools needed to compete with banks and large retail lenders, and customers are reaping the benefits of this growing channel. HousingWire recently spoke with Desmond P.

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Pending Home Sales Drop in September

Appraisal Buzz

The National Association of Realtors’ latest Pending Home Sales Index showed transactions sliding by 31% year-over-year. Contract signings also pulled back in all four major U.S. regions, with inflated mortgage rates continuing to hinder homebuyers from purchasing a home.

Contracts 195
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Housing Share of GDP Continues to Decrease

Eyes on Housing

Housing’s share of the economy edged lower at the end of the third quarter of 2022. This is the first quarter where GDP increased for 2022, with overall GDP increasing at a 2.6% annual rate, following a 0.6% decrease in the second quarter and 1.6% decrease in the first quarter.

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How to Avoid a Low Property Appraisal

Valcre

Appraisals are a necessary part of anyone looking to buy or sell a property, and commercial real estate appraisals differ vastly from residential appraisals

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Sluggish Flagstar, NYCB merger deal clears major hurdle

Housing Wire

More than 18 months after the planned merger was announced, Flagstar Bank and New York Community Bank on Friday received approval by the Office of the Comptroller of the Currency. The depository banks, which first announced plans 19 months ago, extended their agreement to merge from Oct. 31 to Dec.

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Pending Home Sales Drop for Fourth Consecutive Month

Appraisal Buzz

The latest analysis from the National Association of Realtors revealed pending home sales slipped in September, down 10.2% from August, decreasing in all regions compared to 2021. The post Pending Home Sales Drop for Fourth Consecutive Month appeared first on Appraisal Buzz. Around The Web

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Prospect of Higher Rates Leads Some to Consider Buying a Home

Eyes on Housing

The share of adults planning a home purchase within a year rose to 15% in the third quarter of 2022, up from 13% in the first half of the year. The marginal increase suggests that the prospect of higher mortgage rates in the near term may be leading a small segment of consumers to consider the purchase of a home. Read More › Economics Housing Trends housing economics housing trends report

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CFPB Reminds Lenders to Have a Clear Reconsideration of Value Process

McKissock

The Consumer Financial Protection Bureau (CFPB) recently posted an article to remind financial institutions that they must have a reconsideration of value process in place, and that the process should be clear and actionable.

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HousingWire Annual On-Demand 2022

Housing Wire

All Things Housing. HousingWire Annual is where the community from across the housing ecosystem comes together to share strategies, drive business, discover new technologies, discuss best practices, and meet industry leaders.

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Report: Delinquent Borrowers Finding ‘Alternatives to Defaulting’

Appraisal Buzz

“The share of U.S. borrowers who are six months or more late on their mortgage payments fell to a two-year low in August and was less than one-third of the pandemic high recorded in February 2021,” said Molly Boesel, Principal Economist at CoreLogic.

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New Home Sales Fall Back in September

Eyes on Housing

Rising mortgage rates approaching 7% along with declining builder sentiment stemming from stubbornly high construction costs and weakening consumer demand pushed new-home sales down at a double-digit rate in September.

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Lender Liability for a Negligent Appraisal?

Appraisers Blog

Does a mortgage lender have liability to the borrower for a negligent appraisal?

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Top LO Shant Banosian on how to prepare for 2023

Housing Wire

Everyone knows that the current market is a challenging environment for housing professionals, as high rates mean fewer originations and even less refi business. But according to Shant Banosian, Guaranteed Rate’s top-ranked loan officer, now is the time for LOs to show up and work hard. “In