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. Let’s talk about what this means as well as what’s going on in appraisal reports. […]. The post Are home prices declining?

Appraisal 289
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Pending home sales are down 31% from last year

Housing Wire

Pending home sales continued their downward spiral in September, recording a 10.2% month-over-month decline that resulted in an index reading of 79.5, according to data released Friday by the National Association of Realtors. This is the fourth consecutive month of declines. Pending home sales have now fallen in 10 of the last 11 months. Economists predicted that pending home sales would drop by 4.0% in September.

Contracts 527
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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! I hope you find this information helpful! When selling or refinancing a house, an appraisal is typically necessary.

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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. How can structural risk impact the appraisal? These questions and much more will be answered between Tom, Alan, and Joan as they dive into this subject.

Appraisal 358
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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. A possible factor behind this trend is that the inventory of new homes for-sale is 25% higher.

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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. “They will provide more accurate credit scores, and we believe the market, including investors, will be provided with an improved understanding of risk from not just one but two different credit score models,” Sandra Thompson, the FHFA’s director, said during

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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. The post Case Study: Impact of Flood Risk on Property Values appeared first on Appraisal Buzz.

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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. More for-sale inventory and less competition from buyers priced-out by higher mortgage.

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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. 31, but still require the approval of the Federal Reserve.

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Lender Liability for a Negligent Appraisal?

Appraiserblogs

Does a mortgage lender have liability to the borrower for a negligent appraisal? As residential property prices plateau or decline in various markets and as borrowers have financial problems with fewer financing options, there are more legal claims being filed by borrowers against appraisers and lenders in relation to appraisals for loans made in recent years.

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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. The post Pending Home Sales Drop in September appeared first on Appraisal Buzz.

Contracts 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% for the third quarter, down from a 9.0% increase in the.

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How can lenders reduce costs in the home equity space?

Housing Wire

As the mortgage industry faces the realities of rising interest rates, savvy lenders are shifting gears towards the potential profitability of home equity lending. HousingWire recently spoke with Paul Harris, SVP of sales at DataVerify, about capitalizing on the home equity market with the help of automated tech solutions and mutually beneficial partnerships.

Lending 430
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Lowballed… It Is Open Season On Appraisers

Appraiserblogs

ABC TV Documentary: Our America: Lowballed Because this issue was ignored by the appraisal industry, it is open season on appraisers. Because of the lack of credibility or awareness of the diversity issue that the appraisal industry faces by the two primary appraisal industry organizations, The Appraisal Institute and The Appraisal Foundation, there is no counter that can be presented to this continuing storyline.

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Vacant Homes in Foreclosure Record Third Consecutive Quarterly Increase

Appraisal Buzz

The number of zombie properties inched upward in Q4, and though they remain a small portion of the market at just one in every 13,000 residential properties nationwide, those numbers are projected to grow in the aftermath of foreclosure moratoria lapsing. The post Vacant Homes in Foreclosure Record Third Consecutive Quarterly Increase appeared first on Appraisal Buzz.

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. Real disposable income, income remaining after adjusted for taxes and inflation, stayed flat in.

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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. During this year’s conference, content spoke to questions about the economy, how to build a winning team, and attract a community of loyal customers.

Lending 417
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Are You Pricing Your Home Too High For Today’s Market?

Birmingham Appraisal

Don’t Be Guilty of Pricing Your Home Too High. It’s already been said, however, I think it is worth stating again that the market has shifted. It’s important to keep this in mind when pricing your home to sell because if you don’t this could cost you both time and money. In fact, the market continues to shift. Anything that is related to the real estate market that changes has the potential to influence how much you can sell your home for and how long it might take to sel

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Feds Aim to Return Financial Data Rights to Consumers

Appraisal Buzz

A new document outlines a list of proposals and alternatives under consideration for the Consumer Financial Protection Bureau’s data rights rulemaking—strengthening consumers’ access and rights to their financial data—through updates to the Dodd-Frank Act. The post Feds Aim to Return Financial Data Rights to Consumers appeared first on Appraisal Buzz.

Appraisal 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. However, due to higher interest rates, housing’s share of GDP.

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[Wo]mentorship: How to Find and Maintain One

Housing Wire

This panel will explore the power of mentorship and allies among women within lending and real estate and the benefits that these relationships can have for both junior-level and executive women in the industry. How can this relationship help support emerging leaders and balance out a male-driven industry? In what ways can those in the industry help to create an environment that sets women up for success and allows for a sustainable, long-term career?

Lending 417
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Facing Real Estate Challenges with GoFormz

GoForrmz

Get ahead with real estate automation The real estate market has seen a lot of unusual trends in the past couple years, and it’s no surprise things have been pretty weird. In 2021 , we saw houses receive multiple offers and sell for thousands of dollars over asking price within hours. Now as 2022 starts to wind down, a lot of people are trying to forecast how the housing market will turn out in 2023.

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Market Exhibiting Signs of Seasonal Slump

Appraisal Buzz

Median sales price now sits below the highs recorded during June, while inventory hit a recent record high. Click through to find out what else RE/MAX’s National Housing Report found. The post Market Exhibiting Signs of Seasonal Slump appeared first on Appraisal Buzz.

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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.

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American Pacific Mortgage scoops up former FAM employees

Housing Wire

Former employees at Finance of America Mortgage LLC (FAM) are transitioning to American Pacific Mortgage (APM), as the company will shut down by the end of the year, a source with knowledge of the process told HousingWire. . Specifically, California-based APM has hired former FAM staff members in Northern California offices, the source said. The same source explained that there’s no transfer of assets nor is there a merger and acquisition (M&A) transaction. . “As a matter of

Mortgage 417
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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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Commentary: Permanent Forbearance Could Prevent Future Foreclosures

Appraisal Buzz

A new Urban Institute report argues that the normalization of forbearances for life occurrences like job loss could keep thousands out of the foreclosure process every year. The post Commentary: Permanent Forbearance Could Prevent Future Foreclosures appeared first on Appraisal Buzz.

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Employment Situation in September: State-Level Analysis

Eyes on Housing

Nonfarm payroll employment increased in 44 states and the District of Columbia in September compared to the previous month while six states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 263,000 in September, following a gain of 315,000 jobs in August. On a month-over-month basis, employment data was strong in Florida, which.

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Homestar names Gurp Bhandal EVP of national production

Housing Wire

Mortgage lender Homestar Financial Corporation on Friday announced appointing Gurp Bhandal as executive vice president of national production. Bhandal’s professional career spans more than 20 years in financial services. Prior to HOMESTAR, he served as the executive vice president of retail production at AmeriSave Mortgage Corporation and area lending manager roles at Citi.

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Three Ways to Pick a Comp?

George Dell

There are three specific terms used to define what is a comp. It should be competitive, similar, and able to be compared. Competitive means what a ‘typical’ buyer would consider as between the comp, and the subject, if they were available in the marketplace at the same time (the date of value). Similar means “resembling […]. The post Three Ways to Pick a Comp?

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FHFA Approves New Credit Scoring Models for GSEs

Appraisal Buzz

“Today’s decision will benefit borrowers and the Enterprises, along with maintaining safety and soundness,” said Sandra L. Thompson, Director of the FHFA. The post FHFA Approves New Credit Scoring Models for GSEs appeared first on Appraisal Buzz.

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Laurie Howe Bourgeois Qualifies for 2022 Lamacchia Realty President’s Club ELITE

Lamacchia Realty

We are thrilled to share that Laurie Howe Bourgeois has qualified for the Lamacchia Realty President’s Club ELITE for the 2nd year in a row ! Laurie is a frequent flyer in Lamacchia Realty’s President’s Club, achieving the base status in 2019 , 2020 , and 2021 , and 2022. Reaching the ELITE level for two years in a row is quite the accomplishment, demonstrating her ability to consistently sell over $26,000,000 in sales volume.

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How I Earned 100k Followers & Other Social Media Lessons

Housing Wire

One of the biggest benefits of social media for real estate agents and mortgage brokers is the ability to highlight your success stories to connect with clients. Buyers and sellers are spoiled for choice when it comes to finding an agent or lender, so the more you’re able to stay top of mind the more they will remember you when they need you. This panel will explore best practices to capitalize on the tremendous potential of having loyal followers including regulations you need to be aware

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2023 Colors of the Year -- How and Where to Start Incorporating Them Now

Eppraisal

Every year the major paint manufacturers and interior design experts announce Colors of the Year. They choose their Colors of the Year based on design trends and feelings about current events taking place around the world. They also provide ideas on how to integrate the colors into your home. There are already a few predictions about which colors will be trending, and which colors will be announced as Colors of the Year. 2023 Colors of the Year There is a very informative article on bhg.com, wri