Sat.Jul 09, 2022 - Fri.Jul 15, 2022

MBA: Mortgage Applications Decline for Second Straight Week

Appraisal Buzz

Mortgage applications has decreased 1.7% on a seasonally adjusted basis from one week earlier, according to Market Composite Index data from the Mortgage Bankers Association ’s (MBA) Weekly Mortgage Applications Survey for the week ending July 8, 2022.

With home sales down, why are home prices still up?

Housing Wire

Looking at the housing market in the years 2020-2024, one risk i identified early on was that home prices could accelerate more in this period than we saw in the previous expansion if inventory channels broke to all-time lows.

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Is the housing market getting back to normal?

Sacramento Appraisal Blog

“The housing market is getting back to normal.” ” I hear that quite a bit, but is it true? Well, yes and no. Let me explain.

Part 3: Fixing an Appraiser Excess?

George Dell

How do Standards effect the excess of appraisers? The excess of appraisers is cyclical. It persists by the five forces of friction: practices, standards education, regulation, and client expectation. In this blog issue, we consider the second friction (appraisal standards).

After Sharp Drop, Mortgage Rates Spring Back Upward

Appraisal Buzz

Freddie Mac reports that mortgage rates climbed back upward to 5.51% this week, just one week after a sharp drop and paced by “runaway” inflation. The post After Sharp Drop, Mortgage Rates Spring Back Upward appeared first on theMReport.com.

The hybrid appraisal is here. Who benefits?

Housing Wire

Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. Sitting in traffic, Tomaszewski wished he could pay an Uber driver to take the photos instead.

More Trending

Share of Two or More Stories New Homes Increased in 2021

Eyes on Housing

Information obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, shows that the rising trend of single-story homes reversed in 2021.

Housing Supply Rises for First Time in Nearly Three Years

Appraisal Buzz

The number of homes for sale nationwide in June rose 2%, the first annual increase since July 2019 —according to a new report from Redfin. Supply has built up as the combination of 5.5%-plus

MSR market picks up in Q3 where Q2 left off: Hot

Housing Wire

Four new mortgage-servicing rights (MSR) offerings for agency loan portfolios valued at some $3.7 billion hit the market as the third quarter of the year kicked off.

5 Valuation Methods for Investment in Real Estate

McKissock

How do you determine the investment value of a property? Well, it’s an art. It’s not like valuing a house in which you are going to live. That would be the homeowner value. When estimating a property’s investment value, there are a variety of real estate valuation methods you can use.

Remodeling Market Declines Year-over-Year

Eyes on Housing

The NAHB/Westlake Royal Remodeling Market Index (RMI) for the second quarter of 2022 posted a reading of 77, declining 10 points from the second quarter of 2021. This is the largest year-over-year decrease since the survey was redesigned in Q1 2020.

Latest Fannie Mae Reperforming Loan Sale Transaction Includes 4,390 Loans

Appraisal Buzz

The results of Fannie Mae ’s twenty-sixth reperforming loan sale transaction include the sale of approximately 4,390 loans totaling $889.75 million in unpaid principal balance (UPB), divided into two pools. The winning bidders of Pool 1 and Pool 3, respectively, were Pacific Investment Management Co.

Manufactured housing’s trek toward acceptance

Housing Wire

In policymakers’ hunt for a scalable, quick solution to the affordability crisis, one model has attracted more attention of late: manufactured housing.

Waters requests implementation timeline of PAVE reforms

Valuation Review

Congresswoman Maxine Waters (D-Calif.), chairwoman of the House Financial Services Committee, sent a letter to the Property Appraisal and Valuation Equity (PAVE) Task Force asking for quick movement to implement its planned administrative actions. Waters would like the committee to be provided with a clear timeline for implementation of each action surrounding PAVE

June Inflation Reading the Highest since 1981

Eyes on Housing

Consumer prices reached a new 40-year high in June as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the fourth straight month for inflation above an 8% rate and was the largest year-over-year gain since November 1981.

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Where Can Renters Find the Best Deals?

Appraisal Buzz

While homeownership is one of the cornerstones of the American Dream, realistically owning a home is just not in the cards for segments of the population. Renting, either by choice or by circumstance, will be the primary way they house themselves for the majority of their lives.

Mortgage application volume dips 1.7% led by decline in purchase mortgages

Housing Wire

Demand for mortgages declined for the second consecutive week, led by a dip in purchase mortgage applications — despite rates on a downward trend. The market composite index, a measure of mortgage loan application volume, decreased 1.7%

Desktops Are Being Done WRONG!

Appraisers Blog

Appraisers, back in April, I was notified by someone “close to the action” of appraisal report submittals to the GSE’s, that many Desktops are being submitted back to lenders TOTALLY WRONG by the assigned appraisers!

Slowdown in Single-Family Permits in May 2022

Eyes on Housing

Over the first five months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 473,997. On a year-over-year (YoY) basis, this is a 2.0% decline over the May 2021 level of 483,878.

Midwest Region Providing Ample Opportunities for Renters

Appraisal Buzz

Kansas, South and North Dakota, top list of the best spots for renters to get the best deal for their dollar. The post Midwest Region Providing Ample Opportunities for Renters appeared first on theMReport.com.

Wells Fargo: Our mortgage business will “naturally” decline

Housing Wire

Wells Fargo ‘s second-quarter earnings reflect the broader challenges mortgage lenders face in such a turbulent market – in just six months, a rapid rise in mortgage rates has eroded consumer demand, shocked capital markets and forced mass industry layoffs.

Appraisers Should Closely Watch Probe of Departed Brookings Boss

Appraisers Blog

The chief of the Brookings Institution, a retired four-star general, resigned last month under investigation of lobbying on behalf of a foreign government and then covering it up.

Since Pandemic Onset, Lumber Products Have Added $14K to House Price, $51 to Rent

Eyes on Housing

Since the relatively low point at the onset of the pandemic on April 17, 2020, lumber prices have been volatile, with record setting spikes interspersed with periods of substantial declines.

The Week Ahead: FHFA Takes Center Stage at House Committee Meeting

Appraisal Buzz

Testifying on Capitol Hill, FHFA Director Sandra L. Thompson will be discussing the impact of the Agency on the progress of equitable housing for all nationwide. The post The Week Ahead: FHFA Takes Center Stage at House Committee Meeting appeared first on theMReport.com.

Opinion: Trusting your data is key to taming origination costs

Housing Wire

One statistic in the Mortgage Bankers Association ’s latest quarterly Mortgage Bankers Performance Report sticks out for all of the wrong reasons.

Sellers’ Market Peak? More Drop Their Asking Price

Empire Appraisal Group

Nearly Half of US Homeowners Considered ‘Equity Rich’. As home prices continue to increase, homeowners are getting richer and richer. About 45% of mortgaged residential properties in the U.S.

Residential Building Worker Wages Continue to Rise Amid Uncertainty

Eyes on Housing

Average hourly earnings for residential building workers* continue to rise in May as the construction labor market remains tight, meanwhile the growth rate is trending down given tightening financial conditions and increased economic uncertainty.

Confidence in Remodeling Market Wanes

Appraisal Buzz

The National Association of Home Builders (NAHB) released its latest Remodeling Market Index which covers the second quarter of 2022. As of this quarter, confidence has declined 10 points to a score of 77 when compared to the second quarter of 2021.

Mortgage credit availability falls 0.3% in June

Housing Wire

Lenders continued to tighten credit standards in June as higher mortgage rates slowed refinance and purchase activity. The monthly Mortgage Credit Availability Index (MCAI) fell by 0.3% in June, according to the Mortgage Bankers Association.

CoreLogic: S&P Case-Shiller reveals home price increases slowed in April

Valuation Review

The CoreLogic S&P Case-Shiller Index showed home prices rose 20.4 percent nationally in April compared with the same month a year ago. In March, home prices grew 20.6 percent. The last price deceleration was in November of last year. Read on to find out more numbers from the report

Raleigh Real Estate Trends + Forecast for 2022

Raleigh Realty

A healthy housing market indicates a healthy national economy. In fact, it’s estimated that owner-occupied real estate accounts for over a quarter of American households’ net worth. It’s no secret Raleigh is an up-and-coming city, but how’s the local real estate market doing?

Ginnie Mae MBS Monthly Issuance Reaches $46B in June

Appraisal Buzz

Against the backdrop of one of the toughest housing markets in history, Ginnie Mae helped support affordable homeownership and rental unit development for more than 164,000 households in June. The post Ginnie Mae MBS Monthly Issuance Reaches $46B in June appeared first on DSNews.

Inflation hits highest level in 40 years as housing market sputters

Housing Wire

Driven by surging prices in gasoline, shelter and food, inflation in the U.S. hit 9.1% in June, the highest level in 40 years, the Bureau of Labor Statistics reported Wednesday.

Florida appraiser discusses the hot topics

Valuation Review

Valuation Review caught up with Realtor, appraiser Frank Gregoire (Gregoire & Gregoire, Inc.) who addressed a wide range of appraisal topics on the minds of professionals within the industry.