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

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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. UPCOMING (PUBLIC) SPEAKING GIGS: 7/15/2022 Lunch & Learn Market Update (sign up (for real estate agents)) 7/20/2022 Beer & Stats at Out of Bounds (sign up (for real estate agents)) 7/26/2022 […].

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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. “When we started, the idea was to obtain exterior photos as fast as possible, at a time when Uber, Lyft and marketing technology was advancing, and anyone with a smartphone could get exterior photos,” said Toma

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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. On an unadjusted basis, the index decreased 13% compared with the previous week. This week’s results include an adjustment for the observance of Independence Day.

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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). Together and separately these prevent improvements in valuation, including additional services of risk measurement, forecasting, […].

Appraisal 195
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Love What You Do, Do What You Love

The Appraiser Coach

Imagine yourself on a crisp sunny day in February bombing down a hill of fresh powder in your new skis… can you picture it? Or maybe instead of shredding the. Read More.

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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. Alexandria, Virginia-based advisory and brokerage firm Prestwick Mortgage Group , along with its strategic partner, San Diego-based Mortgage Capital Trading (MCT), recently released bid documents for two separate MSR offerings involving loan portfolios valued at $1.85 billion in total.

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More Trending

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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. The RMI is based on a survey that asks remodelers to rate various aspects of the residential remodeling market.

Marketing 181
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Appraisers Should Closely Watch Probe of Departed Brookings Boss

Appraiserblogs

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. If the allegations are true, it means the think tank, under the general’s watch, was secretly taking illicit cash from at least one outside interest group at a time it was engaged in research that irreparably damaged the reputation of the nation’s real estate appraisers.

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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% for the week ending July 8, according to the Mortgage Bankers Association (MBA). The refinance index rose 2% from a week earlier and the purchase index dropped 4%.

Mortgage 393
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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. LLC (PIMCO) and Kah Capital Mortgage Credit Master Fund II LP, each awarded individually.

Investing 195
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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. Both energy and shelter index recorded their largest annual gains since April 1980 and February.

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Desktops Are Being Done WRONG!

Appraiserblogs

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! These reports are being captured and evaluated in the current Desktop observation and testing phase of the UCDP evaluations. Lenders use the UCDP as an initial report Quality Control check so that any problems can be identified, and sent back to the appraiser for correction, before

Appraisal 145
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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. And those fundamental challenges are not going away anytime soon. The third-biggest U.S. mortgage lender by volume on Friday reported a decline in originations, a decrease in gain-on-sale margins and lower revenues from the re-securitiz

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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. All-in-all, some 44 million households rent on an annual … The post Where Can Renters Find the Best Deals?

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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. According to the Bureau of Labor Statistics (BLS) report, average hourly earnings (AHE) for residential building workers were $29.18 in May 2022, increasing 5% from $27.79.

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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. In this article, we’ll walk through several techniques and discuss the advantages and disadvantages of each.

Valuation 130
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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. A decline of the index, benchmarked to 100 in March 2012, indicates lending standards are tightening, while an increase suggests loosening credit. .

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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. The post Ginnie Mae MBS Monthly Issuance Reaches $46B in June appeared first on Appraisal Buzz.

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Customer Success Story: Aldridge Electric

GoForrmz

Aldridge Electric saves time with integrations and an easy-to-use interface for all devices. “ Document visibility is one of our top benefits with GoFormz. Paperwork isn’t being lost, and it isn’t difficult to get to. ” — Nathan Skandera, Quality Manager at Aldridge Electric. The Challenge: Having used multiple digital form solutions in the past, Aldridge Electric needed a system to integrate with Procore and keep accurate records of their safety forms, with a mobile-friendly sol

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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. were considered “equity rich” in the first quarter, up from about 32% a year earlier, according to a new report from ATTOM Data Solutions. Equity rich means that the combined estimated amount of the loan balance on the home was no more than 50% of the home’s estimated market value.

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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. The news raises the specter that the Federal Reserve will raise the benchmark rate by 75 or even 100 basis points at its upcoming July meeting. In June, the Consumer Price Index (CPI) reached 1.3% seasonally adjusted, up from 1% in May.

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Home Supply Experiences First Annual Increase Since 2019, Reports Redfin

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 mortgage rates, high home prices and a faltering economy push more buyers to the sidelines, thereby creating a more balanced market. Home sales fell nearly 16% from a year ago, the largest decline since May 2020.

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ProTip: Auto-Fill Form Fields with Database Information

GoForrmz

Auto-fill your digital forms in just a few clicks Tired of filling out the same information for every form? With GoFormz’s digital forms , you can automatically populate multiple fields at once! The Database field can instantly populate any and all Text fields with a few simple clicks. For example, choosing a customer’s name from a Database field can automatically fill in the customer’s phone number, address, email, and more!

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The Cost Approach: An Underutilized Approach to Value

McKissock

In residential appraising, the cost approach and the income approach have in many cases become less utilized in favor of sole reliance on the sales comparison approach. There are occasions when the income approach can be the primary indicator of value for residential properties, such as developments with a high percentage of homes owned by investors.

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SEC looking at Better.com over alleged securities law violations

Housing Wire

The Securities and Exchange Commission (SEC) has launched an investigation into digital nonbank lender Better.com and its blank check company, Aurora Acquisition Corp., to evaluate allegations of federal securities laws violations, prompted by a former top executive’s recent lawsuit. Better.com and Aurora received requests for documents from the SEC’s enforcement division in the second quarter of 2022.

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Cost of Homes Adjusting to a New Market Equilibrium

Appraisal Buzz

Prospective buyers thwarted by record-high prices and inflationary issues may find relief in the coming weeks as Realtor.com notes softening demand and rising supply may give way to more buying opportunities. The post Cost of Homes Adjusting to a New Market Equilibrium appeared first on DSNews. The post Cost of Homes Adjusting to a New Market Equilibrium appeared first on Appraisal Buzz.

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What Does a Screened in Patio Cost?

Raleigh Realty

Average Screened-in Patio Cost The cost to screen in a patio ranges from $2,000 to $2,800. It costs an average of $2 per square foot for labor and installation and $3-$5 per square foot for materials. If you want to build a screened-in patio from the ground up, the cost ranges from $3,000-$8,000. Screening a patio can help you protect your backyard oasis from pesky summer bugs and various weather conditions.

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The High Cost of Bad Customer Service in Real Estate

McKissock

Just as dark is the absence of light, and cold is the absence of heat, bad customer service in real estate is the lack of something extra. Real estate agents seldom commit blatant errors in their customer service delivery. Rather, their mistakes are of omission : neglecting to provide the little extras, to follow up, to be mindful. Building a real estate operation is all about relationships—and referrals.

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Mortgages are in free fall at JPMorgan Chase

Housing Wire

JPMorgan Chase leaders Thursday provided a glimpse of what’s to come as mortgage lenders begin sharing performance data for the second quarter – and it’s not pretty. Opening the earnings season, the bank reported double digit declines in originations, margins compressions and revenues in a free-fall, demonstrating how higher mortgage rates, the result of the Federal Reserve ‘s tightening monetary policy, are hurting originators.

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Illinois, New Jersey and Ohio Show Highest Foreclosure Rates, ATTOM Reports

Appraisal Buzz

ATTOM ’s Midyear 2022 U.S. Foreclosure Market Report shows there were a total of 164,581 U.S. properties with foreclosure filings – default notices, scheduled auctions or bank repossessions – in the first six months of 2022. That figure is up 153% from the same time period a year ago but down just 1% from the same time period two years ago. “Foreclosure activity across the United States continued its slow, steady climb back to pre-pandemic.

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44 New Home Improvement and Renovation Statistics for 2022

Raleigh Realty

Over the past couple of years, people have been stuck at home. All that staring at the same walls has probably made many realize — it’s been a while since your home had a fresh coat of paint. If you’re considering a home renovation, you might be looking for some insight on what other homeowners are doing. That’s why we’re rounding out some top home renovation statistics so you know what to expect from your next home improvement project.

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Cyndi Deshaies Qualifies for 2022 President’s Club

Lamacchia Realty

For the 2 nd year in a row, Cyndi Deshaies has qualified for the Lamacchia Realty President’s Club! Previously qualifying in 2021 as well , Cyndi is truly a force to be reckoned with. After joining the company in 2018, she quickly grew her business has never looked back. Her passion for real estate and dedication to her client’s success is second to none.

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Fix-and-flip lender Kiavi lays off 7% of employees

Housing Wire

Non-QM lender Kiavi , which specializes in fix-and-flip and investor loans, has laid off 39 employees, sources told HousingWire on Thursday. An email sent to employees on Wednesday morning said Kiavi reduced the size of the firm by about 7% “to reduce our cost structure and protect the financial health of the company.” Kiavi has more than 300 employees, according to the firm’s website.

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Pumping the Brakes

Appraisal Buzz

Jim Albertelli and Stacy Mestayer of Voxtur explain why the housing slowdown could prove to be a boon for mortgage servicing. The post Pumping the Brakes appeared first on DSNews. The post Pumping the Brakes appeared first on Appraisal Buzz.

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