Sat.Jul 16, 2022 - Fri.Jul 22, 2022

Do Appraisal Gap Clauses Impact Appraisals?

Cleveland Appraisal Blog

I recently gave a presentation and was asked if appraisal gap clauses impact the way appraisers are developing their opinion of value? In other words, do appraisal gap clauses cause appraisers to be more “conservative”? An appraisal gap clause can be written into a contract.

Market Correction or Seller Panic?

Appraisal Buzz

Unless you’re living under a rock, you have heard that interest rates have been rapidly increasing since Q1 of 2022. The average 30-year fixed rate mortgage rate was its lowest ever at 2.65% on December 31, 2021.

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Buyers take power from sellers. It’s their turn.

Sacramento Appraisal Blog

Finally. Buyers are gaining power. And sellers are losing it. I have some new visuals to show what the market is doing right now. These are for Sacramento, but I suspect many areas look similar.

Smart Inspections

The Appraiser Coach

I was recently contacted by an individual with a question. This woman said that she has been using an iPad for years to do her mobile inspections, but had heard. Read More.

Making Your First Home Purchase Choice

Cleveland Appraisal Blog

Purchasing your first home is exciting! There are a lot of choices to consider. This week, I welcome back guest blogger Shirley Martin, who shares her insights on this topic. I hope you enjoy this one! Image by Pexels. Making Your First Home Purchase Choice.

Dennis Hermonstyne Jr. Leads Compliance Programs at Freddie Mac

Appraisal Buzz

Dennis Hermonstyne Jr. is joining Freddie Mac as senior vice president and chief compliance officer (CCO) as of September 19. He brings over 20 years of experience managing compliance programs for national banks and international financial services companies to Freddie Mac.

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Part I: Why R?

George Dell

Why the letter R? R is a letter. It may be the most important letter to you since Sesame Street! Appraisal services as we have known them continue to decline. AVMs continue to capture a larger market share. Slowly, but surely. But the AVM industry has other issues.

Builder Confidence Plunges as Affordability Woes Mount

Eyes on Housing

Builder confidence plunged in July as high inflation and increased interest rates stalled the housing market by dramatically slowing sales and buyer traffic.

Real House Prices Up 50% YoY

Appraisal Buzz

First American Financial Corporation, a provider of title, settlement and risk solutions for real estate transactions, has released the May 2022 First American Real House Price Index (RHPI). The RHPI measures the price changes of single-family properties throughout the U.S.

The housing market recession continues, despite starts data

Housing Wire

real estate investors and affordable homes. The June housing starts data beat estimates with positive revisions, however, this doesn’t change the housing market recession call that I made last month.

Marin County Home Prices by City – July 2022

Realvals

The following map shows the Marin County home prices by city for July 2022. Insights are below. Marin County home prices continue to increase towards the end of July 2022, for the most part, despite the higher interest rates, time of year, and other macroeconomic factors.

Home Building Construction Times Slow in 2021

Eyes on Housing

The 2021 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 8.2 months, which typically includes a little over a month from authorization to start and another 7.1 months to finish the construction.

First American: Rising Mortgage Rates, Stagnant Incomes Create Home Affordability Crisis

Appraisal Buzz

First American Financial Corp. ’s s May 2022 First American Real House Price Index (RHPI) shows real house prices increased 50.8% year over year but median household income has only increased 4.6% since May 2021 and 71.7% since January 2000.

Despite headwinds, these mortgage companies are hiring

Housing Wire

new jobs hiring, housing jobs, recruiting for mortgage industry. Based on the headlines, one might assume the mortgage business is a complete disaster.

Retail 374

Zillow: Certain doors can increase home values

Valuation Review

A statement-making front door can boost a home’s curb appeal and its value. Research from Zillow finds homes with slate blue or black front doors appeal to more recent and prospective buyers and could sell for a higher price. Read on for more from this report

Existing Home Sales Fall for the Fifth Straight Month

Eyes on Housing

As rising mortgage rates and higher home prices weighed on housing affordability, existing home sales declined for five consecutive months, according to the National Association of Realtors (NAR).

Class Valuation Completes Verification Process for Freddie Mac’s ACE+ PDR Solution

Appraisal Buzz

Class Valuation reports that it has completed the verification process for Freddie Mac’s new ACE+ PDR (automated collateral valuation plus property data report) solution.

FHA borrower fee gridlock draws ire of industry

Housing Wire

The Federal Housing Administration ’s (FHA) decision to withhold a mortgage insurance premium cut has confounded mortgage policy experts and industry stakeholders. HUD officials earlier this year said cuts to borrower fees depended on the number of borrowers behind on their payments.

The Tide is Turning- July Newsletter

DW Slater Company

Here in Texas, we are dealing with a heat wave and drought, reminiscent of the 1980 heat wave. Our power grid and ERCOT (the power grid regulating entity) have been challenged and I found myself checking their real-time grid that tracks the supply and demand of power.

Single-Family Starts Fall to Two-Year Low on Higher Construction Costs and Interest Rates

Eyes on Housing

Increased interest rates, building material supply chain bottlenecks and elevated construction costs continue to put a damper on the single-family housing market. For the first time since June 2020, both single-family starts and permits fell below a one million annual pace.

Firing Up Marketing Efforts as the Market Cools Down

Appraisal Buzz

Mortgage marketers are beginning to lean more heavily on lead providers to maintain volumes, but Rob Rokoff of Verisk Marketing Solutions explains that there are privacy and regulatory issues to navigate. The post Firing Up Marketing Efforts as the Market Cools Down appeared first on theMReport.com.

Milo reaches $10M crypto-mortgage milestone

Housing Wire

Miami-based fintech Milo has closed $10 million in cryptocurrency mortgages since unveiling the product earlier this year, the company announced early Tuesday. The lender’s 30-year crypto mortgage is designed to make it easy for investors to use their digital holdings to acquire homes in the U.S.

What’s the Cost of Living in Raleigh, North Carolina?

Raleigh Realty

With inflation rising 8.6 since this time last year, Americans worry about nationwide price hikes for necessities across the board. It’s tempting to jump right into a new neighborhood when you move, but you need to consider if you can afford your new lifestyle. In this guide, we’re covering the cost of living in Raleigh, North Carolina with data from 2022 that covers prices for all major necessities.

Lumber Price Decline, Record-Setting Volatility Highlight June PPI Report

Eyes on Housing

The prices of goods used in residential construction climbed 1.5% in June (not seasonally adjusted) even as softwood lumber prices fell 23%, according to the latest Producer Price Index (PPI) report. Prices have surged 41.7% since January 2020. Building materials (i.e.,

First Mortgage Default Rate at Highest Since September 2020

Appraisal Buzz

Credit rating agency Experian, along with the S&P Dow Jones Indices, has released its latest monthly iteration of its Consumer Credit Default Indices Report for June 2022 which aims to represent a “comprehensive” measure of changes in consumer credit default rates and shows that the composite default rate rose two basis points to 0.53%.

Purchase mortgage rates rise ahead of Federal Reserve meeting

Housing Wire

Purchase mortgage rates increased for the second consecutive week but at a slower pace as the market chewed on the latest U.S. inflation data, the expectation of a tightening Federal Reserve ’s monetary policy, and its economic impacts. .

Avetta partners with real estate investment company

Valuation Review

Avetta, a provider of supply chain risk management software, has partnered with QuadReal Property Group to enhance the company’s Code of Conduct & Ethics data collection through the Avetta One platform. The companies said the partnership offers QuadReal a new tool for relationship building and greater visibility into its supply chain operations

The Share of Wood-Framed Homes Increased in 2021

Eyes on Housing

Lumber prices have been on a roller-coaster ride over the past two years and reached to an all-time high price of $1,515 per thousand board feed in the week ending May 21, 2021, as reported by Random Lengths.

Purchase Mortgage Apps for New Homes Slip in June

Appraisal Buzz

Recent Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for June 2022 shows mortgage applications for new home purchases decreased 12 percent compared from a year ago. Compared to May 2022, applications decreased by 10 percent.

Houston fugitives in custody on mortgage fraud charges

Housing Wire

Three alleged charlatans from Houston have been nabbed by federal authorities and taken into custody on charges related to mortgage fraud, credit repair and government loan fraud, the Department of Justice said on Friday. The DOJ claims that Heather Ann Campos , David Lewis Best Jr.

Why Appraisers Adjust So Little For Size Differences

JMV Lending

If a 2,000 square foot house sells for $800,000, the price per square foot is $400. So, if a nearby house is 2,200 square feet, it should be worth an additional $80,000 (200 sq ft x $400), right? Not even close.

[Video] Key Takeaways From Our Q2 Office Hours

GoForrmz

Our first ever GoFormz Office Hours highlights key updates, upcoming improvements, and new educational resources.

ProxyPics Partners with Freddie Mac to Simplify Refinance Mortgages in the Digital Age

Appraisal Buzz

Chicago — ProxyPics makes wave as the first Property Data Report provider for Freddie Mac’s ACE+ PDR (automated collateral evaluation plus property data report), launch made effective on July 17, 2022.

In a bad mortgage market, these are areas of opportunity for lenders

Housing Wire

Home listings grew, credit scores improved and tappable home equity increased in the second quarter of 2022 from the first quarter.