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

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Existing home sales are still savagely unhealthy

Housing Wire

The savagely unhealthy housing market is continuing as we get closer to August. But, there is one bright spot — inventory is rising. We still have the unhealthy dynamics of noticeable sales declines, but prices are still growing year over year. This has been a concern of mine after the summer of 2020 as inventory levels were breaking all-time lows, facilitating unhealthy home price growth during a more prominent demographic patch in U.S. history.

Inventory 506
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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. UPCOMING (PUBLIC) SPEAKING GIGS: 7/20/2022 Beer & Stats at Out of Bounds (sign up (for real estate agents)) 7/26/2022 Navigating […].

Sellers 468
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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. It states that the buyer will still purchase the home at the contract price, even if the appraised value is lower than the contract price by a certain amount.

Appraisal 397
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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. Hermonstyne will be a member of the company’s senior operating committee and report directly to CEO Michael DeVito and work closely with chief risk officer Anil Hinduja.

Appraisal 370
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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. But during a Thursday press briefing, HUD officials said they are weighing “budgetary implications, tradeoffs within appropriations process and FHA’s role in the broader housing system,” when considering cuts to mor

Insurance 433
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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.

More Trending

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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. These data collection orders will be completed through Property Fingerprint , Class Valuation’s 3D Scanning technology, the company says in a release. Property Fingerprint’s data collection and reporting process are not only built to support programs like ACE+ PDR, but also support desktop and hybrid appraisal processes.

Valuation 370
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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. Through the crypto-lending program, Milo allows borrowers to pledge cryptocurrency through regulated custodians — crypto platforms such as Coinbase or Gemini — and thereby finance as much as 100 percent

Mortgage 424
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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. Traditional, judgment-based appraisal was built on your […]. The post Part I: Why R?

Appraisal 195
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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). The trend in home price appreciation continued albeit at a slower rate as supply finally showed sign of improvement. The median existing home prices in June continued to surpass $400,000, the highest.

Realtors 185
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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%. Breaking … The post First Mortgage Default Rate at Highest Since September 2020 appeared first on DSNews.

Mortgage 358
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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. . After jumping 20 basis points last week to 5.50% , purchase mortgage rates increased this week to 5.54%, according to the latest PMMS survey from Freddie Mac.

Mortgage 393
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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? Nope. Not even close. I blogged several years ago about Why Appraisers Don’t Like “Cost Per Square […]. The post Why Appraisers Adjust So Little For Size Differences appeared first on JVM Lending.

Appraisal 158
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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., goods inputs to residential construction, less energy) prices have increased 4.8%, year-to-date, and are 12.2% higher than they were.

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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. ProxyPics’ Property Data Report product provides a detailed scope of the property structure and its condition to simplify cash out, and certain no cash-out refinance transactions, while averaging delivery turn times of 72 hours.

Training 221
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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. and Stephen Laverne Crabtree were evading law enforcement for “several months.

Mortgage 393
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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. Some areas are starting to show signs of stabilization, especially in the higher-end markets.

Marketing 148
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[Video] Key Takeaways From Our Q2 Office Hours

GoForrmz

Our first ever GoFormz Office Hours highlights key updates, upcoming improvements, and new educational resources. We had a lot to cover in our first ever GoFormz Office Hours , a quarterly webinar hosted by our Senior Director of Product, Kelsey Griswold, and our Director of Customer Success, Alicia Bryan. In today’s webinar we highlighted a variety of powerful new and upcoming updates and resources, including: Our new File Attachment field: Users can now seamlessly attach external files to thei

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Solving Housing Instability Through Vouchers and GSE Reform

Appraisal Buzz

Industry experts took to Capitol Hill to discuss the state of the market and share their insight on ways to create equitable housing opportunities for all nationwide. The post Solving Housing Instability Through Vouchers and GSE Reform appeared first on DSNews. The post Solving Housing Instability Through Vouchers and GSE Reform appeared first on Appraisal Buzz.

Appraisal 195
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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. Those the three areas represent an opportunity for lenders grappling with a deeply challenging mortgage market, Sales Boomerang said in its second quarter mortgage opportunities report. Sales Boomerang reviewed data from more than 170 residential mortgage lenders that use its platform to monitor millions of customer and prospect records.

Mortgage 393
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Federal Valuation Agency Impact on Appraisers & the Public

Appraiserblogs

To establish an independent agency to be known as the Federal Valuation Agency that would oversee the appraisal industry in the name of “equity.” VaCAP has been informed of a Discussion Draft of a Bill introduced into the US House of Representatives that will directly impact every appraiser, appraiser trainee, appraisal firm, and appraisal management company.

Valuation 143
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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.

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Katie Jones Tapped to Lead HR at Fannie Mae

Appraisal Buzz

Experienced human resources executive joins GSE to attract, retain, engage, and develop talent. The post Katie Jones Tapped to Lead HR at Fannie Mae appeared first on DSNews. The post Katie Jones Tapped to Lead HR at Fannie Mae appeared first on Appraisal Buzz.

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Is now a good time to invest in real estate automation technologies?

Housing Wire

The real estate and title markets are dealing with lower vo lumes right now, which means increased competition and pressure for businesses to stay profitable. However, it’s also a good time to invest in digital transformation. HousingWire recently spoke with Michael Valdes, president and founder of Axis Technical Group, about investing in automation technologies as a way to prepare for the next boom cycle.

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FHA Extends Appraisal Validity Period

Appraiserblogs

On July 12, 2022, the FHA announced that it is extending the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year. This applies to case numbers assigned on or after June 1, 2022. This just seems like a bad idea at a time where many markets are seeing price declines. FHA INFO 2022-71 — July 12, 2022 In this Announcement: FHA Implements Revised Appraisal Validity Period Guidance Appraisal Logging Changes in FHA Connection Se

Appraisal 132
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Don’t Fall For These 6 Real Estate Scams

McKissock

Getting involved in real estate can be both rewarding and lucrative. Whether you’re a novice home flipper, a licensed professional or fall somewhere in the middle, real estate done right can be financially life-changing. If you’re looking to rent a property or potentially buy a home, there are countless resources and websites to use to narrow down your search.

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Median Rental Price Hits New High for 16th Consecutive Month

Appraisal Buzz

Nationally, the gap between monthly starter homeownership costs and rents widened by 25.5 percentage points (+$483) from January to June, according to the latest Realtor.com Monthly Rental Report. New data illustrates how higher mortgage rates are increasingly tipping the housing affordability scale in favor of renting over first-time buying. Additionally, more than three-quarters of the … The post Median Rental Price Hits New High for 16th Consecutive Month appeared first on DSNews.

Appraisal 195
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loanDepot sues CrossCountry for “poaching” high-performing LOs in New York

Housing Wire

Anthony Hsieh, founder and CEO of loandepot. Even in a downturn, the loan officer recruiting wars remain fierce. Beleaguered nonbank lender loanDepot is suing rival lender CrossCountry for allegedly dozens of poaching high-performing loan officers from its New York branches. They’re at least the third lender to sue CrossCountry for poaching over the last two years.

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Imagine Running the Lawn Mower Industry Like the Appraisal Industry

Appraiserblogs

I’m on about lawn mowing lately. It’s my new full time passion. The appraisal industry should be as straight forward as lawn mowing, but due to the special interests pressures within the value industry, it has become convoluted and dysfunctional. Can you imagine if they ran the lawn mower industry like they try to run the appraisal industry? Like, we don’t care if that lawn is on slope or not, you can only use this mower and you’re not allowed to be versatile and use anything else.

Appraisal 121
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Most Fun States? Fla. Ranks as No. 2

Empire Appraisal Group

Most Fun States? Fla. Ranks as No. 2. Source: Most Fun States? Fla. Ranks as No. 2 | Florida Realtors. Why should someone move to Fla.? Because it’s officially fun, according to a WalletHub study that looked at entertainment, recreation and nightlife. NEW YORK – A WalletHub study sought to gauge how fun states are by evaluating 65 metrics across three categories: entertainment and recreation, nightlife and parties, and overall costs.

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Craig Crabtree: Housing Affordability Has Become a Major Issue

Appraisal Buzz

PERSON OF THE WEEK: Mortgage interest rates continued to rise this past week, with the average rate for a 30-year fixed-rate mortgage climbing to 5.54%, up from 5.51% the previous week and up significantly from 2.78% a year earlier, according to Freddie Mac. Meanwhile, home prices have increased more than 20% on average during the past year, raising affordability concerns as more potential homebuyers get priced out of the market.

Appraisal 195
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Marcia Davies to speak at HW Annual Oct. 3-5

Housing Wire

Women are not only dominating in the mortgage and real estate industry, but also they are making room at the table for a new generation of women to do the same. To help fuel this growth for future and current women, HousingWire is thrilled to have Marcia Davies, a HousingWire Women of Influence and the founder of mPower — an organization that helps women in the real estate finance industry expand their reach — at the Women of Influence Forum.

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Proposed Rule to Eliminate C&R Fee Tabled

Appraiserblogs

Yesterday morning, I attended the Georgia state appraisal board hearing on the proposed rule to eliminate the C&R fee law they have in place. You know, the one that is similar to the one in Dodd-Frank. The Georgia appraisal board apparently is being investigated by the FTC for their law. They thought that the FTC vs the Louisiana case was a ruling in favor of the FTC when in fact it was not, and wanted to avoid any sort of notion that they were price fixing or of anti trust.

Law 116
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3 Ways to Integrate Technology Into Your Sports Medicine Practice

GoForrmz

Prioritize your athletes by integrating technology into every aspect of your operation while keeping protected health information secure Athletes come and go frequently through the doors of sports medicine practices and facilities. Athletes of all kinds leverage these practices to take care of their bodies, including treatment for injuries, preventative injury treatment, and strength and conditioning.