Sat.Jun 11, 2022 - Fri.Jun 17, 2022

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Notarize lays off 25% of its workforce

Housing Wire

Notarize CEO, Pat Kinsel publicly announced that his firm had laid off 25% of its workforce (110 employees) in a Twitter thread on Wednesday. This is the second time the 7-year-old, Boston-based remote online notarization (RON) firm has undergone layoffs. In 2019, Notarize was forced to undergo layoffs after financing fell through. “We are exceptionally proud of the team we’ve built and they are leaving through no fault of their own – they are truly the best of the best.

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Fixed-Rate Mortgage Rate Average Jumps Nearly 3 Percent in a Year

Appraisal Buzz

Freddie Mac ’s Primary Mortgage Market Survey (PMMS) results show the 30-year fixed-rate mortgage averaged 5.78% with an average 0.9 point as of June 16, 2022, up from last week when it averaged 5.23%. A year ago at this time, the 30-year FRM averaged 2.93%. “Mortgage rates surged as the 30-year fixed-rate mortgage moved up more than half a percentage point, marking the largest one-week increase in our survey since 1987,” comments Sam Khater, Freddie.

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Why Appraisers Don’t Depreciate Land

Cleveland Appraisal Blog

What’s the difference between a newly constructed home and a hundred-year-old home? Depreciation! When developing an opinion of the market value of a property, what appraisers are really measuring is how much depreciation a property has suffered from, and more specifically how much depreciation the improvements on the land have depreciated. When measuring depreciation using the age-life method, which residential appraisers often use, the first step is to develop an opinion of the value of the la

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The New Debate

The Appraiser Coach

We’ve all heard of the classic debate: What’s the correct way to make a peanut butter and jelly sandwich? Allow me to introduce a new debate: What’s the correct way. Read More.

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How the Fed’s rate hike will affect the housing market

Housing Wire

neighborhood, housing market, Fall, homes, new house sales, forbearance. The Federal Reserve ’s 75 basis point interest rate hike – its largest since 1994 – proves the central bank is laser-focused on slowing inflation, but loan officers and housing economists don’t expect mortgage rates to come down until consumer prices fall. The federal funds rate doesn’t directly dictate mortgage rates, but it does steer market activity to create higher rates and reduce demand.

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House Passes Measure to Increase Financial Equity and Inclusion for All

Appraisal Buzz

The House of Representatives passed HR 2543 by a vote of 215-207, legislation drafted to promote equity for underserved communities and increase access to safe and affordable financial services for all Americans. The post House Passes Measure to Increase Financial Equity and Inclusion for All appeared first on DSNews. The post House Passes Measure to Increase Financial Equity and Inclusion for All appeared first on Appraisal Buzz.

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More Trending

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What Do Home Buyers Buy after Moving

Eyes on Housing

NAHB analysis of Consumer Expenditure Survey (CES) data from the Bureau of Labor Statistics shows that during the first year after closing on a home sale, home buyers tend to spend considerably more money on furnishings, appliances and remodeling compared to non-moving owners. Buyers of new homes spend most, spending four times as much as non-moving owners and twice as.

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Wells Fargo’s rapidly shrinking mortgage business

Housing Wire

Wells Fargo this week warned investors the bank’s mortgage business could drop by almost 50% in the second quarter from the prior quarter. Wells Fargo Chief Financial Officer Mike Santomassimo said higher interest rates have greatly reduced the refinancing market – currently down about 82% from the prior year – and home affordability remains a challenge in the purchase market. “As you would expect, you’re seeing the refinance volume fall significantly — no surprise,” he s

Business 401
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Still Using a Clipboard and a Tape Measure? Get an Inside Look at Tech-Enabled Valuation Solutions

Appraisal Buzz

Technology will continue to infiltrate the industry – learn about how ProxyPics technology and tools will put you at the forefront of real estate transactions as the GSEs continue to evolve valuation options in the digital age. Join us for our upcoming webinar, “ Still Using a Clipboard and a Tape Measure? Get an Inside Look at Tech-Enabled Valuation Solutions ” on June 14th at 2 pm with Luke Tomaszewski, Vin Vomero, and Jordan Yount.

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June Newsletter-Easing Off the Pedal

DW Slater Company

When I was a young poor college student, I got a speeding ticket. When the officer asked me how fast I was going, I told him truthfully that I didn’t know. You see my speedometer had stopped working in my car and I didn’t have the extra funds to fix it so I just drove along with everyone else. Well, in this case, everyone else was speeding. I was the lucky gal that got the ticket.

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Rapidly Rising Building Materials and Freight Prices Push Construction Costs Higher

Eyes on Housing

The prices of goods used in residential construction climbed 1.8% in May (not seasonally adjusted) and have increased 19.4%, year-over-year, according to the latest Producer Price Index (PPI) report. Prices have surged 40.4% since January 2020. Building materials (i.e., goods inputs to residential construction, less energy) prices have increased 5.4%, year-to-date, and are 36.3% higher than they were in May.

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How mortgage lenders are navigating life at 6%

Housing Wire

The markets have been shaken to the core. And it’s led to several sleepless nights for mortgage loan originators and mortgage executives. On Friday, the U.S. Consumer Price Index clocked an 8.6% increase year-over-year in May, 30 basis points above the consensus estimates – and enough for stock futures to sink and bond yields to soar. The price data has changed the expectations for the Federal Reserve ’s meeting on Wednesday, with the market betting on a 75 bps increase in interest rates (compar

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MCT Releases MSR Technology for Mortgage Servicers with Live Loan-Level Pricing

Appraisal Buzz

Mortgage Capital Trading (MCT), a mortgage hedge advisory and secondary marketing software firm, has introduced a new technology for mortgage servicing rights (MSR) buyers to produce more granular pricing for mortgage servicing. The feature leverages an application programming interface (API) to connect MSRlive!, MCT’s state-of-the-art MSR valuation platform to clients’ systems for more precise and accurate loan-level pricing in real time.

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Guide to Buying Apartment Buildings for Sale in Ohio

The Robert Weiler Company

Ohio is one of the top five tax climates in the United States, so it is not surprising that you are looking at the various apartment buildings for sale in Ohio as a lucrative investment. However, an investment in real estate is not something you should jump into without preparation. This purchase can be a great asset, as long as you make a wise choice.

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[eBook] How to Use Calculations in your Digital Form Template

GoForrmz

Leverage Calculations within your digital form Templates to streamline processes, instantly provide totals, and protect data integrity. Features like Calculations allow your form fields to perform anything from simple addition or multiplication to complex Conditional Logic. GoFormz has a Calculation Builder which provides form builders with an intuitive approach to adding calculations to your Template’s form fields and can be easily accessed directly within the Template Editor.

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Fed hikes rates by 75 bps, the largest increase since 1994

Housing Wire

The Federal Reserve (Fed) on Wednesday did something it hadn’t done in more than two decades: it raised the federal funds rate by 75 basis points, to 1.50-1.75%, a hike not seen since 1994. The decision, designed to slow the pace of inflation, which reached 8.6% in May for the highest mark in more than 40 years, has potential to increase the cost of mortgage borrowing. “Overall economic activity appears to have picked up after edging down in the first quarter,” The Federal Open Marke

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Slowing Housing Market Expected Soon

Appraisal Buzz

According to a new report from Fannie Mae’s Economic and Strategic Group (ESR), a combination of rising interest rates and elevated inflation will continue to weigh on the housing market and are now predicting a 1.2% full-year market growth. The ESR is still predicting a modest “economic contraction” beginning in late 2023 due to the … The post Slowing Housing Market Expected Soon appeared first on DSNews.

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Household Balance Sheets in the First Quarter

Eyes on Housing

The latest results from the Federal Reserve’s Z.1 Financial Accounts of the United States, i.e., the Flow of Funds, show that in the first quarter of 2022, the aggregate market value of all owner-occupied real estate in the United States showed the largest year-over-year percentage gain since 2001. Owners’ equity as a percentage of households’ real estate was the highest.

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Is Georgia Going Rogue?

Appraiserblogs

VaCAP has learned the Georgia Real Estate Appraisal Board is considering rescinding rule 539-1-.23. This rule is the customary and reasonable fee requirement to appraisers from appraisal management companies. The matter will be decided at a 9:30 AM Sunday July 17, 2022 meeting. From the Georgia Real Estate Commission and Appraisal Board: RULE 539-1-.23 Appraisal Management Companies Purpose: In light of the recent decision and order In the Matter of Louisiana Real Estate Appraisers Board Before

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Compass and Redfin make cuts amid volatile market

Housing Wire

On Tuesday, the other shoe dropped. With mortgage rates now north of 6% and the stock market officially in bear territory, two of America’s most prominent real estate brokerages instituted large-scale layoffs and halted expansion efforts. Redfin CEO Glenn Kelman said the brokerage/listings platform made the tough decision to lay off 470 workers across several divisions, including its engineering department.

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Kuba Poraj-Kuczewski Named Chief Marketing Officer for New Western

Appraisal Buzz

Former Redfin exec joins provider of distressed residential investment properties to spearhead the firm’s marketing efforts. The post Kuba Poraj-Kuczewski Named Chief Marketing Officer for New Western appeared first on DSNews. The post Kuba Poraj-Kuczewski Named Chief Marketing Officer for New Western appeared first on Appraisal Buzz.

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34 Best Bars in Raleigh: A Guide to Raleigh Nightlife

Raleigh Realty

The fun doesn't stop once the sun goes down in Raleigh. With so many places in each neighborhood to choose from, it’s hard deciding where to start your night off. To take the guesswork out of your next night out, we put together a guide to the 34 best bars in Raleigh. Our team of Raleigh locals has put our heads together to share our top recommendations, so it’s easy to take your next date night or outing with friends to the next level.

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Violating Appraisal Independence Through Harassment, Intimidation & Coercion

Appraiserblogs

It shall be unlawful… to engage in any act or practice that violates appraisal independence… Appraisers, I have written the info below, which you may use if you desire to send to your clients and local real estate offices. It’s time for all appraisers to stand up to this kind of very adverse behavior, done by and promoted by many real estate brokers/agents across the US.

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About 82% of origination comes from purchase mortgages

Housing Wire

Overall mortgage rate lock took a hit in May, led by a drop in refinance activity, both for rate-term refis and cash-outs. In a higher rate environment, lenders were more reliant on the purchase market for origination volumes. Rate locks were down 4.8% last month, according to Black Knight ’s monthly mortgage originations market report. Purchase locks, which are not as rate-sensitive as refinancings, accounted for 82% of the entire share of rate locks in May, the largest slice since Black Knight

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8 Signs of an Increasing or Declining Real Estate Market Trend

Appraisal Buzz

Besides location, one of the most important factors in a residential property’s value is the health of its local real estate market. Appraisers should pay close attention to various current events that may indicate a softening or imbalanced market, or conversely, a robust, healthy real estate market. Similar to a doctor looking for signs of a patient’s health declining or improving, you have signs available to determine the health of a housing market.

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New Yorkers and Californians Flock to Florida

Empire Appraisal Group

New Yorkers and Californians Flock to Florida. By Kelly Hayes. Fla. rents are up because demand is up, and new residents boost demand. In 2020, 167 people moved in for every 100 who left. In 2021, the inbound number was 210. MIAMI – In Florida’s top metros, rents have risen by 24% to 32% in a year. Usually, rents swing by about 1% or 2% per year. New Yorkers and Californians are flocking to the Sunshine State, with Florida reporting the largest year-to-year increase in net migration among all U.

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Have Hunting Land for Sale in Ohio? 9 Tips to Boost Your ROI!

The Robert Weiler Company

Buying commercial real estate is one thing – it requires maintenance and upkeep. Buying hunting land for sale in Ohio, however, is an entirely different situation. Not only does it require maintenance and upkeep for human standards, but if the buyer wants to use it for its intended purpose (you know, hunting) then it needs to be both prepared and maintained for deer.

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Fannie Mae cuts 2022 industry forecast (again)

Housing Wire

Fannie Mae lowered its projections of mortgage originations and home sales for 2022 as mortgage rates continue to climb. Fannie Mae’s Economic and Strategic Research (ESR) Group revised its projected mortgage origination volume to $2.6 trillion in 2022 and $2.2 trillion in 2023. In May, Fannie Mae dropped its mortgage origination volume projection for 2022 to $2.7 trillion and $2.25 trillion for 2023, down from the respective $2.8 trillion and $2.41 trillion projected the previous month. .

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Competition in Housing Market Hits 15-Month Low in May, Redfin Reports

Appraisal Buzz

Nationwide, 57.8% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in May, the lowest level since February 2021, according to a new report from Redfin. That’s down from a revised rate of 60.9% one month earlier and a pandemic peak of 68.8% one year earlier; it marks the fourth-consecutive monthly decline. The typical home in a bidding-war received 5.3 offers in May, down from 6.8 in April and.

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FAQ: How do I make fields Visible based on a Checkbox selection?

GoForrmz

Make your digital forms interactive with Dynamic Field Properties and Automatic Calculations Digital forms have evolved into one of the most powerful tools of the modern workplace. Digital forms offer a wide variety of features and functionalities, including Automatic Calculations. Calculations allow Template builders to easily add simple, yet powerful logic to their digital forms including: Default Values: A value that automatically appears in a field when a form is generated.

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5 Ways to Get to Know Your Community and Local Market

McKissock

As any real estate agent knows, finding quality leads and generating new business starts with cultivating pre-existing relationships. But, if you don’t already have a large referral base or if you are new to the area, generating new leads can be difficult. While novice agents tend to focus more on open houses and cold-calling or spend copious amounts of money on print advertising, successful agents are able to cultivate referrals by working side-by-side with neighbors and collaborators.

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Fannie Mae picks winner of first nonperforming-loan sale of 2022

Housing Wire

Fannie Mae has chosen the winning bidder for its inaugural nonperforming loan sale of 2022, a deal involving 3,223 loans with an unpaid principal balance of $477.2 million that was divided into two separate pools. The top bidder is MCLP Asset Co. , which is registered as a debt-collection agency with the city of New York’s Department of Consumer Affairs and lists its address as being a Manhattan property that also is home to Goldman Sachs’ headquarters — 200 West Street in Manhattan.

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Experts Project Inventory to Improve Gradually

Appraisal Buzz

RE/MAX has released its National Housing Report for May 2022, and although May is deemed one of the most active months of the year for home sales, closings in May 2022 were 8.5% lower than the prior year. However, rates did climb to 5.8% over April. That month-over-month increase was approximately half of the average … The post Experts Project Inventory to Improve Gradually appeared first on DSNews.

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14 Lamacchia Realty REALTORS® Honored on Real Trends America’s Best Real Estate Professionals List

Lamacchia Realty

We are proud to share that 14 of our REALTORS ® have been ranked on the 2022 RealTrends America’s Best Real Estate Professionals. The list includes almost 24,000 U.S. real estate sales associates from every state. Real Trends states the agents listed are the top 1.49% of more than 1.6 million licensed REALTORS® nationwide! Individual Sales Volume Ranking.