Sat.May 22, 2021 - Fri.May 28, 2021

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An open letter to home sellers in a crazy market

Sacramento Appraisal Blog

Dear Sellers, How are things? I hope all is well. The housing market is so chaotic right now, so I wanted to share some thoughts and advice that I thought might help. This is coming from a good place and it’s based on observations and conversations with the real estate community. I hope this helps. […].

Sellers 479
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NAR: Almost 50% of homes sold for more than list price

Housing Wire

The National Association of Realtors Confidence Index Survey for April reveals how hot the housing market is. Per the report, homes that sold had five offers on average , and nearly 50% of homes sold for more than their list price during the four weeks ending May 16. NAR expects home prices in the next three months to increase nearly 6% from one year ago and will increase almost 3% from last year’s sales level.

Realtors 471
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Freddie Mac Names Michael DeVito New CEO

Appraisal Buzz

Former Wells Fargo Head of Home Lending comes out of retirement to lead GSE. The post Freddie Mac Names Michael DeVito New CEO appeared first on DSNews. The post Freddie Mac Names Michael DeVito New CEO appeared first on Appraisal Buzz.

Lending 370
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An Entertainer’s Dream: Top Backyard Upgrades Your Summer Guests Will Eat Up

Cleveland Appraisal Blog

Hello everyone! I hope you’re doing great out there! I am working on a new article that I will share next week. Kelsey Luvisa from HomeLight wrote a cool article for the Cleveland Appraisal Blog on a hot topic in real estate, namely, backyard entertaining. I hope you enjoy their article and the warmer weather! An Entertainer’s Dream: Top Backyard Upgrades Your Summer Guests Will Eat Up.

Appraisal 221
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What are AI, ML, and BS?

George Dell

Misused terms: AI (Artificial Intelligence), ML (Machine Learning), makes you look smart. It makes for clever marketing. And it may be BS. The most important “algorithm” for valuers is A+B=C. Words are important. They help us understand each other and avoid wars. Marketers, in particular, tend to bandy about clever words, designed to impress you […].

Design 195
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VA-like housing bill proposed for first responders, teachers

Housing Wire

New legislation would extend a benefit similar to Veterans Affairs loans to first responders and teachers who buy homes. U.S. Representatives John Rutherford (R-Fla.), Al Lawson (D-Fla.), John Katko (R-N.Y.), and Bonnie Watson Coleman (D-N.J.) introduced the bill , dubbed the Homes for Every Local Protector Educator and Responder Act, on May 13. The bill would allow borrowers to finance up to 100% of the acquisition price.

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More Trending

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Median Age of Construction Workforce

Eyes on Housing

NAHB analysis of the most recent 2019 American Community Survey (ACS) data reveals that the median age of construction workers is 41, the same as a typical worker in the national labor force. While the residential construction has been adding jobs during the pandemic, access to skilled labor is still a business challenge in 2021. The median age of construction.

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[Video] Webinar: 4 Essential Use Cases for the GoFormz and Procore Integration

GoForrmz

Miss out on our GoFormz and Procore use case webinar? Watch a full recording of the webinar and explore the key takeaways below! About the GoFormz & Procore integration The GoFormz and Procore integration empowers construction teams to streamline their field-to-office data captures and workflows. With GoFormz, your construction forms can be digitized for use on phones, tablets, and online from computers – allowing your operation to maintain its original document formatting and rapidly onboar

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How is the housing market impacting real estate agents?

Housing Wire

George Schechter has an entirely new business model. A real estate agent at Compass Florida in Coconut Grove, Schechter has 12 years of experience in the real estate industry, so he’s familiar with its cyclical ups and downs. But today’s housing market has forced him to pivot to remain successful. “This market is like nothing we’ve ever seen,” he said.

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Pending Home Sales Decline Unexpectedly; Rates Erase 2 Days of Progress

Appraisal Buzz

It seemed safe to say, even before the National Association of Realtors® (NAR) released the pending home sale numbers for April, that some analyst somewhere would be able to say, “I told you so.” Trading Economics had a +0.8 consensus estimate while Econoday’s consensus of 2.0 percent was for growth predictions ranging from 0.8 to 5.0 percent.

Realtors 370
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Record Numbers of Builders Report Material Shortages

Eyes on Housing

Shortages of materials are now more widespread than at any at any time since NAHB began tracking the issue on a regular basis in the 1990s, in is survey for the NAHB/Wells Fargo Housing Market Index (HMI). In response to special questions on the May 2021 HMI survey, over 90 percent of builders who buy the product in question reported.

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5 Ways Digital Forms Will Improve Your Remote Team's Collaboration

GoForrmz

Keep your remote team efficient, connected, and productive with digital forms and data capture As remote and hybrid teams become more common in the modern workplace, digital forms have emerged as a powerful tool for streamlining communication and collaboration. Digital forms allow your operation to easily digitize its existing work forms for use on phones, tablets, and computers, or create completely new versions.

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Mortgage rates drop below 3% again

Housing Wire

Mortgage rates fluctuated again last week, down 5 basis points to 2.95% after managing to pop back up to 3% the week prior, according to Thursday data from Freddie Mac ‘s PMMS. Mortgage rates have been hovering around 3% for over a month now, as macro economic factors left the bond market hesitant over the global recovery. “Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow,” said Sam Khater, Fred

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Home Prices Climb 13.2% YoY in March

Appraisal Buzz

Showing no signs of a slowdown, home prices continued to trend upward in March, with 20 major U.S. metros showing double-digit growth year-over-year. The post Home Prices Climb 13.2% YoY in March appeared first on DSNews. The post Home Prices Climb 13.2% YoY in March appeared first on Appraisal Buzz.

Appraisal 370
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Domestic Sawmill Output Not Keeping Up with Construction

Eyes on Housing

The historic climb for lumber prices, combined with delays and higher costs for other building materials, is a significant limiting factor for home building in 2021. Despite a historically low level of overall housing inventory and solid demand due to low mortgage interest rates and demographics, new construction has been unable to add additional needed supply to the market, resulting.

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Appraisal Problems – 5 Options When Appraisals Come In Low

JMV Lending

Our Zillow rep told us yesterday that searches for new homes are down 25% from recent months, as buyers appear to be “fatigued” and are putting their searches on hold. Despite that fact, the market remains extraordinarily hot and we continue to see appraisals come in under contract price all too often. This should not […]. The post Appraisal Problems – 5 Options When Appraisals Come In Low appeared first on JVM Lending.

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Turnkey homes vs. fixer-uppers: The best home for your wallet

Housing Wire

There’s a common misconception that fixer-uppers are less expensive than turnkey properties. While turnkey properties come with a higher price tag , they can be a cheaper investment in the long run. According to a study conducted by Buildword , 53% of buyers who purchased a fixer-upper exceeded their budget, compared to 15% of buyers who purchased a turnkey home.

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Deephaven Adds Andrew Spicer to Lead Correspondent Client Development

Appraisal Buzz

Non-QM residential mortgage loan provider adds 30-year veteran as its new VP of Correspondent Client Development. The post Deephaven Adds Andrew Spicer to Lead Correspondent Client Development appeared first on theMReport.com. The post Deephaven Adds Andrew Spicer to Lead Correspondent Client Development appeared first on Appraisal Buzz.

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Home Prices Soar in March

Eyes on Housing

In March, national home prices continued to rise at a fast — and unsustainable rate — pushed by strong demand and low housing inventory. Home price appreciation accelerated in most metro areas. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 20.0% in March, following.

Inventory 167
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5 Fields to Add to Your Digital Cosmetology Forms

GoForrmz

Optimize your salon and cosmetology forms with these five powerful fields and features Digital forms are a powerful resource for beauty salons and cosmetologists, empowering teams to accelerate the completion of common tasks (like payroll, billing, and client intake) and eliminate traditional administrative demands (like filing, rekeying information, printing, etc.).

Clients 124
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Lenders pick up the pace in closing mortgages

Housing Wire

The average time to close on a mortgage has decreased for a fourth consecutive month to 51 days, according to a new study from ICE Mortgage Technology. The study, ICE’s Origination Insight Report, also found April to be the second consecutive month of slowdown in share of refinances among total originations, dropping to 56% from 63% in March. The percentage of purchase mortgages increased to 43% of total closed loans.

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Forbearances Fall With Job Market in Recovery Mode

Appraisal Buzz

With more Americans returning to the workforce, the number of homeowners in forbearance plans dropped for the 12th straight week. The post Forbearances Fall With Job Market in Recovery Mode appeared first on DSNews. The post Forbearances Fall With Job Market in Recovery Mode appeared first on Appraisal Buzz.

Marketing 370
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Multifamily Built-for-Rent Share: 96% of Starts

Eyes on Housing

According to NAHB analysis of quarterly Census data, the market share of rental units of multifamily construction starts remained elevated at 96% during the first quarter of 2021. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. An average share of 80% was registered during the 1980-2002 period.

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Adding 3 Million Net New Black Homeowners in the Next Decade Can Narrow the Widening Homeownership Gap

Urban

Adding 3 million net new Black homeowners by 2030 can help close the homeownership gap for Black families.

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Mortgage applications decrease 4%

Housing Wire

After two straight weeks of increases , mortgage applications dropped 4.2% for the week ending May 21, 2021, according to the Mortgage Bankers Association ‘s weekly mortgage applications survey. “Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale and rapidly increasing home prices,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

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Deephaven Mortgage Hires Andy Spicer as Vice President of Client Development, Correspondent

Appraisal Buzz

Andrew “Andy” Spicer recently joined non-agency lender Deephaven as vice president of client development, correspondent. Spicer has more than 30 years of correspondent and wholesale mortgage sales leadership experience. Most recently, he directed midwest sales with Caliber Home Loans/Correspondent Lending, and he has held similar positions with MetLife, Bank of America and Washington Mutual Savings Bank.

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Employment Situation in April: State-Level Analysis

Eyes on Housing

Nonfarm payroll employment increased in 33 states and the District of Columbia in April compared to the previous month while 17 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 266,000 in April, following an increase of 770,000 jobs in March. On a month-over-month basis, employment data was strong in California, which.

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Service Coordinators Can Support Public Housing Residents during the Pandemic Recovery and Beyond

Urban

Recent evaluation of the ROSS-SC program reveals how service coordinators connect residents to services in times of crisis, in addition to focusing on longer-term health and education needs.

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Low inventory stifles April’s pending home sales

Housing Wire

Like new and existing sales, pending home sales felt the strain of exhausted home inventory in April ? dropping 4.4% from the previous month to an index of 106.2, according to Thursday data from the National Association of Realtors. Against a pandemic landscape from last April, however, pending home sales signings are 51.7% higher year-over-year. “Contract signings are approaching pre-pandemic levels after the big surge due to the lack of sufficient supply of affordable homes,” said Lawrence Yun

Inventory 433
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The Week Ahead: Gauging Q2 Homebuyer Trends

Appraisal Buzz

This week, the MBA’s seesaw mortgage applications survey will provide some insight into the state of the marketplace, with continued low rates not enough to coax buyers off the fence for fear of overpaying. The post The Week Ahead: Gauging Q2 Homebuyer Trends appeared first on theMReport.com. The post The Week Ahead: Gauging Q2 Homebuyer Trends appeared first on Appraisal Buzz.

Buyers 364
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Fannie Mae not developing new forms, says veteran appraiser

Valuation Review

Valuation Review’s monthly insight from Dustin Harris, “The Appraiser Coach,” focuses on what may be circulating around the profession regarding Fannie Mae introducing new appraisal forms. Harris shared with us his thoughts on this. Read on to find out more.

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Homes With Pools Are Selling at a Premium

Empire Appraisal Group

Homes With Pools Are Selling at a Premium. Source: Homes With Pools Are Selling at a Premium | Realtor Magazine. Homes with pools have become the target of buyer envy since the pandemic began. Pool additions are soaring, and more house hunters say they want one in their backyard, according to HomeLight’s “Top Agent Insights for Spring 2021” report. Prior to the pandemic, many buyers were shunning properties with pools, which present maintenance issues and potential liability.

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Forbearance numbers drop for third consecutive month

Housing Wire

The total number of loans in forbearance managed to fall three basis points last week to 4.22% of servicers’ portfolio volume, according to a report from the Mortgage Bankers Association. A drop-off in the number of exits did mark a slower decline than in recent weeks, however, Monday’s data still marks three consecutive months of downward trend for forbearance volume.

Mortgage 433
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Refis Pulled Back Last Week; Rates Lower Today Despite Bond Weakness

Appraisal Buzz

Mortgage rates moved slightly lower today despite moderate weakness in the bond market. Typically, bond weakness results in rates moving higher , all other things being equal. The most common reason for these sorts of discrepancies can be summed up with one simple word: TIMING. The bond market moves throughout the day. Mortgage lenders, however, prefer to adjust rates only one time each morning, although they will issue mid-day reprices if the bond market is.

Appraisal 349