September, 2022

What Is a Reconciled Value?

Cleveland Appraisal Blog

Have you ever read thru an appraisal report? You may have noticed that there are three approaches to value. The Sales Comparison Approach, the Cost Approach, and the Income Approach.

Housing completion data is now savagely unhealthy

Housing Wire

Housing construction in the U.S. during the brief COVID-19 recession, to that recovery, and now in the new housing recession, is going to go down in history as one of those crazy data lines we lived through. Just to give you some perspective here, at the peak of 2005, we had about 2.24

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Chuck Norris eats 7% mortgage rates for breakfast

Sacramento Appraisal Blog

Housing trends are changing by the week, and it’s time to start believing the Fed when they talk about resetting the housing market. Let’s chat about this today, and I’d love to hear your take in the comments.

Once Upon a Time… A Housing Fairy Tale

Appraisal Buzz

This article was originally published in the latest edition of the Fall 2022 Appraisal Buzz Magazine! To receive this subscription directly, click here. Once upon a time, there was a rich nation which valued many things. There were many owners and “wannabe” owners. The owners wanted to be richer and the wannabes wanted to be like the owners. They all liked value. Some people even became “valuers of things.” They claimed to know value. Value was price. It was obvious. Nothing to talk about here.

An Excess of Appraisers? Part III

George Dell

Editor’s Note: This is Part 3 of the series on Excess of Appraisers and how this cyclical phenomenon is affected by the five frictions of modernization. The emerging excess of appraisers is inevitable and recurring.

Can You Photograph A Smell?

The Appraiser Coach

You may have heard that you can’t have opinions about the color of a room or shaggy carpet as you’re doing your job and walking through homes… that’s dead wrong. Read More.

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Federal judge rules in favor of FHFA on net worth sweeps

Housing Wire

The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac , has been granted summary judgment on the last remaining claim by investors in a lawsuit alleging the government overstepped its authority when it adjusted its stock-purchase agreements with the agencies and allowed net worth sweeps.

Legal 386

Chasing the ball down the road in real estate

Sacramento Appraisal Blog

Sellers have been chasing the ball down the road. What I mean is prices have been going down lately, and sellers are trying to find the market through price reductions. I can’t speak for the entire country, but I’d like to talk about what’s happening locally.

The Role of Appraisal Review in the Risk System – Appraisal Revisions

Appraisal Buzz

This is part three of a three part series on appraisal review – Read parts one and two. When interacting with executive managers, I am often posed with the following question “How do you know when you are looking at a “good” appraisal?” The reality is there is no universal acceptance of a single method of measurement to differentiate “good” from “bad.”

Should We Think About Thinking?

George Dell

Appraisers are paid for their thinking, as well as some other skills. If there is no thinking, it can be called an “Automated” appraisal. Thinking is defined as giving thought to consider or reason about something – using rational judgment. Thinking about thinking can cause discomfort.

The Mysterious “Company Policy”

The Appraiser Coach

Before the COVID-19 pandemic began, my daughter was doing some volunteer work in South America, helping people who have been rescued from the human trafficking industry. She was down there. Read More.

More Women Working in Construction in 2021

Eyes on Housing

The number of women employed in the construction industry increased to over 1.24 million in 2021, as the construction industry was quickly recovering jobs lost earlier during the pandemic induced recession. Currently, women make up 11% of the construction workforce, up from 9.3% in 2002.

New home sales are up 28% — but don’t believe the hype

Housing Wire

New home sales came in as a massive beat of sales estimates, with a 28% month-to-month increase. And, out of the 461,000 new homes available for sale, only 49,000 have been completed and are available to be occupied. These are both crazy stats!

Choosing comps in a changing market

Sacramento Appraisal Blog

I’ve been getting asked lots of questions lately about choosing comps since the market shifted. Here are some things people have been asking me.

Volatile Mortgage Rates Cause More Than Stress

Appraisal Buzz

If one started looking for a home in July, that person has just endured the most volatile mortgage rate environment seen since 1987, when rates were trying to normalize after peaking at 19% a few years earlier.

Appraisal Reform: What’s Missing?

George Dell

What’s missing? Appraisal reform is focused on current ‘urgent’ issues. The problem is that some fundamental, underlying issues are not in focus! The concern is that it’s the underlying foundation that may be the core of the problem.

Take the Plunge!

The Appraiser Coach

A little over a year ago, I went on a vacation with my family to Glacier National Park. While we were there, we took everyone on a hike to St. Read More.

Gypsum Products, Transformers, and Concrete Prices Post Historic 12-Month Increases

Eyes on Housing

The prices of building materials rose 0.5% in August (not seasonally adjusted) even as softwood lumber prices decreased 5.2%, according to the latest Producer Price Index (PPI) report. Building materials prices have climbed 4.9% through the first eight months of 2022 and 14.3% over the past year.

Are we seeing a mortgage rate lockdown?

Housing Wire

The premise of a mortgage rate lockdown is simple: so many American households have such low mortgage rates that some will never move once rates rise, which then locks up housing inventory.

Buyers & sellers feeling stuck in the housing market

Sacramento Appraisal Blog

I love the original Back to the Future movie. Do you too? Well, I can’t help but think of today’s housing market compared to the film. Sellers have tended to be stuck in the past expecting the market to be hotter than it actually is right now.

HUD Awards $5M for Repairing Low-Income Veteran’s Homes

Appraisal Buzz

The U.S. Department of Housing and Urban Development (HUD), in partnership with the U.S. Department of Veterans Affairs, today awarded $5 million in $1 million allotments to five non-profits in support of the Veterans Housing Rehabilitation and Modification Pilot Program (VHRMP).

Is Critical Thinking Really Necessary?

George Dell

Neither Critical, nor Thinking as words together are found in USPAP. Nor are they found in my copy of The Appraisal of Real Estate! Must be important. What is it? Do we need it? Is it worth the effort? I realized that although I have been promoting critical thinking in my classes […].

Charge Your Batteries!

The Appraiser Coach

A couple years ago, I went out and bought a new camping trailer. This trailer, like many other recreational 5th wheels, has a battery that powers it. But this battery. Read More.

Share of Smaller Lots Record High Amid Pandemic

Eyes on Housing

Despite the pandemic-triggered suburban flight and presumed shifts in preferences towards more spacious living, a rising share of new for-sale homes were built on smaller lots.

House passes bill to modernize VA appraisals

Housing Wire

The U.S. House of Representatives this week passed a bill that streamlines the appraisal process for U.S. Department of Veterans Affairs mortgage loans.

Conservation Easement in Ohio: A Guide to Protecting Our Treasured Land

The Robert Weiler Company

The importance of a fully modern open space preservation vehicle – a conservation easement in Ohio – cannot be better summarized than by our 26th President.

Markets Considered Overvalued Increasing as Mortgage Rates Rise

Appraisal Buzz

First American Financial Corporation, a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today released the July 2022 First American Real House Price Index (RHPI).

Join Us at IMTS 2022

GoForrmz

The GoFormz team will be exhibiting at the International Manufacturing Technology Show in Chicago! We are thrilled to be attending the International Manufacturing Technology Show in Chicago , September 12-17, 2022. Will we see you there?

Mortgage Rates Impacting Housing- September Newsletter

DW Slater Company

“Texas is neither southern nor western. Texas is Texas.” ” ~William Blakely. I am a 7th generation Texan on both sides of my family. I can trace my roots back to the Battle of San Jacinto and the Old Three Hundred. If you are from Texas then you get it.

Lot Values Set New Records

Eyes on Housing

Lot values for single-family detached housing starts in 2021 increased across the nation, with the national value and six out of nine Census division values setting new records.

FoA plans to sell retail division to Guaranteed Rate, close wholesale channel: sources

Housing Wire

Amid the most challenging mortgage market in decades, multichannel lender Finance of America (FoA) plans to sell its retail mortgage division and shut down its forward wholesale channel, multiple sources told HousingWire. .

Retail 353

Conservation Easements Pros and Cons: Keep Ohio Cool and Green

The Robert Weiler Company

Summer in the Buckeye State can be a sultry affair. And, surprisingly, one way to beat the heat may involve a unique land protection vehicle known as a conservation easement. From a climate perspective, a green oasis can help cities lessen their urban heat island effect.

Housing Affordability Continues Rapid Annual Decline

Appraisal Buzz

First American Financial Corporation, a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today released the July 2022 First American Real House Price Index (RHPI).

[Video] Key Takeaways for Improving Job Site Safety Management

GoForrmz

Catch the replay of the GoFormz & Procore webinar: Improving Job Site Safety Management Safety touches every aspect of the construction industry. Regardless of an operation’s size, expertise, location, or budget, safety must remain every team's top priority, from the job site to the back office.