Appraisal Buzz
SEPTEMBER 6, 2024
Douglas G. Duncan Douglas G. Duncan , current SVP and Chief Economist at Fannie Mae, has officially announced his retirement via a LinkedIn post late Friday afternoon. Duncan’s post on his LinkedIn page ended speculation of an impending retirement and exit from the GSE. “I noticed someone ran a story about me retiring, so I thought I had better do it,” said Duncan in his post.
Housing Wire
SEPTEMBER 6, 2024
In 2022, I argued that the Federal Reserve won’t pivot until the labor market breaks. This means that the Fed will need to create such a slowdown in the labor market that nobody will question their action when they pivot. This is what I call the “cover cuts” policy. After today’s jobs report and the negative revision to this report and the previous ones, it is safe to say nobody outside of crazy people who want to see America go into a recession will question the Fed rate cut that will happen th
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Housing Wire
SEPTEMBER 1, 2024
Have we seen the peak in housing inventory for 2024? The best part about 2024 has been that higher mortgage rates have created an inventory buffer, so if the economy gets softer and rates fall, we have many more homes to work with than we had in 2020-2023. I have consistently written that with mortgage rates above 7%, inventory should grow between 11,000-17,000 and this year it has happened six times perfectly in the channel.
Sacramento Appraisal Blog
SEPTEMBER 5, 2024
I hear it all the time. “Five months of supply is a balanced housing market.” Is that really true though? Let’s unpack this today and digest the importance of narratives and national vs local stats. I know this sounds like geeky stuff, but it’s so important (see action steps). Any thoughts? I’VE BEEN GONE FOR […] The post Bro, is 5 months of supply really balanced?
Real Estate News
SEPTEMBER 5, 2024
More choices and lower mortgage rates may bring out late-season buyers, and they could have an advantage over those who wait until spring.
George Dell
SEPTEMBER 4, 2024
A Body of Knowledge committee? I was just getting acquainted with the Appraisal Institute service structure. At one of the first of many times at AI national or Board meetings, it seemed a good idea to find a committee focused on where I might be able to genuinely contribute. Upon noticing there was a Body […] The post What New Body of Knowledge?
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Inman
SEPTEMBER 3, 2024
Anthony Lamacchia said threats of severe penalties for commission violations leveled by plaintiffs lawyer Michael Ketchmark and Consumer Advocates in American Real Estate are "unnecessary.
Real Estate News
SEPTEMBER 3, 2024
The policy, which was designed to discourage the sharing of listings via private networks outside the MLS, is being called into question.
Eyes on Housing
SEPTEMBER 5, 2024
House price appreciation was recorded in all 50 states and the District of Columbia. Limited resale inventory and strong growth in demand continued to put upward pressure on house prices. Nationally, house prices grew at a relatively slower pace, compared to double-digit annual growth during the COVID-19 pandemic. According to the quarterly all-transactions House Price.
Appraisal Buzz
SEPTEMBER 6, 2024
Renting, traditionally seen as a more affordable option compared to homeownership, has become increasingly expensive in many of the nation’s largest cities. A recent analysis by LendingTree , using data from the U.S. Department of Housing and Urban Development (HUD) , paints a stark picture of how Fair Market Rents (FMRs) for one- and two-bedroom units have surged across the country over the five-year span of 2019-2024.
Housing Wire
SEPTEMBER 5, 2024
Declining mortgage rates have yet to break the dam on the stalled housing market, but the sweet spot on rates that would get the market moving again is about 5%. That’s according to a new survey from Mphasis Digital Risk, which revealed that 42% of prospective buyers said a 5% rate would get them back in the market. An additional 27% said they’re targeting a 4% rate, while 20% say it’s 6%.
Inman
SEPTEMBER 2, 2024
Buyers failed to bite this summer despite falling mortgage rates. It has agents about as down on their business prospects as they've been all year heading into the NAR settlement era, according to Intel's Client Pipeline Tracker.
Real Estate News
SEPTEMBER 4, 2024
With new industry rules now in effect, the association has released additional resources for buyers and sellers that focus on ethics and steering.
Eyes on Housing
SEPTEMBER 4, 2024
Due to slowing home construction and elevated interest rates, the count of open construction sector jobs continued to decline in July, per the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS). However, this shift lower is also consistent with a cooler overall labor market, which is a positive sign for future inflation readings.
Appraisal Buzz
SEPTEMBER 5, 2024
The results of a poll conducted among 1,818 U.S. adults nationwide show that nearly half of prospective homebuyers are having difficulty paying for basic housing expenses and that the affordability of home insurance is a key consideration in their decision to relocate. The survey was conducted by Mphasis Digital Risk. The trajectory of interest rates and what Americans refer to as their “magic number”—the mortgage rate that would compel them to buy a home—have them feeling more optimistic than t
Housing Wire
SEPTEMBER 6, 2024
The reverse mortgage industry is pressing ahead with a chance at lower interest rates later this month. While there were signs of weakness in performance metrics in August, there are also commensurate signs of encouragement, according to industry experts. Home Equity Conversion Mortgage (HECM) endorsements fell by 3.3% from July to August, with the total of 2,200 falling reasonably in line with Federal Housing Administration (FHA) HECM case numbers that posted their own gains in July.
Inman
SEPTEMBER 7, 2024
They've been fighting since 2020, and now NAR plans to take the Department of Justice to the nation's highest court to enforce a previous settlement.
Real Estate News
AUGUST 31, 2024
Corcoran Icon adds Silicon Valley office; @properties IND grows; E&V expands in Costa Rica; CB nabs $1B team; C21 adds two firms; Realty ONE hits milestone.
Appraiserblogs
SEPTEMBER 6, 2024
The harassment campaign benefits a number of odd bedfellows: the housing lobby, which wants unfettered access to federal funds and taxpayer-backed mortgage guarantees through Freddie, Fannie and the FHA – they see appraisals as an unnecessary bottleneck. A firm called Mizrahi Kroub is the largest filer of so-called “digital Americans with Disabilities Act lawsuits.
Appraisal Buzz
SEPTEMBER 3, 2024
A recent study has brought to light the financial advantages of working with Independent Mortgage Brokers, underscoring the significant savings and inclusive support they offer to a diverse range of homebuyers. The study, conducted by Polygon Research and backed by Willow Canyon Advisors and United Wholesale Mortgage (UWM) , analyzed 2023 data, and found that consumers who choose Mortgage Brokers over nonbank retail lenders can save an average of $10,662 over the life of their loan.
Housing Wire
SEPTEMBER 6, 2024
Millennials and members of Generation Z now make up the majority of military veteran and active-duty homebuyers, but not all cities offer good situations for them. To that end, Veterans United Home Loans conducted a study to find which housing markets are best for current and former military members in these two generations. It concluded that the most favorable markets are on the East Coast and in the Midwest.
Inman
SEPTEMBER 6, 2024
Keeping clients fully informed and helping them to think ahead about the logistics and financial implications of a second-home purchase can create more positive feelings and better outcomes, Jonathan Pressman writes.
Real Estate News
SEPTEMBER 6, 2024
A mixed August jobs report has economists speculating about how deep of an interest rate cut the Federal Reserve might make on Sept. 18.
Eyes on Housing
SEPTEMBER 6, 2024
Today’s jobs report and the newly released preliminary estimate of the benchmark revision indicate that the U.S. labor market is slowing from its overheated state in 2021 and 2022 but remains stable. Among all sectors, construction led the August job gains, adding 34,000 jobs to payrolls. Additionally, wage growth accelerated in August. Wages grew at.
Appraisal Buzz
SEPTEMBER 2, 2024
The July 2024 CreditGauge , a monthly analysis by VantageScore that shows the general state of consumer credit in the U.S., was issued. Lenders and consumers had a more conservative credit stance through the end of July. Although the average customer’s credit score, which is determined by VantageScore 4.0, is still quite high at 702, overall consumer credit usage dropped to 51.6%, a four-year low, as a result of increased credit caution.
Housing Wire
SEPTEMBER 3, 2024
With elevated mortgage rates having persisted over the past two years, Federal Reserve Chair Jerome Powell indicated recently that a cut to the federal funds rate at this month’s meeting of the Federal Open Market Committee (FOMC) is on the table, which would likely have the effect of driving mortgage rates lower. Elevated interest rates have been part of the reality for the forward and reverse mortgage channels since the waning days of the COVID-19 pandemic.
Inman
SEPTEMBER 6, 2024
Amid the current economic turmoil, including fears of a potential recession and recent significant stock market declines, real estate professionals must remain vigilant and adaptable, Victoria Kennedy writes.
Real Estate News
AUGUST 31, 2024
The president of Better Homes and Gardens Real Estate is focused on moving forward. "You can spend your energy fighting what’s happening, or lean into it.
Eyes on Housing
SEPTEMBER 5, 2024
The Market Composite Index, a measure of mortgage loan application volume by the Mortgage Bankers Association’s (MBA) weekly survey, saw a month-over-month increase of 10.7% on a seasonally adjusted (SA) basis. Compared to last August, the index increased by 20.8%. While the Purchase Index declined by 2.9%, month-over-month, the Refinance Index jumped 30.8% as borrowers.
Appraisal Buzz
SEPTEMBER 5, 2024
With the total number of homes on the market at its greatest point since May 2020 and interest rates about to start declining, buyers will have more options this autumn. The Realtor.com August Housing Trends Report shows that the number of homes actively for sale increased by 35.8% in August, marking the tenth consecutive month of growth in this number of properties.
Housing Wire
SEPTEMBER 5, 2024
Retirement in America comes with a lot of concerns related to finances and health, with both of these issues often being intertwined. Long-term care is emerging as a key concern for older Americans, especially since its costs will most likely need to be covered from a fixed income. This is one reason why home equity can be a notable difference-maker and should be part of the conversation.
Inman
SEPTEMBER 5, 2024
Getting ready to be coached isn't just about wanting to change, coaches Melanie Klein and Emily Bossert write. It's about being prepared to do the work it will take to change.
Real Estate News
SEPTEMBER 3, 2024
NAR’s latest confidence survey also suggests that buyers gained some leverage this summer, but overall sales were down.
Eyes on Housing
SEPTEMBER 6, 2024
Mortgage rates continued to decrease in August, landing at an average rate of 6.50%. According to Freddie Mac, the average monthly rate fell by 35 basis points (bps) from July’s rate of 6.85%. The August rate is down 57 bps from one year ago, which stood at 7.07%. The 15-year fixed-rate mortgage also saw a.
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