Appraisal Buzz

JUNE 14, 2021

Fannie and Freddie are slowly rolling back some of the COVID-era regulations that have facilitated getting appraisals done during the pandemic. Appraisers are starting to get one-off requests from Fannie and Freddie for more information and an interior inspection, even though the property already had a COVID-alternative accepted. This rush to return to the status quo has created buzz in the appraisal industry—a wish that Fannie and Freddie were talking to appraisers about how to make the apprais

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Appraisal Appraisal Process Technology Housing Market 435

Cleveland Appraisal Blog

JUNE 25, 2021

What is the primary reason a newly built home has a higher market value than the same home that is older? In a word, depreciation. What is depreciation? Simply stated, it is loss in value. There are three basic causes of depreciation for homes. Physical, functional, and external obsolescence. What do they indicate and how do appraiser’s measure depreciation?

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The Appraiser Coach

JUNE 1, 2021

I woke up to a text the other morning from one of my employees. The text had been sent at 12:30 AM! Now, I turn my phone off at night. Read More.

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Housing Wire

JUNE 23, 2021

Mark Calabria, the director of the Federal Housing Finance Agency , must go. He is slowly but surely undermining the system he has been charged to oversee, imposing his ideological will on Fannie Mae and Freddie Mac in a way that will leave them weaker, and the housing finance system that depends on them increasingly unable to meet the critical housing needs of the nation.

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Sacramento Appraisal Blog

JUNE 8, 2021

Is this crazy housing market slowing? Let’s talk about that today. On one hand stats are basically at all-time highs, but when we look deeper we’re starting to see some subtle signs of slowing. What are you seeing out there? QUICK SUMMARY: The market is still bananas, but we’re seeing some slight slowing. Stats could […].

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Miller Samuel

JUNE 18, 2021

[click image for free registration]. I'm a Counselor of Real Estate (CRE) and wanted to share this. Join The Counselors of Real Estate on June 23 for the unveiling of the 2021-22 Top Ten Issues Affecting Real Estate ®. Now in its 10th year, this signature thought leadership initiative identifies the current and emerging issues expected to have the most significant impact on all sectors of real estate.

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Cleveland Appraisal Blog

JUNE 10, 2021

Have you ever noticed that sometimes you will get a rogue onion ring in your order of fries at Burger King? Is it that one onion ring just decides to hitch a ride in the scooper? Or is something else afoot? Word on the street has it that Burger King does this on purposes. I have read this from various sources including the article “One Onion Ring Ends Up In Every Burger King Order of Fries” , from the SouthFloridaReporter.com.

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Business Advertising Appraisal Real Estate 273

The Appraiser Coach

JUNE 8, 2021

There are certain principles of good work and challenges that come when starting or running any business. Much of what we learn as business owners can also be passed on. Read More.

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Housing Wire

JUNE 10, 2021

It’s no secret that buying a home takes time and money. Well, it turns out, so does selling a home. According to Zillow and Thumbtack’s Hidden Costs of Selling Analysis , the average homeowner spends over $15,000 in “hidden costs” to sell their home. . While a real estate agent’s commission is one of the most expensive costs, it definitely isn’t the only one.

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Sacramento Appraisal Blog

JUNE 30, 2021

I’ve got a few things on my mind today. Some light stuff and some deep stuff. Let’s talk about lumber, food in listings, that leaning building in San Francisco, bias in valuations, and a slowing vibe in the housing market. Skim topics or digest slowly. 5 THINGS ON MY MIND 1) Lumber is lower (sort […].

Housing Market 445

Housing Market Marketing Valuation Appraisal 445

Miller Samuel

JUNE 18, 2021

I had a fun conversation with Faith Jessie, journalist and anchor at Newsday, Maura McDermott, the real estate writer at Newsday, and Monica Balsan at Daniel Gale Sotheby's International Realty. My housing data came from our Elliman Report: Long Island Sales series I author for Douglas Elliman. The interview was placed on Newsday's home page, which was pretty cool.

Sellers 397

Sellers Marketing Realty Real Estate 397

Appraisal Buzz

JUNE 29, 2021

Through a new pool type, Ginnie Mae deepens its commitment to a balanced and equitable housing finance system. The post Ginnie Mae Introduces New Payment Reduction Options appeared first on DSNews. The post Ginnie Mae Introduces New Payment Reduction Options appeared first on Appraisal Buzz.

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Finance Appraisal 370

Housing Wire

JUNE 1, 2021

The world has been dealing with a significant health crisis since the beginning of 2020. This has provided the American bear troll crowd numerous opportunities to pontificate about a likely long-lasting depression. If you bought into the theories being peddled by this crash-cult crowd (who, by the way, have been infecting the discourse of economics since the creation of social media and YouTube channels) then you would have believed that the second housing market bubble crash was imminent during

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Housing Market Marketing Mortgage Real Estate 545

Housing Wire

JUNE 7, 2021

During the previous economic expansion from 2008 to 2019, the housing market was subject to the constant refrain of build more homes. Building more homes, it was said, would solve all sorts of social problems, from making homeownership more affordable to ending homelessness. Today we are perhaps less prone to believing that a glut of new homes is the panacea society is waiting for, but the siren call to build more homes continues to be broadcast by a host of housing pundits and social do-gooders

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Housing Market Marketing Inventory Construction 545

Housing Wire

JUNE 7, 2021

United Wholesale Mortgage has been aggressively price-cutting loans to put pressure on competitors for months now. It appears they’ve just thrown gas on the fire in the hopes of boosting their second quarter numbers, while hitting their rivals ahead of earnings call season. UWM said on Monday that they’ll price-match any conventional loan on primary residences up to 35 basis points with that of 15 different competitors: Caliber Home Loans , Cardinal Financial , Citizens Bank , Financ

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Mortgage Business Marketing Finance 545

Housing Wire

JUNE 2, 2021

Mortgage applications dropped for the second straight week , this time down 4% for the week ending May 28, 2021, according the Mortgage Bankers Association ‘s weekly mortgage applications survey. This week’s data was compared to mortgage applications from the week of Memorial Day in 2020. The overall housing index hit its lowest point since February, said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

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Housing Wire

JUNE 29, 2021

With the July 4th weekend nearly upon us, it’s time to reflect all that we have been through in the past year and how, as a country, we have overcome so many daunting obstacles, including what we have been through in the housing market. The first thing that pops into my shriveled brain is how the housing market looked in February of 2020. Data from that month showed that housing was breaking out — but because we received this data in March of 2020, we were all too busy trying to survive to take

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Inventory Housing Market Marketing Business 542

Housing Wire

JUNE 30, 2021

The Broadmoor Hotel in Colorado Springs, Colorado. Brokerage executives are elated to see each other in person again. So long as it’s temporary. “It’s a tremendous opportunity to reconnect with everyone,” said Susan Yannaccone , chief executive of Realogy’s franchise network since last November. “The intangible connection you can make with people face-to-face or over a cup of coffee.

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Housing Wire

JUNE 7, 2021

Homebuyers are feeling pretty discouraged by the housing market these days. The latest Fannie Mae Home Purchase Sentiment Index shows that just 35% of consumers believe now is a good time to buy a home, down from 47% in April. And those who believe it is a bad time to be a homebuyer increased to 56% from 48%. “Consumers appear to be acutely aware of higher home prices and the low supply of homes , the two reasons cited most frequently for that particular sentiment,” said Doug Duncan,

Housing Market 538

Housing Market Marketing Sellers Inventory 538

Housing Wire

JUNE 17, 2021

Median home-sale prices hit yet another record high in May — up to $377,200, a 26% increase year over year. And 54% of homes sold above their asking price in May — another a record high, up from 26% a year ago, according to a new report from Redfin. The report also shows the housing market also set new records for home-selling speeds and competition, although seasonally adjusted home sales and new listings flattened from April.

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Housing Wire

JUNE 10, 2021

For the first time in nearly a decade, the Federal Housing Finance Agency (FHFA) is taking a look at how its compensation measures up for executives at Fannie Mae and Freddie Mac. On Thursday, the regulator issued a request for input to determine if the current compensation is not “reasonable” or “comparable.” In a statement, FHFA Director Mark Calabria said the information the FHFA gathers will help to ensure transparent and appropriate executive compensation policies.

Finance 533

Finance Government Investors Marketing 533

Housing Wire

JUNE 14, 2021

Mortgages in forbearance fell for the 15th consecutive week last week to 4.04% of servicers portfolio volume ? a 12 basis point decline , according to a survey from the Mortgage Bankers Association. As of June 6, the MBA now estimates 2 million borrowers are still in some form of forbearance. Last week witnessed a steeper drop than in previous weeks, likely the result of many borrowers reaching their 15-month expiration date, said Mike Fratantoni, MBA’s senior vice president and chief econ

Mortgage 532

Mortgage Investors 532

Housing Wire

JUNE 23, 2021

The big news from the U.S. Census Bureau’s May new home sales report is that sales inventory has increased to 5.1 months, which brings the three-month average to 4.63 months. That begins to change the equation for some homebuilders, who were absolutely thriving in an ultra-low-inventory housing market environment. . As a reminder, when the three-month average for inventory is 4.3 months or lower, builders have the confidence to continue to build.

Housing Market 528

Housing Market Marketing Inventory Real Estate 528

Housing Wire

JUNE 16, 2021

After three straight weeks of declines , mortgage applications increased 4.2% for the week ending June 11, 2021, according to the latest report from the Mortgage Bankers Association. Both purchase and refinance applications increased, with refinances notably up 5.5%, according to Joel Kan, the MBA’s vice president of economic and industry forecasting. “The jump in refinances was the result of the 30-year fixed rate falling for the third straight week to 3.11%, which is the lowest since ear

Mortgage 521

Mortgage Contracts Marketing 521

Housing Wire

JUNE 14, 2021

The recent action in the 10-year bond yield has puzzled many people, but it looks wonderful to me as it shows that the U.S. economy is leading the world out of the recession. When I wrote the America Is Back economic model on April 7, 2020, the bond market was already signaling that the economy and housing would be ok. In addition to the bond market yield action, responsible lending post-2010 gave me confidence that forbearance was not going to be the negative issue that many had hoped for.

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Lending Marketing Housing Market 521

Housing Wire

JUNE 1, 2021

The Biden administration announced proposals to combat the racial wealth gap , including a tax credit to rehab homes for low and moderate-income homebuyers as part of the trillion dollar infrastructure package. The White House announced the measures ahead of a trip President Joe Biden made to Tulsa, Oklahoma to honor survivors of the Tulsa Race Massacre.

Renovations 516

Renovations Development Investors Legal 516

Housing Wire

JUNE 9, 2021

Federal Reserve Chairman Jerome Powell recently observed that across all kinds of financial services, activities that had once been principally the province of banks have moved into the nonbank sector, including IMBs. In discussing whether more financial institutions should have a duty to serve the capital and credit needs of lower-income communities — an obligation akin to that of banks under the Community Reinvestment Act (CRA) — he said that generally “ like activities should have like

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Housing Wire

JUNE 17, 2021

Mortgage applications for new home purchases fell 9% month-over-month in May at a seasonally unadjusted pace ? the second consecutive month sales of new homes have dropped, according to data released Thursday by the Mortgage Bankers Association. Compared to May of last year, MBA’s Builder Application Survey (BAS) revealed purchases are down 5.9%.

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Inventory Construction Contracts Mortgage 511

Housing Wire

JUNE 16, 2021

Another month of steadily increasing home prices and insatiable demand led Fannie Mae ‘s Economic and Strategic Research Group to alter many of its 2021 predictions – in particular, its outlook on the symbiotic relationship between the housing market and inflation measures. While the housing research group believes current inflation acceleration could be considered transitory, price pressures in all sectors – not just housing – are likely to last into 2022.

Housing Market 508

Housing Market Development New Listings Marketing 508

Housing Wire

JUNE 4, 2021

Austin is still the nation’s hottest housing market, as tech workers continue to flock to the Lone Star State’s capital. In 2021 alone, 1,440 Austin homes have sold for between $100,000 and $299,999 above asking price, and 72 have already sold for $300,000 or more above asking price, per a recent study from Redfin. At this time last year, only two homes had been sold in Austin for more than $300,000 above asking price.

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Marketing Sellers Finance Loan Officers 508

Housing Wire

JUNE 10, 2021

Fannie Mae has given mortgage servicers the green light to use third-party digital vendors to verify income and asset information. Unsurprisingly, mortgage tech firms are thrilled. In a June 9 note , the government-sponsored entity told mortgage servicers they could implement the changes immediately. Servicers can use a third-party vendor to verify the information that the borrower provided in their mortgage assistance application.

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Tools Legal Government Mortgage 505

Housing Wire

JUNE 18, 2021

Only 2.7% of all home sales in the first quarter of 2021 were flips — or one in 37 transactions, the lowest level since 2000. Per a report from ATTOM , a national property database, 32,526 single-family homes and condominiums in the U.S. were flipped in the first quarter. That number is down from 4.8%, or one in every 21 home sales in the nation during the fourth quarter of 2020.

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Housing Wire

JUNE 10, 2021

Mortgage rates fell again last week, dropping three basis points to an average of 2.96%, according to Thursday data from Freddie Mac ‘s PMMS. Rates have now managed to stay within a five basis point range above or below 3% for nearly two months. Higher mortgage rates historically have signaled a strengthened economy. But this is no ordinary economy: an apprehensive bond market has been keeping a close eye on global macroeconomic trends and Fed policy changes.

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Mortgage Housing Market Inventory Sellers 501

Housing Wire

JUNE 24, 2021

The average 30-year fixed-rate mortgage rose nine basis points from the week prior to 3.02%, according to data released Thursday by Freddie Mac ‘s PMMS. This is the first time in 10 weeks mortgage rates have risen above 3%. “As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year,” said Sam Khater, Freddie Mac’s chief economist. “For those homeowners who have not yet refinanced – and there rem

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