Housing Wire

JULY 9, 2023

The slow zombie crawl of housing inventory went lower last week as inventory was negative week to week. In addition, mortgage rates rose to a yearly high as labor data stayed firm and purchase apps had their first negative week after three straight weeks of positive growth. Weekly Active listings fell by 866 homes Mortgage rates rose to a year-to-date high of 7.22% Purchase apps were down 5% week to week Weekly housing inventory We had a hat trick in housing last week: weekly active listings wer

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Inventory Housing Market Marketing New Listings 501

George Dell

JULY 19, 2023

Change. It’s clear that appraisal, as a vocation, has changed. Many appraisers are considering new careers. Others are preparing to meet new demands. Yet others are doing. nothing. Which mind are you? Escape. Retool. Or be in denial. I have taught with Valuemetrics.info for over 17 years now. And was on the […] The post Change Careers or Change Your Practice?

Appraisal 369

Appraisal 369

Sacramento Appraisal Blog

JULY 18, 2023

The weather has been scorching in so many areas across the country. I don’t know about you, but I’ve been thinking about water, lakes, and air conditioning quite a bit this week. Anyway, today I have some pool stats that I’m excited to share. I also want to show you the DIY “pool” I built […] The post The value of a pool in real estate first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

Real Estate 354

Real Estate Appraisal Marketing 354

Real Estate News

JULY 5, 2023

Younger generations are especially motivated by walkability, even if it means paying more, giving up yard space or living in a multifamily dwelling.

Buyers 306

Buyers 306

The Appraiser Coach

JULY 25, 2023

When the pandemic hit us full force in 2020, business skyrocketed. We had never been busier! If I had tried to do everything the same way I did before, hiring someone just to turn down offers wouldn’t be a joke. It used to be that I would never dream of turning down an offer. But then, we had to do it regularly. But how can you mitigate your workload without losing your good clients?

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Clients Business Appraisal Design 195

Miller Samuel

JULY 18, 2023

I joined Dennis Scully again on The Business of Home podcast: The Thursday Show: A real estate check-in with Jonathan Miller, why Gen Z loves dupes and more. A lot has happened since our previous conversation back in July 2022. Other than having quality issues with my microphone , I really enjoyed the conversation. It starts at the 25:22 mark. [click on the image to play] The post [Business of Home Podcast] A Real Estate Check-In With Jonathan Miller first appeared on Miller Samuel Real Estate A

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Real Estate Business Appraisal Decorating 195

George Dell

JULY 26, 2023

Is USPAP biased? (Appraisal Foundation, Uniform Standards of Professional Appraisal Practice) Is this possible? It can’t be! This part 8 of a multipart look at issues in valuation standards. Editor’s Note: This is Standards, part 3.8 of George Dell’s series on How Do I Move to EBV? Links to the earlier posts are here. Let’s […] The post Does USPAP Enable Bias?

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Valuation Appraisal 195

Sacramento Appraisal Blog

JULY 26, 2023

It’s either hot or cold. A bidding war or crickets. That’s what I’ve been hearing from real estate agents about their listings. Today I want to talk briefly about the word on the street, hot pockets, and I have some really cool stats to share. Skim quickly or digest slowly by topic. UPCOMING (PUBLIC) SPEAKING […] The post It’s either a bidding war or crickets first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

Real Estate Agent 351

Real Estate Agent Real Estate Appraisal Agents 351

Real Estate News

JULY 7, 2023

Yes, there's a new social media app in town. It might be a fad — or the next big thing — but getting on board now could reap dividends for your business.

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Business 264

The Appraiser Coach

JULY 25, 2023

When the pandemic hit us full force in 2020, business skyrocketed. We had never been busier! If I had tried to do everything the same way I.

Clients 195

Clients Business Inspection Advertising 195

Housing Wire

JULY 2, 2023

Housing inventory finally broke under 2022 levels last week. To give you an idea how different this year is from last year, last week in 2022, active listings grew 30,940 while this year they only grew 5,848. Mortgage rates rose last week after the better-than-anticipated jobless claims data but even with higher rates, we also had a third week of positive purchase application data.

Inventory 482

Inventory Housing Market Marketing New Listings 482

Housing Wire

JULY 7, 2023

The 10-year yield and mortgage rates have been rising close to the 2023 high as some labor data shows that the honey badger labor market is still growing. To make things even more complicated, the spreads between the 30-year mortgage rate and the 10-year yield keep getting wider. The question is: will the labor data push mortgage rates to 8%? In my 2023 forecast , I wrote that if the economy stays firm, the 10-year yield range should be between 3.21% and 4.25% , equating to mortgage rates betwee

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Mortgage Government Marketing Insurance 448

Housing Wire

JULY 7, 2023

Nationwide Property and Appraisal Services LLC (NPAS), led by Sri Velamati and one of the largest appraisal management companies in the U.S., announced that it has acquired Integrity Appraisal Management (Integrity), a regional AMC based in Houston, TX. The acquisition of Integrity will help NPAS strengthen its ability to expand market reach and enhance product and service offerings, the company said in a statement.

Appraisal 432

Appraisal Investing Marketing Valuation 432

Housing Wire

JULY 10, 2023

As the spring homebuying season comes to an end, there are distinct signs of the housing market reheating from a home price perspective. The lack of inventory drove home prices up, challenging potential buyers, Black Knight pointed out in its monthly mortgage monitor report. The reheating is widespread with more than half of the 50 largest U.S. markets seeing prices at or above 2022 peaks.

Inventory 418

Inventory Housing Market Sellers Construction 418

Housing Wire

JULY 7, 2023

Consumer confidence in housing may have plateaued, according to the latest home purchase sentiment index (HPSI) by Fannie Mae. The HPSI — which tracks the housing market and consumer confidence to sell or buy a home — rose a mere 0.4 points to 66 as difficult supply and affordability conditions continue to weigh on the housing market, according to Fannie Mae.

Housing Market 418

Housing Market Mortgage Marketing 418

Housing Wire

JULY 5, 2023

There was a viral tweet going around from YouTube housing influencer Nick Gerli. You’ve probably seen it. Gerli cites data from a company called AllTheRooms to make the case that the Airbnb /short-term rental market is “crashing” and it will have a big impact on inventory. Indeed, the chart he shared is alarming. A nearly 50% drop in revenue in some markets!

Inventory 418

Inventory Housing Market Marketing Sellers 418

Housing Wire

JULY 6, 2023

Mortgage rates jumped this week as investors grapple with persistent positive economic data and a hawkish Fed. The Freddie Mac’s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 6.81% as of July 6, up significantly from last week ’s 6.71%. By contrast, the 30-year was at 5.30% a year ago at this time.

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Mortgage Construction Inventory Investors 397

Housing Wire

JULY 6, 2023

The Consumer Financial Protection Bureau (CFPB) released its 2022 Fair Lending Annual Report to Congress last week, which illustrates how it took aim last year at redlining and appraisal discrimination in pursuit of its enforcement and supervision, guidance and rulemaking, interagency coordination, and outreach and education missions. The CFPB in 2022 focused heavily on redlining; potential discrimination in the underwriting process; whether lenders are “illegally steering applicants on a prohib

Lending 397

Lending Technology Law Valuation 397

Housing Wire

JULY 31, 2023

Homeowners with a mortgage rate above 5% are nearly twice as likely to say that they plan to sell their home than those paying a rate below 5%, according to Zillow’s quarterly survey report. Additionally, the survey found that about 80% of mortgage holders reported having a rate of less than 5%, while 90% reported having a rate of less than 6%.

Housing Market 370

Housing Market Mortgage Marketing Buyers 370

Housing Wire

JULY 31, 2023

Rocket Companies announced major leadership changes on Monday. The company appointed Varun Krishna, a veteran in the financial technology world who held executive positions at Intuit and PayPal , as its new CEO. In addition, Bob Walters has informed the board of directors of his intention to retire from his role as CEO of Rocket Mortgage and president and Chief Operating Officer of Rocket Companies.

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Technology Clients Mortgage Marketing 370

Housing Wire

JULY 31, 2023

Many U.S. banks have tightened their lending standards for residential real estate (REE) loans and home equity lines of credit (HELOC) in the second quarter amid the collapse of regional banks and a cascade of interest rate hikes by the Federal Reserve to tame inflation. Banks expect to further tighten standards for the remainder of the year, according to the Fed’s quarterly senior loan officer opinion survey (SLOOS) released on Monday.

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Lending Mortgage Loan Officers Government 370

Housing Wire

JULY 31, 2023

Jaro is a full-service appraisal management software that supports lenders, appraisal management companies, appraisal firms and appraisers alike. It offers support for the simplest of workflows and the most complex, with ease. Jaro was initially developed by Ascent Software Group to streamline the entire appraisal workflow, eliminating the need for redundant steps and external systems.

Appraisal 370

Appraisal Appraisal Process Tools Inspection 370

Housing Wire

JULY 30, 2023

Tracking housing inventory this summer is like watching a zombie slowly walking on the beach. Last week inventory growth dropped and new listing data declined again. Strong labor data pushed up mortgage rates and purchase applications fell week to week. Weekly active listings rose by only 4,988 Mortgage rates rose from 6.99 % to 7.12% before ending the week at 7.04% Purchase apps were down 3% from week to week Weekly housing inventory For spring and summer, I wanted to see at least a few weeks w

Housing Market 370

Housing Market Marketing Inventory New Listings 370

Housing Wire

JULY 28, 2023

High mortgages and stubbornly elevated home prices are worsening the housing affordability crisis. A first-time homebuyer must earn roughly $64,500 per year to afford the typical U.S. “starter” home, up 13% from a year ago, according to a new report from Redfin. In June, the typical starter home sold for a record $243,000, up 2.1% from a year earlier and up more than 45% from before the pandemic.

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Buyers Housing Market Investors Real Estate 370

Housing Wire

JULY 28, 2023

Outsiders to the real estate industry may assume that the tight market has real estate agents hanging up their hats. In reality, today’s agents are seizing the market and feeling confident. Real estate agents are still confident in the industry and the market. Even as the housing market comes down from its COVID-19 pandemic highs, there are houses to be sold and deals to be made.

Real Estate Agent 370

Real Estate Agent Real Estate Agents Housing Market 370

Housing Wire

JULY 28, 2023

JPMorgan Chase will buy nearly $2 billion worth of mortgages to grease Banc of California ‘s purchase of PacWest Bancorp , Bloomberg reported. The bank entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, according to the outlet. Banc of California and PacWest announced on Tuesday an all-stock merger with a $400 million equity raise from Warburg Pincus and Centerbridge Partners to create a bank with $36 billion in assets.

Mortgage 370

Mortgage Investors Clients Buyers 370

Housing Wire

JULY 31, 2023

Flagstar Bank , a top-25 U.S. mortgage lender, has long described itself as a “one-stop mortgage shop.” Flagstar made news in recent months, expanding its footprint and further diversifying its business model with the completion of the merger with New York Community Bancorp (NYCB) and the acquisition of certain financially and strategically complementary parts of Signature Bank.

Mortgage 370

Mortgage Clients Business Investing 370

Housing Wire

JULY 28, 2023

Mauricio Umansky ‘s residential brokerage The Agency is venturing into core services. Through partnerships with Bubble Insurance Solutions and New American Funding , real estate agents at The Agency will have access to mortgage lending services and insurance services for their clients. With Bubble Insurance Services, The Agency is launching its own affiliate insurance service, Agencia Insurance Solutions , which will serve new and past The Agency clients in California and Arizona.

Insurance 370

Insurance Brokerage Clients Real Estate Agent 370

Housing Wire

JULY 27, 2023

When you think about a real estate team , you automatically think they must be more productive than individual agents, right? Not so fast. Clearly, over the last decade, teams have grown far faster than individual agents in terms of closed transactions. This is not unexpected, as teams have the ability to scale their business far easier and faster than an individual agent.

Real Estate Agent 370

Real Estate Agent Real Estate Agents Brokerage 370

Housing Wire

JULY 27, 2023

After a year’s worth of warnings about a recession, Federal Reserve chair Jerome Powell said Wednesday that the central bank’s staff no longer forecasts a nationwide economic downturn. It’s welcome news for the economy to achieve a soft landing, a scenario in which inflation falls, unemployment remains relatively low and a recession is avoided.

Construction 370

Construction Tenants Mortgage Finance 370

Housing Wire

JULY 27, 2023

The Federal Reserve , Federal Depository Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released on Thursday the proposed changes for the Basel III rule (called the Basel endgame), which significantly increases capital requirements for banks. If implemented, the changes will affect the mortgage industry–and trade groups are already coming out in opposition to the new regulation.

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Lending Mortgage Insurance Modernization 370

Housing Wire

JULY 27, 2023

After dropping slightly month over month in May , pending home sales ticked back up in June, rising 0.3%, according to data released Thursday by the National Association of Realtors (NAR). It contrasts with new home sales , which moderated in the same period (-2.5%). Year over year, pending home sales were down 15.6%, a smaller decrease than the 22.2% annual drop recorded in May.

Construction 370

Construction Inventory Realtors Housing Market 370

Housing Wire

JULY 27, 2023

A top-notch team can be the difference between nailing your GCI goals and missing the mark entirely. Building a robust team of real estate agents isn’t just about attracting talent —it’s about appealing to the right talent. One of the most effective strategies for this is leveraging your own team’s success stories to generate inbound recruiting leads.

Real Estate 370

Real Estate Brokerage Agents Real Estate Agent 370

Housing Wire

JULY 26, 2023

United Wholesale Mortgage (UWM), the country’s largest wholesale lender, expanded its debt service coverage ratio (DSCR) loan options to four after launching its first product in March. Dubbed “Investors Flex,” the non-QM product for real estate investors, offered purchase and refinance loans up to $2 million that could be used to finance up to 20 properties by using each property’s monthly rental income to qualify.

Real Estate 370

Real Estate Investors Design Buyers 370