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The Federal Housing Finance Agency (FHFA) on Thursday issued a proposed rule that would require Fannie Mae and Freddie Mac to develop, maintain, and submit annual capital plans to the regulator. “The proposed rule will help ensure that the Enterprises have robust systems and processes in place to monitor and maintain proper levels of capital, ” said Acting Director Sandra Thompson, who was nominated to be the permanent agency director on Wednesday.
It’s real estate prediction season and I have a few thoughts about the beginning of next year. I’m cautious about predicting because my crystal ball is broken, but it’s a no-brainer to say we’re poised to start next year with heavy competition. Big 2022 market update: I’m doing a big market talk at SAR on […].
The shortage of appraisers within the industry has been well publicized recently and no doubt plenty of you reading this article have experienced the impact of this shortage first hand. However, placing the appraiser shortage into a broader context helps us to better understand the causes, as well as the solutions that are already underway to remedy the problem. .
The Winter 2022 issue of Elliman Magazine was published this week and it is quite a beautiful publication. I created a chart for the publication which compares month listing inventory trends across a number of the markets we cover for Douglas Elliman. [click to expand image] The post Listing Inventory Trends In The Time Of COVID first appeared on Miller Samuel Real Estate Appraisers & Consultants.
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
Can you do a rental schedule on a property that you have not appraised? This was a question recently asked in my closed Facebook All-Stars group. Within this private group, Read More.
Over the first ten months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 948,321. On a year-over-year (YoY) basis, this is a 17.3% increase over the October 2020 level of 808,301. Year-to-date ending in October, single-family permits increased in all four regions. Southern region reported the strongest increase of 19.1%, followed by Northeast (+18.5%), West.
Over the first ten months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 948,321. On a year-over-year (YoY) basis, this is a 17.3% increase over the October 2020 level of 808,301. Year-to-date ending in October, single-family permits increased in all four regions. Southern region reported the strongest increase of 19.1%, followed by Northeast (+18.5%), West.
Most of the time, the economy is like a slow-moving ocean liner that changes direction gradually and without much effort. But when a new, powerful variable presents itself, like the worldwide COVID-19 pandemic, the economy can change on a dime. COVID was a veritable iceberg for our ocean liner economy, but the ship did not go down! Even in the extreme conditions of COVID-19, my general premise on housing economics predicted that the two variables with the most influence — demographics and mortga
This year is almost over and I’ll be shutting things down until January. Okay, I actually have a ton of work to finish, but this will be my final post of the year. With that said, I have a few things on my mind. January public speaking gigs: January 12: Top Producer Panel in Granite […].
In today’s Buzzcast, we dive into the new ANSI standards announced for appraisers. Today we have Joan Trice, Founder of Allterra Group, LLC., and Bryan Reynolds, Appraiser eLearning Partner. We’ll be getting the inside scoop while they discuss the new updates and their impacts on appraisers. Fannie Mae is requiring appraisers to use ANSI standards starting April 1st.
I can’t believe that we are at the end of 2021. What an incredible housing market we have been in. And it doesn’t appear to be over! Homes are still selling in record time. While that is the case, there are things that we can do to help increase our home’s market appeal, and potentially sell our home more quickly. That being said, I am happy to welcome back guest blogger Penny Martin with a new article she wrote on this topic.
Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
Appraiser learning is replete with admonitions to good ethics. These are “enforced” by standards, believability conditions, and even ethical ‘rules.’ Many of us base our lives on spiritual principles (which may or may not be attached to any particular religion). In professional service, it is good to have business ethics align with our personal intent […].
Single-family housing showed strength in November despite supply-chain limitations for materials and ongoing access issues for labor and lots. Overall housing starts increased 11.8% to a seasonally adjusted annual rate of 1.68 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The November reading of 1.68 million starts is.
A federal judge ordered Ronald McCord, the founder of Oklahoma City-based lender and servicer First Mortgage Company , who was also once the president of the Mortgage Bankers Association (MBA), to pay $51.8 million in restitution for mortgage fraud. United States District Judge Robin Cauthron ordered McCord also serve 8.5 years in prison — the maximum the federal government said it would seek — as well as three years of supervised release.
Are you getting into the holiday spirit? I’m not there yet, but I’m hoping to find my way there. I mean, I did see the Foo Fighters play this week and that was incredible. But it didn’t really catapult me into holiday cheer either. Anyway, I’m open to ideas if you have some. For now […].
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
The housing market was hotter than ever last year, with pandemic-driven demand boosting home sales to their highest level in 14 years. Total year-end sales volume ended at 5.64 million units , and some experts say it could reach 8 million if there were more inventory. Therein lies the problem. There’s too little supply and too high a demand, a predicament that’s disrupted the housing and appraisal industries.
Cloning or templates? What is the best for you? How do you start your appraisal reports? Various other software programs have different ways but, in general, we’re going to talk. Read More.
If education regurgitates only prior ‘established, time-tested’ methods, nothing happens. This is the fourth in our series on how progress in appraisal is stymied by the five frictions: process, standards, education, client expectation, and regulation. We will end this series after the new year with a simple, yet comprehensive, mystery solution. Stale education perpetuates appraisal […].
According to the latest Annual Builder Practices Survey (ABPS), one in four new single-family detached homes were built in established neighborhoods in 2020. This includes 19% of new homes that were built on infill lots and 6% that involved tearing down an old building prior to building a brand new single-family detached home. These shares vary significantly across the United.
As we approach the end of another hot year for the market, homebuyers and sellers are eagerly looking ahead to the 2022 housing market. Will the market continue its streak of strong growth, or are we finally about to see a slow down? Here’s a high-level forecast for what to expect next year, based on the supply and demand signals we can already see in today’s data.
It’s been a very busy time for everyone! I hope that you’re staying safe and doing well! This week, I welcome back guest blogger Seth Murphy. I always enjoy his articles. I hope you enjoy this one and find a tip or two that will benefit you. When March 2020 arrived, people’s lives fundamentally changed. School shutdowns in Cleveland meant that children had to attend classes virtually.
A bullish housing market. What a year 2021 has been. We started the year with many pundits saying that the U.S. economic recovery was a false story and that we were about to embark on a second housing bubble crash due to forbearance. However, not only did the U.S. economy continue to recover from the lows of April of 2020, but the 2021 economic data shows it has been one of the hottest years in many decades.
Fannie Mae met all of the housing goals the Federal Housing Finance Agency imposed for 2020, but Freddie Mac failed its low-income refinance goal. The government-sponsored enterprise lagged the wider market in its acquisitions of low-income refinances. Freddie Mac has 45 days to submit a plan to the FHFA for actions it will take over the next three years to get back on track, according to a letter the regulator sent to Freddie Mac.
My biggest concern for housing in the years 2020-2024 was that if the demographic push in demand picks up and total home sales get over 6. 2 million , we could be at risk of housing inventory falling to such low levels that I would have to categorize this housing market as unhealthy. 2020 and 2021 easily each have over 6.2 million new and existing home sales combined.
Today, the U.S. Census Bureau reported that housing starts came in as a beat at 1,679,000 for November. The more critical number of housing permits came in 1,712,000, a solid uptick from last month, and we saw slightly positive revisions to previous numbers. Housing starts data has been choppy lately, as we are all aware of the delays in building homes in America.
The National Association of Realtors reported that existing home sales for November came in hot at 6.46 million. This number is above my sales trend peak of 6.2 million, which means we have now had three straight months of sales of over 6.2 million. Early in the year , I wrote that if existing home sales stay in a range between 5.84 million and 6.2 million , that would mean it’s a good year for housing demand.
The average 30-year-fixed rate mortgage increased to 3.12% during the week ending Dec. 16, up from 3.10% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.67%. The 15-year-fixed-rate mortgage averaged 2.34% last week, declining from 2.38% the week prior. A year ago, at this time, it averaged 2.21%.
Mortgage rates decreased one basis point to 3.10% in the week ending Dec. 9, remaining low and stable despite tighter housing supply and affordability, according to the latest Freddie Mac PMMS mortgage report. A year ago at this time, the average 30-year fixed-rate loan averaged just 2.71%, according to the report published on Thursday. Sam Khater, Freddie Mac’s chief economist, said in a statement that rates have moved sideways over the last several weeks, fluctuating within a narrow range.
It’s official – housing inventory in America is at a crisis level. The number of active listings hit an all-time low during the week ending November 28, according to a Redfin report published on Wednesday. During the four week period ending November 28, the number of active listings was a 23% decrease compared to the same time period in 2020 and a 42% drop compared to 2019.
In the world of mortgage-financing, there exists a product line defined by what it is not — non-qualified mortgage (non-QM), non-prime, non-agency or an alternative-documentation loan. In the secondary market, these non-QM loans are in demand this year and are expected to continue propelling the growth of private-label securitizations in the year ahead, according to Dane Smith, president of Versus Mortgage Capital.
The HousingWire award spotlight series highlights the companies that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s Tech100 award are now open through next Friday, December 17, 2021. To submit your company, go here. If there’s anything that lenders and borrowers have learned from the current purchase market it’s that speed and efficiency are key to a smooth closing.
Today the Census Bureau ‘ s new home sales report came in as a missed estimate at 744,000. In addition, revisions were all negative, and the monthly supply of new homes rose. This is in contrast to the existing home sales market, which I would say is outperforming. With the recent growth in sales, the new home sales market is just OK and has been for some time.
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