Housing Wire

MARCH 10, 2022

On Thursday, the Bureau of Labor Statistics reported the same trend that all Americans have seen lately: the inflation rate of growth is rampant and doesn’t show any sign of easing up due to the Russian Invasion of Ukraine. The Consumer Price Index for all Urban Consumers “increased 0.8 percent in February on a seasonally adjusted basis after rising 0.6 percent in January… Over the last 12 months, the all items index increased 7.9 percent before seasonal adjustment.” As you can

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Sacramento Appraisal Blog

MARCH 21, 2022

I have a few things on my mind today. Let’s talk about square footage rules changing, crazy gas prices, and recession buzz. 1) NEW SQUARE FOOTAGE STANDARDS FOR APPRAISERS: If you didn’t know, Fannie Mae is adopting some changes with the way appraisers measure square footage (pdf). In short, as of April 1, 2022, appraisers […].

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Appraisal Buzz

MARCH 18, 2022

This content is password protected. To view it please enter your password below: Password: The post Protected: Accurity Consolidated Hires Tony Reese as Chief Production Officer appeared first on Appraisal Buzz.

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Appraisal 418

The Appraiser Coach

MARCH 29, 2022

Let’s talk about your procedure manual. What procedure manual, you ask? Well, the one you should have (if you don’t). Even if you’re the only person working in your office, Read More.

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Cleveland Appraisal Blog

MARCH 19, 2022

Greetings! The spring selling season is upon us. If you’re planning on selling your home, you’re probably going to have open houses so that you can let buyers see for themselves the wonderful features of your home. How can you get the most impact from an open house? This week, I welcome back guest blogger Penny Martin. In this article, she shares some tips that you might find useful!

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Open Houses Real Estate Agent Real Estate Appraisal 221

George Dell

MARCH 9, 2022

The conditions of the market, in real estate, means the relationship between supply and demand. Supply and demand issues (at a point in time) are particularly important for new construction. In such cases, forecasting may also be important where build-out and rent-up times affect value. For existing properties, like houses, it seems much simpler, as […].

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Marketing Construction Real Estate Market Value 221

Sacramento Appraisal Blog

MARCH 15, 2022

It’s easy to get into valuation trouble when we focus too much on price per sq ft. Seriously, this can be a massive problem leading to major heartache during escrows. Okay, that sounds so dramatic, but it’s important to know how to explain how price per sq ft works. Let’s talk about this by using […].

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Appraisal Buzz

MARCH 14, 2022

Appraisals for mortgage finance transactions are subject to many levels of scrutiny and review. Post submission of an appraisal report ordered by an AMC for lending purposes, a quality control check of the report will be completed. Once the AMC deems the report satisfactory, it is forwarded to their client, the lender. The lender will run the report through automated underwriting and may have a QC process of their own.

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Eyes on Housing

MARCH 22, 2022

Among first-time home buyers, a laundry room ranked as the most popular of the more than 200 home and community features listed in the recent NAHB study, What Home Buyers Really Want, 2021 Edition. The study is based on a nationwide survey of 3,247 recent and prospective home buyers, including 541 who bought, or were about to buy, their first.

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Buyers 218

Cleveland Appraisal Blog

MARCH 3, 2022

How many steps have you taken in your life? How many steps do most people take in a lifetime? I’m sure that there are many factors that impact this. According to some studies , the average person will take 70 million steps in their lifetime. How many of those steps are on stairs? That will also depend on many factors. Some may find stairs to be a source of recreation.

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George Dell

MARCH 30, 2022

Bias is a much used and misused word. Variance too has more than one meaning. Words rule. Words trigger our thoughts, our feelings, and our opinions. Bias itself can mean different things. It can mean different things to different people. And it can mean different things to the same person, depending on context. Bias can […]. The post Bias or Variance: Which is Better?

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Housing Wire

MARCH 31, 2022

Are we headed to a housing bubble? The Dallas Fed on Thursday published an article titled: Real-Time Market Monitoring Finds Signs Of a Brewing U.S. Housing Bubble. The online reaction was immediate — housing must be about to crash. I disagree with this conclusion. That’s not to say that the data points the Fed used are incorrect — in fact, we are in a savagely unhealthy housing market , but it’s not a bubble.

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Sacramento Appraisal Blog

MARCH 28, 2022

There’s a new bill in California called AB 1771 that proposes a 25% tax on the profit of home flippers. This is worth talking about because laws can affect the housing market. This is NOT a political post, but I want to talk about some of the issues involved and offer perspective based on stats […].

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Law Housing Market Marketing Investors 450

Appraisal Buzz

MARCH 29, 2022

PERSON OF THE WEEK: The shift to a purchase market, lenders’ re-expansion into niche products such as non-QM, and the reality of remote work and its impact on retention are among the topics covered by Brian Miller, senior vice president, talent acquisition for Planet Home Lending , in a recent interview with MortgageOrb. Q: What’s going on in the mortgage banking recruiting market right now?

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Eyes on Housing

MARCH 30, 2022

Among first-time buyers, both a shower stall and tub in the primary bath ranked as the most popular of the 18 bathroom features listed in the NAHB study, What Home Buyers Really Want, 2021 Edition. The study asked first-time, as well as repeat, home buyers to rate the kitchen features on the following, four-tier scale (which emphasizes how a feature.

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Buyers 210

The Appraiser Coach

MARCH 22, 2022

We are all creatures of habit. We tend to eat the same foods, take the same way to work, and tie our shoes the same way every time. Often, we. Read More.

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George Dell

MARCH 23, 2022

AVMs (Automated Valuation Models) are often touted as something appraisers should understand and do more of. This is a problem of words. “AVM” is not descriptive of a formula to calculate value. It is an industry. Each company in the industry does use algorithms, formulas, and calculations to predict (estimate) value. The use of the […]. The post AVMs, Algorithms, and Models?

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Housing Wire

MARCH 31, 2022

Mortgage rates keep climbing amid rising inflation , war in Ukraine, and disruptions to the supply chain, and there’s no sign that they’ll fall anytime soon. The latest weekly Freddie Mac PMMS mortgage survey, released Thursday, showed that the average purchase mortgage rate touched 4.67%, up 25 basis points from the week prior. That was the highest reading since December 2018, according to Freddie Mac.

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Supply Chain Mortgage Inventory Loan Officers 518

Sacramento Appraisal Blog

MARCH 1, 2022

Does the housing market really have price cycles? Yes. But these cycles aren’t always so rigid and perfectly predictable like so many people think they are. Let’s talk about this today. I’d love to hear your take also. UPCOMING PUBLIC SPEAKING GIGS: 3/15/2022 NARPM Luncheon (details) 3/22/2022 SAFE Credit Union market update (details) 4/28/2022 SAR […].

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Housing Market Marketing Appraisal Real Estate 450

Appraisal Buzz

MARCH 31, 2022

Driven by strong demand and limited inventory, U.S. home prices increased 1.6% on an adjusted basis in January and were up 19.2% compared with January 2021, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The index’s 10-city and 20-city composites, measuring home price growth in the 20 largest U.S. metros, both posted month-over-month increases of 1.8%.

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Inventory Appraisal 370

Eyes on Housing

MARCH 9, 2022

The construction labor market remains tight, as the industry sees a rising number of job openings year-over-year. The count of open construction jobs increased for the month to 380,000 unfilled positions in January. The highest measure in the history of the data series (going back to late 2000) was 416,000 in April 2019. The housing market remains underbuilt and requires.

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Construction Housing Market Marketing 207

The Appraiser Coach

MARCH 15, 2022

There are those who argue that hiring help from outside the U.S. is unamerican, as it takes jobs away from Americans on the home turf. And to a certain extent, Read More.

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Inspection Business Real Estate Agent Government 195

George Dell

MARCH 16, 2022

Per FreddieMac (Scott Reuter, Chief Appraiser)[1] recently stated: “Appraisers need to spend time on developing a market conditions analysis in the appraisal. It’s truly the backbone of the appraisal.” Per the Fannie Mae Selling Guide: “The date of sale and the time adjustment (market conditions) are critical elements in determining an accurate value because the […].

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Marketing Development Appraisal Market Value 195

Housing Wire

MARCH 24, 2022

The one-two punch of higher mortgage rates and escalating home prices reduced homebuyers ’ ability to buy homes in February. The trend is also likely to worsen in the coming months. The national median monthly mortgage payment settled in loan applications increased 8.3%, from $1,526 in January to $1,653 in February, according to a survey published Thursday by the Mortgage Bankers Association.

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Loan Officers Mortgage Housing Market Marketing 516

Sacramento Appraisal Blog

MARCH 8, 2022

Freakish price growth? Yes. That’s exactly what we’ve been seeing. Here we are again with what feels like a carbon copy of last year, which was our most aggressive market ever. In short, 2022 is doing its best to crush 2021. Let’s talk stats and perspective. I’d love to hear your take. UPCOMING PUBLIC SPEAKING […].

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Appraisal Buzz

MARCH 30, 2022

Today’s Buzzcast interview is with Scott Reuter, Chief Appraiser of Freddie Mac. We sat down with Scott and Joan Trice, Founder of Allterra Group, LLC to discuss the new Desktop appraisal policies and what that means for the industry. What is new in policy when it comes to desktop appraisals? What does this mean for the appraisal industry? How do these policies impact the individual appraiser?

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Appraisal 370

Housing Wire

MARCH 24, 2022

The rollercoaster is still climbing. Mortgage rates are approaching 4.5%, a level economists forecasted would not be reached until the tail end of 2022. And there’s good reason to believe mortgage rates will be in the 5% range before too long. According to data from Freddie Mac ‘s PMMS survey, mortgage rates on the traditional 30-year fixed-rate mortgage jumped 26 basis points to 4.42% this week, with increases across all loan types.

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Housing Wire

MARCH 7, 2022

Lenders One Cooperative announced on Monday that it has struck a deal to lease retail space in Walmart stores to sell mortgage products and services. The cooperative inked a deal for space at three Walmart locations, but said there are “many more opportunities to come.” Lenders One will be selling purchase, refinance and home equity products at its “store-in-store” branch locations.

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Housing Wire

MARCH 14, 2022

One of the biggest questions in real estate right now is how rising interest rates will impact the housing market. This used to be a pretty easy question to answer: when interest rates go up, it costs more to purchase a home, and demand drops. Price appreciation slows, and homes take longer to sell. More expensive money also meant fewer investors holding homes so inventory would climb too.

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Housing Market Marketing Inventory Investors 487

Housing Wire

MARCH 8, 2022

Pink slips will arrive for 3,000 employees of Better.com, the mortgage lender that received a mountain of bad press three months ago when its CEO, Vishal Garg, fired 900 workers via Zoom and chastised their work ethic to remaining employees. . The new round of layoffs reaches 35% of Better.com’s staff and hits workers in the United States and in India, according to a person familiar with the lender’s decision.

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Housing Wire

MARCH 18, 2022

Veteran mortgage executive Bill Dallas has left his position as president of Finance of America Mortgage amid larger changes to the Texas-based nonbank lender’s C-Suite and business lines. Dallas, a seasoned entrepreneur, joined FoA Mortgage four years ago after selling one of his companies to Finance of America Companies, the Blackstone Group -controlled parent company.

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Housing Wire

MARCH 4, 2022

Record home prices in recent years have pushed tappable home equity to new heights, increasing the demand for one specific product: cash-out refis. Black Knight data shows that lenders originated $1.2 trillion in cash-out refis in 2021, up 20% compared to the prior year, the highest volume since 2005. Cash-out refis went from 36% to more than 60% of all refis from the beginning of 2021 to the fourth quarter.

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Home Value Mortgage Marketing 475

Housing Wire

MARCH 17, 2022

Today, the U.S. Census Bureau released their construction report for February, showing a positive trend in housing construction data with a lovely print in housing permits at 1,859,000 and housing starts at 1,769,000. The previous months of housing data have been positively revised higher as well, so this is a solid report on all fronts. Of course, that’s until you look at the housing completion data, which hasn’t gone anywhere in years.

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Housing Wire

MARCH 9, 2022

From 2010 to 2020, middle-income households gained $2.1 trillion in housing wealth, according to a new study by the National Association of Realtors , released on Wednesday. NAR’s Housing Wealth Gains for the Rising Middle-Class Markets study examined the distribution of housing wealth between 2010 and 2020 across income groups in 917 metropolitan and micropolitan areas.

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