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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.
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
Are you taking a vacation this year? It seems like half my Instagram feed is in Hawaii right now. I’m not doing anything that big, but I did get back yesterday from a few days in Santa Cruz and it was just what I needed. Here’s a video of me longboarding… I guess I’m about […].
[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.
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.
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
While vaccine rollouts mean some things are returning to normal, changes in consumers’ priorities could linger. The post House Hunters’ Evolving Wants, Needs, and Willingness to Compromise appeared first on theMReport.com. The post House Hunters’ Evolving Wants, Needs, and Willingness to Compromise appeared first on Appraisal Buzz.
While vaccine rollouts mean some things are returning to normal, changes in consumers’ priorities could linger. The post House Hunters’ Evolving Wants, Needs, and Willingness to Compromise appeared first on theMReport.com. The post House Hunters’ Evolving Wants, Needs, and Willingness to Compromise appeared first on Appraisal Buzz.
Prices paid for goods used in residential construction ex-energy rose 3.6% in May (not seasonally adjusted) and have increased 16.5% over the past 12 months, according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. Building materials (i.e., inputs to residential construction less food and energy) prices have declined just twice since December 2019.
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.
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
Freddie Mac’s latest Primary Mortgage Market Survey (PMMS) shows that the 30-year fixed-rate mortgage (FRM) averaged 2.93 percent for the week ending June 17, down from 2.96 percent a week earlier. A year ago at this time, the 30-year FRM averaged 3.13 percent. The PMMS also shows that the 15-year fixed-rate mortgage averaged 2.24 percent with an average 0.6 point, up slightly from last week, when it averaged 2.23 percent.
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.
Exploratory Data Analysis (EDA) is an implicit part of traditional appraisal. The appraiser invokes education, training, and market area familiarity to decide on comparables and adjustments to be made. The process takes place fully in the mind of a competent practitioner. EDA is expressed in quasi-governmental standards (USPAP) as a focus on the subject property’s: […].
In the recent NAHB study, What Home Buyers Really Want, 2021 Edition, side-by-side double sinks and walk-in pantries ranked as the most popular of 30 listed kitchen features. This result is based on a comprehensive, nationwide survey of 3,247 recent and prospective home buyers conducted in the summer of 2020. Among other things, the survey asked recent and prospective buyers.
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.
In today’s Buzzcast, we dive into market value versus sales price and how today’s wild market should be something all appraisers need to be up-to-date on. Today we have Nikki Smith, Chief Appraiser of Tucson Real Estate Appraisal, with Joan Trice, Founder of Allterra Group, LLC. They delve into a deep discussion regarding the two and how they impact where we are today in the market.
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.
How bad will the housing shortage get? Introduction. It’s no secret that the demand for single-family homes in the United States is greater than the supply. Not only are fewer people selling their homes, but fewer homes are also being built! We must do something, but what? Let’s examine the housing supply problem, and then we’ll discuss several options for solving the issue!
The average length of time to complete construction of a multifamily building, after obtaining authorization, is 17.4 months, according to the 2020 Survey of Construction (SOC) from the Census Bureau. The authorization-to-completion time in 2020 was relatively unchanged from 2019, slowing down the upward trend since 2013. The average time to build multifamily homes varies with the number of.
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%.
PERSON OF THE WEEK: The COVID-19 crisis put a halt on the non-agency mortgage market in 2020, but issuance of non-agency residential mortgage securitizations has been on the rise in recent months. To learn more about what’s ahead for the non-agency market in the second half of 2021, MortgageOrb recently interviewed Greg Richardson, chief commercial officer at Atlanta-based MAXEX , a digital exchange for buying and selling mortgage loans through a single clearinghouse.
Elevate your digital forms and data capture with these powerful features Whether you've just uploaded your first form to the GoFormz form editor or your entire form collection is already digital, these five features can take your digital forms and data capture further. Dynamic Field Properties Your form fields can be easily configured to guide user data entry and enforce data capture rules.
Rising material prices and supply-chain shortages resulted in builder confidence dipping to its lowest level since August 2020. The latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) shows that builder confidence in the market for newly built single-family homes fell two points to 81 in June. Despite the monthly decline, the reading above 80 is still.
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.
In today’s Buzzcast, we dive into market value versus sales price and how today’s wild market should be something all appraisers need to be up-to-date on. Today we have Nikki Smith, Chief Appraiser of Tucson Real Estate Appraisal, with Joan Trice, Founder of Allterra Group, LLC. They delve into a deep discussion regarding the two and how they impact where we are today in the market.
Simplify the collection of signed lien waivers with digital form sharing Lien waivers can be frustrating. With paper forms and PDFs, the lien waiver process can result in significant delays due to form mismanagement, incorrect data entry, missing signatures, and lengthy delivery wait times. These delays, in turn, result in sluggish payments and frequent miscommunication.
Over the four months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 384,196. On a year-over-year (YoY) basis, this is a 35.6% increase over the April 2020 level of 283,344. Year-to-date ending in April, single-family permits reported increases in all four regions. The relatively more affordable Midwest reported the strongest increase of 49.8%, followed by.
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.
Mortgage firms partner on furthering their commitment to delivering tech solutions to increase further adoption of eClosing in the industry. The post ICE Mortgage to Deploy DocMagic’s eVault Solution appeared first on theMReport.com. The post ICE Mortgage to Deploy DocMagic’s eVault Solution appeared first on Appraisal Buzz.
The inequities Black families experience in the Twin Cities illustrates the larger systemic barriers surrounding race and opportunity in the United States.
Housing production was steady in May, although permit issuance weakened as higher costs are deferring and delaying some construction projects. Overall housing starts increased 3.6% to a seasonally adjusted annual rate of 1.57 million units, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The May reading of 1.57 million starts is.
Housing starts are inching back up across the country, and a big fall in the price of lumber in recent weeks has housing economists projecting an uptick in activity from homebuilders. Housing starts increased 3.6% in May to a rate of 1.57 million, according to the most recent study from the U.S. Census Bureau. That’s more than 50% above above the May 2020 rate — when the COVID-19 pandemic was at its height in the country — of 1.05 million.
titlegenius is the latest in a series of digital products the company is engineering to help solve existing and anticipated customer and agent challenges, Radian reports. The post Radian Announces Launch of ‘Genius’ Product Suite appeared first on DSNews. The post Radian Announces Launch of ‘Genius’ Product Suite appeared first on Appraisal Buzz.
The historic climb for lumber prices, combined with delays and higher costs for other building materials, is a significant limiting factor for home building in 2021.
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