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With mortgage rates falling during the COVID-19 crisis, many households were able to refinance to lower payments. Because a mortgage payment is almost always the most prominent payment households make each month, lower payments have allowed homeowners who bought homes to have better cash flow over the last few years. This means mortgage holders who have refinanced their homes to lower payments while their wages have also grown look great on paper.
Are buyers struggling to afford the market? Let’s talk about that today. I have some brand new visuals to share (Part I) and then let’s unpack a new study about affording new construction (Part II). What are you seeing in your area regarding affordability? I’d love to hear. PART ONE: Affordability 1) Duh, affordability is […].
The Collateral Risk Network (CRN) announced today its formal endorsement of the gross living area measuring standard developed by the National Association of Home Builders (NAHB). This standard, published by the American National Standards Institute (ANSI), entitled Square Footage – Method for Calculating, establishes a protocol for calculating gross living area in single family residential homes.
Modernization means bring in modern methods. What are they? Why aren’t they here? Is it really that hard? We have big financial resources. We have motive. We have huge organizations in place. And we have regulatory clout! Appraisal is just one type of valuation, done by super-regulated, licensed appraisers. Competing valuation products, like AVMs (Automated […].
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.
J.P. Morgan , through its private label conduit , J.P. Morgan Mortgage Trust , so far this year has sponsored 13 private-label securitization offerings backed by jumbo loans valued at $13.8 billion. Those offerings, current through the end of October, involved more than 14,000 jumbo mortgages, according to bond-rating agency presale reports. The data show that J.P.
As an appraiser, you’re a real estate professional and you are in the business of valuing property. Inevitably, at some point in your career, you’re going to make another real. Read More.
As an appraiser, you’re a real estate professional and you are in the business of valuing property. Inevitably, at some point in your career, you’re going to make another real. Read More.
This article is the final submission in a 3-part series which uses probability theory as a useful tool for answering some of the difficult questions which have faced appraisers, particularly in rapidly changing market conditions. Part 1 focused on the basics of a normal distribution and was particularly helpful in deciphering the ‘why’ behind what has been termed ‘the appraisal gap’.
An earlier post revealed that 66% of buyers who were actively engaged in the process of finding a home in the third quarter of 2021 have spent 3+ months searching for a home without success. For only the third time in this series history, the top reason these long-time searchers haven’t pulled the trigger is not because they can’t find.
For career switchers looking for a new path that doesn’t necessarily require a college degree, they could do worse than the building trades. To keep pace with current construction demand, and account for attrition, 740,000 new construction workers are needed each year for the next three years , a report by the Home Builders Institute contends. “The construction industry needs more than 61,000 new hires every month, if we are to keep up with both industry growth and the loss of workers either thr
The gap in denial rates between Asian and white mortgage applicants bucks conventional indicators, as Asian applicants, on average, have higher credit scores.
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.
Lender and servicer Guild Mortgage has introduced a new mortgage option designed to make it easier for medical professionals to buy their first home. Under the Guild program, qualified medical professionals, including those who have just graduated from medical school, can qualify for a home loan with up to 100% financing, no required mortgage insurance, and the ability to exclude student debt from their debt-to-income ratio.
After growing steadily for six straight quarters, and peaking at 61% in the second quarter of 2021, the share of prospective buyers actively trying to find a home to buy declined to 57% in the third quarter. This is an indication that fast-growing home prices have begun to discourage a segment of potential buyers from getting past the planning stage.
On Tuesday Zillow announced it will be shutting down its Offers business, which wasn’t too much of a shock considering how their stock had been performing for some time. The news was that they had been overpaying for homes and their losses on those purchases were getting larger and larger. Life being a publicly traded company can be fantastic or brutal at times.
Instantly route completed forms to your contacts based on input information Processing paper forms results in a variety of time-wasting demands, including the hand delivery of completed forms. Relying on paper forms, teams in the field often need to deliver completed forms to their back-office counterparts before important business processes can take place (e.g. billing, payroll, etc.).
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 U.S. economy added 531,000 jobs in October – stronger than expectations – and the unemployment rate dropped to 4.6%, according to the U.S. Bureau of Labor Statistics. Industry sectors that saw the strongest job gains in October included leisure and hospitality, professional and business services, manufacturing, and transportation and warehousing.
Job gains picked up in October after two consecutive months of a slowdown. Total payroll employment rose by 531,000 and the unemployment rate dropped to 4.6% in October. Construction industry employment (both residential and non-residential) totaled 7.5 million, with 44,000 construction jobs added in October. Both residential construction (+10,900) and non-residential construction (+33,000) had job gains for the month.
Zillow CEO Rich Barton. “Look, similar to other technology companies that have gone before us, we strongly believe in taking big swings and failing fast. We have learned from our experience in Zillow Offers in Q3 and are applying those learnings as we look ahead.”. Those were Zillow CEO Rich Barton’s closing remarks on Tuesday’s earnings call, after the CEO shockingly announced the wind down of the Zillow Offers iBuying program, plus a pending lay off of 2,000 employees.
LendingHome Funding Corp. , a lender to real estate investors, has closed a $388 million revolving securitization of unrated residential transition loans. This is the seventh broadly syndicated securitization transaction sponsored by LendingHome since 2019. The deal includes a two-year revolving period during which principal payoffs can be reinvested in newly originated loans.
The Federal Reserve has supported the housing market during the virus crisis, the 2020 recession, and the subsequent, ongoing recovery via asset-backed purchases (among other tools), including $40 billion a month of mortgage-backed security (MBS) purchases. These MBS purchases have held interest rates lower than they otherwise would have been. Beginning in November, the Fed will reduce the monthly volume of.
Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housing markets. Local real estate agents, loan officers and appraisers share what characteristics are currently defining their housing markets. Aspen, Colorado. This is probably not the time to buy your Aspen dream home. According to a report produced by Douglas Elliman and real estate appraisal company Miller Samuel , single-family home listings sloped down 58% year-over-year in July 2
‘Tis the season to be stumped! Coming up with ideas for the perfect gifts to surprise that special person each year can be an unnerving task. And, if you have a real estate investor in your life, the gift-finding pursuit can be quite a challenge. Luckily, your serendipitous muses at The Robert Weiler Company are here to offer some awesome, functional, and fun gift ideas for your favorite real estate investor – whether they’re into homes, buildings, or anything in between!
When processor bias is present, it can create inefficiencies that trickle down to the production team, slowing down closings and hampering business. MReport delves into six measures to take in order to avoid this issue. The post Six Strategies to Eliminate Processor Bias appeared first on theMReport.com. The post Six Strategies to Eliminate Processor Bias appeared first on Appraisal Buzz.
The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate was flat at 65.4% in the third quarter of 2021. Compared to prior reports, the data was affected less significantly by the pandemic, since in-person interviews were back in 99.5% of the sample. The national homeowner vacancy rate stayed at a record low of 0.9%, while the rental.
It’s official. The Federal Reserve announced Wednesday that it will soon begin to taper its monthly asset purchases. The central bank’s Federal Open Markets Committee said Wednesday that thanks to “substantial further progress” the economy has made, it will reduce the pace of its $120 billion in monthly purchases by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities.
Streamline commercial cleaning processes and improve customer service with these powerful digital forms for janitorial services Janitorial and commercial cleaning services can benefit from leveraging digital forms to improve inefficiencies, cut down on service time, and improve the experience for their customers. With the help of GoFormz, janitorial services teams are taking traditional paperwork and transforming them into digital forms that are accessible for employees in the field via mobile d
New Residential bolsters its Board of Directors with the addition of Columbia University’s Associate General Counsel, who brings extensive knowledge of government and corporate governance to the firm. The post Patrice Le Melle Named to New Residential Investment Board appeared first on theMReport.com. The post Patrice Le Melle Named to New Residential Investment Board appeared first on Appraisal Buzz.
In the third quarter of 2021, 73% of buyers estimate they can afford less than half the homes available for-sale in their markets. That share is up from 71% the prior quarter, 65% the quarter before that, and 63% in the final quarter of 2020. This steady increase is evidence that double-digit increases in home prices have eroded the positive.
The average 30-year-fixed rate mortgage dropped to 3.09 % during the week ending Nov. 4, down from 3.14% the week prior , according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.78 %. Most economists believe mortgage rates will climb following as the Federal Reserve tightens monetary policy. The central bank’s Federal Open Markets Committee announced on Wednesday that it will begin to taper its monthly asset purchases starting in Novembe
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The amount of foreclosure volume rose to a new pandemic high last quarter, but according to new research by Auction.com, that number is still 68% below pre-pandemic levels. Using internal data that reaches about 50% of the foreclosure market along with MLS and public data, Auction.com released its fourth quarter Foreclosure Market Forecast which also found that completed foreclosure auctions in Q3 2021 increased 16% … The post Foreclosures Continue to Creep Upwards as Protections End app
NAHB analysis of Census Construction Spending data shows that total private residential construction spending decreased 0.4% in September to a seasonally adjusted annual rate of $773.5 billion. Total private residential construction spending was 19.3% higher than a year ago. Spending on single-family, multifamily constructions and improvements all declined in September, as homebuilding is still facing the supply chain issues, the.
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