Housing Wire
JUNE 23, 2021
Mark Calabria, the director of the Federal Housing Finance Agency , must go. He is slowly but surely undermining the system he has been charged to oversee, imposing his ideological will on Fannie Mae and Freddie Mac in a way that will leave them weaker, and the housing finance system that depends on them increasingly unable to meet the critical housing needs of the nation.
Sacramento Appraisal Blog
JUNE 21, 2021
A couple weeks ago a viral story came out about a fund called BlackRock who was reported to be buying everything in sight and paying 20-50% above market value. Let’s talk about this as well as other institutional investors right now. This is a longer post, so scroll topics (or digest slowly). Market update on […].
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Appraisal Buzz
JUNE 21, 2021
As millennial families grow, remote work endures, and home prices skyrocket, houses constructed as single-family rentals gain in popularity. The post Study Shows Build-to-Rent Market in ‘Turbo Mode’ appeared first on DSNews. The post Study Shows Build-to-Rent Market in ‘Turbo Mode’ appeared first on Appraisal Buzz.
The Appraiser Coach
JUNE 22, 2021
I love having the opportunity to get involved with other appraisers and to assist them in moving their businesses to the next level. I’ve been doing a lot of one-on-one. Read More.
Housing Wire
JUNE 23, 2021
The big news from the U.S. Census Bureau’s May new home sales report is that sales inventory has increased to 5.1 months, which brings the three-month average to 4.63 months. That begins to change the equation for some homebuilders, who were absolutely thriving in an ultra-low-inventory housing market environment. . As a reminder, when the three-month average for inventory is 4.3 months or lower, builders have the confidence to continue to build.
Cleveland Appraisal Blog
JUNE 25, 2021
What is the primary reason a newly built home has a higher market value than the same home that is older? In a word, depreciation. What is depreciation? Simply stated, it is loss in value. There are three basic causes of depreciation for homes. Physical, functional, and external obsolescence. What do they indicate and how do appraiser’s measure depreciation?
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Eyes on Housing
JUNE 21, 2021
Last Thursday’s post reported on home buyer preferences for kitchen features, from NAHB’s recent study What Home Buyers Really Want, 2021 Edition. That study also asked the same panel of 3,247 recent and prospective home buyers to rate 18 bathroom features on the same four tier scale: Results show that bathrooms, especially the home’s primary bathroom, tend to be very.
Housing Wire
JUNE 24, 2021
The average 30-year fixed-rate mortgage rose nine basis points from the week prior to 3.02%, according to data released Thursday by Freddie Mac ‘s PMMS. This is the first time in 10 weeks mortgage rates have risen above 3%. “As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year,” said Sam Khater, Freddie Mac’s chief economist. “For those homeowners who have not yet refinanced – and there rem
George Dell
JUNE 23, 2021
Statistics is a necessary part of modernized valuation, and it is very much misunderstood. The main problem with statistics is words! First, let’s get one word out of the way – A parameter is a summary number of any data set, such as mean, median, maximum, minimum, range, quantile, or variation (standard deviation). We use […]. The post Is Statistics Always Scary?
Appraisal Buzz
JUNE 21, 2021
The Black Homeownership Collaborative looks to address the affordable housing challenges facing Black communities via plan to promote sustainable homeownership and narrow the homeownership gap. The post New Plan Seeks to Narrow Homeownership’s Racial Divide appeared first on DSNews. The post New Plan Seeks to Narrow Homeownership’s Racial Divide appeared first on Appraisal Buzz.
Eyes on Housing
JUNE 23, 2021
Information obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, shows that the share of two-story homes continued to decrease and the share of two or more stories homes started was equal to one story homes in 2020. The Mountain division was the only region for which the number of stories changed in 2020, though.
Housing Wire
JUNE 23, 2021
An astonishing 580 homes in the Seattle metro area have sold for $300,000 or more above their asking prices in 2021. That’s compared to only 16 homes during the same period in 2020. And that’s just the high end, according to the latest analysis from Redfin. The brokerage/listings portal said 4,078 homes in Seattle have sold for between $100,000 and $299,999 above asking price, compared with 362 last year.
GoForrmz
JUNE 23, 2021
Collect completed and signed waivers from anyone using our Public Forms feature Collecting waivers can be a frustrating task. Waivers completed using paper forms and PDFs often contain incorrect information, are missing signatures, take too long to complete, and require manual hand-ins – all of which lead to extensive administrative demands, costly filing needs, and information isolated within forms.
Appraisal Buzz
JUNE 21, 2021
The fifth largest economy in the world, California is home to some of the most extravagant residential properties you’ll find anywhere in the US. As a Southern California appraiser for 12 years, I’ve seen my share: homes with vineyards as backyards, celebrity mansions, even a castle. Yep, a castle. Try to find a decent comp for that! Although it tops most lists of best states in the country for year-round weather, California’s climate is a lot more diverse than you’ve heard.
Eyes on Housing
JUNE 25, 2021
Recent Census data, combined with NAHB survey results, illustrate the way in which home buyers in the lower one-fourth of the market have been squeezed entirely out of the market for new construction, and forced to look exclusively in the stock of existing homes—where the inventory of homes available for sale remains in a historically low range (at a 2.5-month.
Housing Wire
JUNE 22, 2021
Almost three months ago, I wrote that based on the year-over-year growth in purchase applications, the housing market should have a few existing home sales under 5,840,000. At the time, I said: “The rule of thumb I am using for 2021 is that existing home sales, if they’re doing good, should be trending between 5,840,000- 6,200,000. This, to me, would be considered a good year for housing.
Midtown Appraisal Group
JUNE 22, 2021
Until the pandemic, like many appraisers, I often didn’t interact with property owners during the appraisal process: A financial institution would call with an appraisal request, I’d make arrangements with the real estate agent to pick up the keys or access the lockbox, and do the inspection when the owners or residents were at work. […].
Appraisal Buzz
JUNE 22, 2021
Existing-home sales dipped 0.9% in May compared with April, mainly due to limited supply and rising home prices, according to the National Association of Realtors (NAR). It was the fourth consecutive month that existing-home sales declined. Year-over-year, sales were up 44.6%, however, home sales in May 2020 were severely impacted by the pandemic. Regionally, and month over month, existing-home sales fell 0.4% in the South, 1.4% in the Northeast, and 4.1% in the West.
Eyes on Housing
JUNE 22, 2021
As low inventory continues to push home prices higher and squeeze out some buyers, existing home sales dropped to a eleven-month low in May, according to the National Association of Realtors (NAR). The median existing home price in May surged to an all-time high; the largest annual pace on record. Total existing home sales, including single-family homes, townhomes, condominiums and.
Housing Wire
JUNE 23, 2021
Sales of newly built , single-family homes fell to the lowest pace in a year, down 5.9% in May to a 769,000 seasonally adjusted annual rate, according to data released Wednesday by the Department of Housing and Urban Development and the U.S. Census Bureau. Regionally, new home sales rose in two of the four regions in May. Sales grew 33% in the Northeast, 6.7% in the West, were flat in the Midwest, and down 14.5% in the South.
Urban
JUNE 24, 2021
What can jurisdictions do to prevent a wave of evictions?
Appraisal Buzz
JUNE 24, 2021
Chrysalis Holdings LLC has made an investment in INVISR, a financial technology business focused on digital transformation. With the investment, INVISR CEO and co-founder Tal Gozhansky will become CTO of Chrysalis Holdings’ portfolio companies while continuing to lead INVISR. Before founding INVISR, Gozhansky was a leader in launching and scaling Salesforce’s financial services practice in New York City, and technology initiatives for multiple Fortune 500 financial services firms.
Eyes on Housing
JUNE 25, 2021
The 2020 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 7.8 months, which usually includes a little over a month from authorization to start and another 6.8 months to finish the construction. Moreover, tt took around 10 days less in 2020 than in 2019, pausing the upward trend.
Housing Wire
JUNE 22, 2021
Crazy. Horrible. Grueling. These are the words real estate agents use when asked to describe the current state of the market and what it’s like to buy a home today. Buyers are facing unprecedented challenges, they say, due to a confluence of housing market conditions: Pricing. Redfin reported earlier this month that the national median home-sale price hit a record high of $377,200 in May, up a record 26% year over year.
McKissock
JUNE 21, 2021
The world of buying or selling a home is not always joyful. Bad things happen. Contracts fall through. Inspections and appraisals come back with deal-breaking news. You need to drop the asking price. A buyer withdraws an offer. When those things happen, it will be up to you to deliver the bad news honestly and openly, without destroying your clients’ confidence in you or the whole process.
Appraisal Buzz
JUNE 24, 2021
Mr. Cooper has promoted its vice chairman, Chris Marshall, to president, responsible for mortgage origination, servicing and technology operations. He will retain his existing responsibilities pending appointment of a new chief financial officer. “We believe we can grow our servicing portfolio to $1 trillion, while delivering excellent service to our customers and investors, generating consistent returns on equity and cashflow, and providing a great working environment for our teammates,” says M
Eyes on Housing
JUNE 23, 2021
After notable and expected downward revisions for prior months, May recorded a decline of 5.9% for sales of newly-constructed single family homes, according to estimates from the Census Bureau and HUD. The May seasonally adjusted annual rate (769k) was the lowest in a year, due to builders slowing sales as a consequence of higher material costs and declining availability of.
Housing Wire
JUNE 25, 2021
iBuying appears to be back, after the nation’s top iBuying companies purchased 4,383 homes in the first quarter of 2021 — up 20.6% from the prior quarter. Per a recent report from Redfin , the typical iBuyer-owned home found a buyer after 13 days on the market — the quickest pace since at least 2015, when Redfin began recording iBuyer data. The top quarter of iBuyer activity remains the third quarter of 2019 when, according to Redfin, 8,310 homes were bought via iBuyers.
Appraiserblogs
JUNE 24, 2021
…since we know retail mortgage lenders, they will demand appraisers take their own photos but accept MLS or no photos in bifurcated “appraisals.” An appraiser shared these modifications with me: Exterior photographs Clear, descriptive photographs showing the front, back, and a street scene of the subject property and the front of each comparable.
Appraisal Buzz
JUNE 25, 2021
One agent reports a “constant barrage of deals,” and the latest numbers indicate the practice is ramping up among the top ibuying firms. The post iBuying ‘Up to Full Speed’ Following 2020 Pause appeared first on theMReport.com. The post iBuying ‘Up to Full Speed’ Following 2020 Pause appeared first on Appraisal Buzz.
Eyes on Housing
JUNE 24, 2021
Nonfarm payroll employment increased in 33 states and the District of Columbia in May compared to the previous month while 16 states lost jobs. North Dakota remained unchanged. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 559,000 in May, following an upwardly revised increase of 278,000 jobs in April.
Housing Wire
JUNE 22, 2021
The question on everyone’s minds: When will this hot housing market cool down? Arch MI investigates this and more in its Spring Housing and Mortgage Market Review. We’ve broken down some of the data below, but be sure to take a deeper dive into the report by clicking here. The post Will we ever see a “normal” housing market again? appeared first on HousingWire.
BiggerPockets
JUNE 23, 2021
In competitive housing markets, buyers need to have more than great finances. Even ideal clients who know what they want and are ready to act quickly should have a trick […].
Appraisal Buzz
JUNE 22, 2021
Existing home sales experienced their fourth consecutive decline in May. The National Association of Realtors® (NAR) said sales of previously owned single-family homes, townhouses, condos, and cooperative apartments were at a seasonally adjusted annual rate of 5.80 million, down 0.9 percent compared to April’s rate of 5.85 million. The four months of decreasing sales have lowered the annual rate from 6.66 million units in January, a 13 percentage point change.
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