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Real estate investors are buying more properties, but paying less for them, according to a report from RealtyTrac released Thursday based on ATTOM Data Solutions home sales data. In the second quarter of 2021, investor purchases accounted for 15.4% of all home purchases nationwide, compared with 11.5% of all home purchases a year prior. Despite such a large year-over-year change, it is still slightly lower than Q1 2021 , in which investors held 15.9% of the market.
Let’s talk about Zillow. I’ve been getting a TON of questions every week about what Zillow is doing and whether appraisers can use their purchases as comps. Big news: First off, yesterday news broke that Zillow would be suspending buying anything else until 2022. Based on articles and a few conversations with locals in the […].
In today’s Buzzcast, we dive into the recent phone scam that has been targeting appraisers. Today we have Joan Trice, Founder of Alterra Group, and Alan Pair, Chief Appraiser of SVP Valuations. We’ll be getting the inside scoop while they discuss what to do if you receive a call. Why and how are appraisers being targeted? Where can I go if I think I’ve given out sensitive information?
When you looked at your email today, you no doubt received a post indicating a new article was out entitled “How Remaining Economic Life Works” So, funny story… I just started working on that article. Whilst attempting to set the publish date, I accidentally hit the publish now button. Awkward! I do hope it whets your appetite for this future article.
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The National Association of Realtors ‘ existing home sales report for September came in at an excellent beat of estimates at 6.29 million. Now that we are just 10 days away from Halloween in 2021, we can all chuckle a bit at how wrong the housing bears of 2020-2021 have been. Especially all those crazy cats on YouTube forecasting the 2021 collapse of housing due to forbearance.
Strong consumer demand helped push builder confidence higher in October despite growing affordability challenges stemming from rising material prices and shortages. Builder sentiment in the market for newly built single-family homes moved four points higher to 80 in October, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index.
Strong consumer demand helped push builder confidence higher in October despite growing affordability challenges stemming from rising material prices and shortages. Builder sentiment in the market for newly built single-family homes moved four points higher to 80 in October, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index.
This article was originally published in the Fall 2021 Appraisal Buzz Magazine here. Our profession has been abuzz the last year or two with regards to the GSEs being mandated to modernize the appraisal profession. Many stakeholders in the profession have given their opinions on what that means. But the one place that no one seems to be looking towards is the actual practitioners themselves.
No report. Can it be? Does modernized appraisal require a modernized report? And how about non-appraiser appraisals (valuations)? (Here we use the word ‘appraisal’ in its generic public meaning.) In the past, our thinking, expectations, laws and regulations, have separated the development of an appraisal from the report of an appraisal. In the past, that separation […].
Homebuilder confidence continued to rise in October despite increasing affordability issues due to rising material prices and ongoing shortages, according to the latest National Association of Home Builders (NAHB) and Wells Fargo Housing Market Index (HMI) report released on Monday. The report is based on a monthly survey of NAHB members, in which respondents are asked to rate market conditions for the sale of new homes at the present time and in the next six months as well as the traffic of pro
Home building, like other U.S. industries, has been dealing with the supply side challenges of labor and material shortages. Unlike other industries, however, home builders confront an additional challenge in obtaining lots on which to build. In a recent NAHB survey, 76 percent of builders reported that the overall supply of developed lots in their areas was low to very.
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Existing home sales resumed an upward trajectory in September after dipping 2.0 percent in August. The National Association of Realtors® (NAR) said sales of pre-owned single-family houses, townhouses, condominiums, and cooperative apartments rose 7.0 percent in September, although this still left them 2.3 percent behind the pace in September 2020.
A question that comes up quite often on the forums is what to do about garages that have tandem spaces, what to do about two car garages that can really. Read More.
I’ve been hearing some chatter lately that the uptick in home buying that started in February of 2020 (before COVID, by the way) and has continued into 2021 is being substantially driven by a national emotional state of fear of missing out (FOMO). Now, I understand emotional eating (me, plus Halloween, plus a big bowl of Reese’s Peanut Butter Cups for instance) and even emotional buying (still whittling down hand sanitizers).
Despite the volatility surrounding the recent COVID-19 pandemic, the housing market has shown remarkable resilience, fueled by demographic tailwinds and a housing shortage due to a decade of underbuilding. Home construction slowed after 2007 as a result of the 2008 Great Recession, but home building staged a slow, modest recovery over the last decade, with a sharp acceleration in 2020.
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 national delinquency rate has fallen below 4.0 percent for the first time since COVID-19 started messing up the world. Black Knight, in its “first look” at September’s mortgage performance data, says the rate in September, 3.91 percent, represents a reduction of more than 41 percent from September of 2020 and is 2.25 percent below the August level.
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Desktop appraisals, a temporary flexibility implemented in March 2020 to keep the mortgage industry afloat amid lockdowns and social distancing, will become permanent, the Federal Housing Finance Agency said today. Sandra Thompson, acting director of the FHFA, said both Fannie Mae and Freddie Mac will allow appraisals to be conducted remotely, using public records such as listings and tax appraisals, for purchase loans starting in early 2022.
NAHB analysis of the Census Bureau’s quarterly tax data shows that $703.5 billion in taxes were paid by property owners in the four quarters ending Q2 2021.[1] Four-quarter property tax revenues have climbed 13.2% since decreasing 0.2% in Q2 2020 (the first decrease since 2012). Year-over-year growth of four-quarter property tax revenue has accelerated each of the past four quarters.
Buying a home is typically the largest purchase one makes in their lifetime and new data from Bank of America shows that the locations and feelings of family are a huge factor for first-time buyers looking to get into the market. According to Bank of America’s 2021 Homebuyer Insight report—which puts first-generation homeowners in the spotlight—found that families play … The post Prospective Buyers Cite Down Payment, High Prices as Barriers appeared first on DSNews.
“ Where we are today as a company is completely different from where we were prior to GoFormz – our employees and customers are extremely happy with the platform. ” — Timo Möller, General Manager, Indrutec Indrutec. Challenge: Indrutec frequently battled with illegible print and missing documentation, resulting in delayed customer invoices.
Mortgage application activity dropped 6.3% for the week ending Oct. 15, according to the latest Mortgage Bankers Association survey. And, as you might have guessed, mortgage rates had a lot to do with it. “Refinance applications declined for the fourth week as rates increased, bringing the refinance index to its lowest level since July 2021,” Joel Kan, the MBA’s associate vice president of economic and industry forecasting, said in a statement. “The 30-year fixed rate has incre
As inventory improved in recent months, existing home sales surged to 8-month high in September, according to the National Association of Realtors (NAR). Though housing demand remains strong as buyers want to take advantage of low mortgage rates before rates rise further, higher home prices are pricing out first-time and young buyers.
Buying a home is typically the largest purchase one makes in their lifetime and new data from Bank of America shows that the locations and feelings of family are a huge factor for first-time buyers looking to get into the market. According to Bank of America’s 2021 Homebuyer Insight report—which puts first-generation homeowners in the spotlight—found that families play … The post Family Is an Important Factor for First-Time Homebuyers appeared first on theMReport.com.
Today, the U.S. Census Bureau reported that housing starts hit 1.55 million for September, and housing permits came in at 1.589 million. These data lines missed monthly expectations, and we had negative revisions to the previous months when combined — overall, not the most exciting report. However, one thing to always remember with housing starts data is that the month-to-month data can be extreme but the long-term trend does tell the real story of what is going on.
Total housing starts decreased 1.6% in September, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Single-family starts were flat for the month, while overall multifamily starts declined in August. The August total starts reading of 1.56 million starts is the number of housing units builders would begin if development kept this.
Housing starts continued to disappoint in September, decreasing 1.6% compared with August to an annual pace of 1.555 million, according to estimates from the U.S. Census Bureau and U.S. Department of Housing and Urban Development. Year-over-year, housing starts were up 7.4%. Starts of single-family, detached homes were at an annual rate of 1.08 million, flat compared with August.
It is not enough to be busy, so are the ants. The question is: What are we busy about? Henry David Thoreau. We’re busier than we’ve ever been. How often have you talked to a friend about how busy you’ve been? How many important items do you have to get done? It’s one of those funny (not funny-haha ) paradoxes. We have so many tools out there to help us but they never seem to help us feel more at ease.
The average 30-year-fixed rate mortgage climbed to 3.09% during the week ending Oct. 21, rising from 3.05% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.80%. Most economists believe they’ll continue to climb. “Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic,” Sam Khater, Freddie Mac’s chief economist, said in a statement.
The last month of mortgage purchasing and refinancing activities, as reflected in the Mortgage Bankers Association’s (MBA) latest weekly application surveys1, shows a rise in purchase applications and a decrease in refinancing as compared to the prior month’s activity. The 30-year fixed-rate mortgage rate increased, averaging close to 3.15 percent for the month, and was 3.2 percent in the latest.
Citing the need to closely monitor foreclosure numbers after the Federal Foreclosure Moratorium expired in July, Black Knight has revealed a “first-look” at its data for September 2021. According to the preliminary release, the national delinquency rate fell to 3.91% in September, down 2.3% from August and 41.3%. This is the first time delinquency rates have been below 4% in the last … The post Foreclosure Starts Reverse Course in September appeared first on DSNews.
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