Housing Wire
NOVEMBER 11, 2021
You could buy a top-of-the-line laptop and a new cell phone to match, or you could pay one month’s rent for a single-family home in Los Angeles. It’s not much better for prospective single-family renters across California, a study by HouseCanary found. In Ventura or Carlsbad, median single-family rents are $4,250, and in Santa Clara and Berkeley, median single-family rents reached $4,225 and $4,200, respectively.
Sacramento Appraisal Blog
NOVEMBER 8, 2021
Last week Zillow announced failure as a home flipper and there were no candle vigils. But there has been so much talk and I’ve heard everything from “This means the market is going to crash” to “The iBuyer model is dead.” Let’s talk about what this failure really means. Any thoughts? Skim topics of interest […].
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Appraisal Buzz
NOVEMBER 10, 2021
In today’s Buzzcast, we dive into the racial and ethnic gaps within the home purchase appraisal. Today we have Jim Morrison, VP of Marketing and Sales for Allterra Group, Scott Reuter, Chief Appraiser and Director of Valuation of Freddie Mac, and Vivian Li, Senior Manager of Quantitative Analytics of Freddie Mac. We’ll be getting the inside scoop while they discuss the studies and data surrounding this hot button issue.
Miller Samuel
NOVEMBER 7, 2021
Yes, big data usually infers 'quantitative' analysis, as in "relying on numbers." The Zestimate legacy of profound inaccuracy finally reached a devastating conclusion with the collapse of Zillow Offers this week and the loss of hundreds of millions in shareholder equity. Zillow never figured out the qualitative part that enables the actual precision in the pricing of a home sale.
Housing Wire
NOVEMBER 9, 2021
One of the most unloved American economic success stories has been how spectacular American households with mortgage debt look today. Let’s take a look at the New York Federal Reserve’s Household Debt and Credit Report for the third quarter, released today. The most important factor is that debt structures are vanilla. Post-2010, lending standards in America became normal again, and while I still believe they’re very liberal, they’re sane.
Cleveland Appraisal Blog
NOVEMBER 11, 2021
I have written several articles demonstrating the inaccuracy of AVMs like Zillow’s Zestimates. You might enjoy reading “ AVM’s & Punxsutawney Phil’s Accuracy “, “ AVM’s… The Wonder Bread of Value “, “ Appraiser vs. AVM vs. Zestimate…Ten Properties ” and finally, “ iBuyers…The Pawn Shops of Real Estate “ Obviously, this topic is of interest to me, seeing is that value is my profession.
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Miller Samuel
NOVEMBER 7, 2021
The news came quickly and brutally (especially if you were a ZG investor): @mortgage_yack #zillow #PINKHolidayRemix #realestate #utahrealestate ? original sound - Jack. I jumped on the bandwagon with this: This just in: The “A” in “Zillow” stands for “Accuracy.” [link] — Jonathan Miller (@jonathanmiller) November 3, 2021. And this was a perfect post: so zillow let a robot buy up thousands of properties, outbidding real buyers and artificially inflating the market, and now will be laying of
Housing Wire
NOVEMBER 8, 2021
Economic cycles are like serial killers on a Netflix show: they leave clues to get caught. Interpreting these clues gives you the ability to see when the economy is in recovery and when things are about to go into recession. My job as a data analyst is to provide the map you need to follow these clues, specifically as they relate to housing. Each economic sector behaves differently in a recession; typically, the industry with the most leverage on growth gets hit the hardest.
Eyes on Housing
NOVEMBER 9, 2021
The prices of goods used in residential construction ex-energy climbed 0.8% in October (not seasonally adjusted), according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. The increase comes on the heels of two consecutive monthly declines largely driven by steep declines in lumber and plywood prices. The price index of services inputs to residential construction.
Appraisal Buzz
NOVEMBER 12, 2021
Brian Hale, a seasoned mortgage industry executive with over 40 years of experience, has launched a new consultancy business, Mortgage Advisory Partners (MAP). MAP’s focus is on the mortgage industry including mortgage bankers, mortgage brokers, banks, home builders and Realtors to improve their mortgage-related businesses. The firm’s partners work with executive leadership to develop strategies to assist mortgage-related companies with navigating the challenges of operating and growing their bu
George Dell
NOVEMBER 10, 2021
Everyone knows what’s a market — (or do they)? Market Value is the ultimate goal of appraisals, of AVMs, of evaluations, of BPOs, hybrids, exceptions, and all forms of opinions (everyone has one). So, market value must be based on “the market”! To measure it, we must first know what it is. The dictionary has […]. The post What is the Market in ‘Market Value’?
Housing Wire
NOVEMBER 9, 2021
Mortgage delinquency rates hit the lowest level since the beginning of the pandemic in August, according to the most recent CoreLogic Loan Performance Report. However, some borrowers are still facing severe financial challenges. In August, 4% of mortgages were delinquent by at least 30 days, including foreclosure, a drop from the 6.6% rate in August of 2020.
The Appraiser Coach
NOVEMBER 9, 2021
Over and over again, in just about any mastermind group or private coaching, I see the same phenomenon. People get comfortable with what they’re doing and, even when they are. Read More.
Appraisal Buzz
NOVEMBER 12, 2021
Those who have sat on the sidelines over the last few months and held out on selling their homes are increasingly looking to get into the market, a move that could pay off big for buyers and sellers alike. According to a new survey from Realtor.com, homeowners who plan to sell are in an “extremely advantageous” position due to the fact that the market is currently seeing houses receive … The post Is Listing Your Home Soon a Good Idea?
Eyes on Housing
NOVEMBER 10, 2021
Compared to a year ago, on a not seasonally adjusted basis, consumer prices increased by 6.2% in October, the largest year-over-year gain since December 1990. Supply-chain constraints and strong consumer demand as the economy reopened have contributed to recent price increases. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.9% in October on.
Housing Wire
NOVEMBER 8, 2021
Forbearance predictably declined across the board last week as exits accelerated, but more borrowers are going into plan modifications because they are still struggling to recover their pre-pandemic income. The total number of loans in forbearance decreased by nine basis points to 2.06% as of Oct. 31, according to the latest report from the Mortgage Bankers Association (MBA).
Urban
NOVEMBER 11, 2021
White households have nearly three times more housing wealth than households of color, a trend new research shows extends to 96 percent of US cities with sufficient data.
Appraisal Buzz
NOVEMBER 12, 2021
Several sources for mortgage rate data are doing consumers a major disservice this week. At least two of them are claiming that the average top tier 30yr fixed rate is still under 3.00%. It’s not. One disclaimer right up front: different companies have different rate-quoting policies. Even within the same company, borrowers can typically opt for different combinations of rates and fees.
Eyes on Housing
NOVEMBER 12, 2021
The labor market continues to tighten. In the September BLS Job Openings and Labor Turnover Survey (JOLTS) data, the national number of job quits for all sectors (4.4 million) was up 34% year-over-year as worker churn accelerates. Total national job openings stands at 10.4 million. What had been, in prior years, a challenge in certain sectors, like construction, continues as.
Housing Wire
NOVEMBER 10, 2021
Mortgage rates fell below 3% in the week ending November 10, according to the latest Freddie Mac PMMS mortgage report. The 30-year fixed-rate mortgage declined to 2.98% last week, falling 11 basis points from 3.09% the week prior. A year ago at this time, the average 30-year fixed-rate loan averaged 2.84%. “Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” Sam Khater, Freddie Mac’s chief economist, said in a statemen
GoForrmz
NOVEMBER 8, 2021
Join the paperless initiative: digitally transform your business while reducing its impact on the environment Tons upon tons of paper is produced every day, with thousands of trees cut down in the process. Although this process is nothing new, what might surprise many is the significant environmental impact that paper has on our planet. Professor Benjamin Sovacool of Aarhus University in Denmark states that there will be no water by 2040 if we maintain our current reliance on paper – resulting i
Appraisal Buzz
NOVEMBER 12, 2021
For the first time since the start of the COVID-19 pandemic, the number of homes in a forbearance plan has fallen below the 2% mark. According to Black Knight’s McDash Flash daily mortgage performance dataset, which covers more than 197 million home loans and home equity data on more than 27 million loans and lines of credit, the number of loans in active forbearance fell by 123,000 or 10.8%. … The post Active Forbearance Numbers Continue To Drop appeared first on DSNews.
Eyes on Housing
NOVEMBER 11, 2021
Housing affordability held steady at its lowest level in nearly a decade, as higher home prices offset lower mortgage rates to keep the affordability rate flat in the third quarter of 2021. In the months ahead, however, supply-chain disruptions and the prospect of higher interest rates will continue to threaten housing affordability. According to the National Association of Home Builders.
Housing Wire
NOVEMBER 11, 2021
Manufactured housing is a topic that has gained some steam on Capital Hill as of late, with the White House announcing earlier in the year that it intends to address the lack of affordable housing in the nation by upping the available supply of MH. In September, Biden’s administration also called on state and local governments to “reduce zoning and financing barriers to these kinds of housing – housing that allows families to achieve homeownership and build wealth.”.
GoForrmz
NOVEMBER 10, 2021
Based in West Virginia, Lifeline Addiction Specialists help with addiction treatment and behavioral health needs. They offer an “office-based medication-assisted treatment program for adults with opioid dependence” as well as psychiatrists to assist with underlying causes of substance abuse issues. “ It’s a testament to the quality of the product that I don’t have to call GoFormz all the time.
Appraisal Buzz
NOVEMBER 12, 2021
Regions Bank on Monday announced Todd Jarman has joined its Income Property Finance group as senior vice president overseeing production offices in Atlanta, Birmingham, Charlotte, Chicago and Washington, D.C. From these offices, experienced Regions personnel serve real estate clients throughout the Southeast, Mid-Atlantic and Midwest. Each team provides financial solutions to regionally and nationally focused funds, property owners, and developers … The post Regions Bank Hires Todd Jarman
Eyes on Housing
NOVEMBER 10, 2021
The latest results of the Federal Reserve’s Board’s Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS), lending standards and demand for residential real estate (RRE) loans both eased slightly in the third quarter of 2021. Additionally, banks reported easier lending standards for all categories of commercial real estate financing (CRE loans), and, within CRE, stronger demand for multifamily.
Housing Wire
NOVEMBER 8, 2021
Home Point Financial President and CEO Willie Newman. Mortgage lender Home Point Financial , which does business as Homepoint , is poised to exit the Ginnie Mae mortgage-servicing rights market, according to its CEO and filings with the Securities and Exchange Commission. Homepoint, in an SEC filing in early November , revealed that its third-quarter financials were boosted by $122 million earned on the sale of mortgage-servicing rights, or MSRs, for an $11 billion portfolio of single-family mor
JMV Lending
NOVEMBER 12, 2021
WHY WE REFUSED REFINANCES IN 2020 This is a quick aside but a reminder that we stopped accepting refinance applications in 2020. It cost us millions in lost revenue but we did so anyway because we wanted to make sure we could maintain our service levels for purchase business. This is because we knew that […]. The post How Likely Are You to Get an Appraisal Waiver?
Appraisal Buzz
NOVEMBER 12, 2021
Lending standards loosened, driven by an increase in conventional mortgage credit, as well as an expansion in agency programs for ARMs and high-balance loans, according to a new report. The post Mortgage Credit Availability Ticked Upwards in October appeared first on theMReport.com. The post Mortgage Credit Availability Ticked Upwards in October appeared first on Appraisal Buzz.
Chicagoland Appraisal Blog
NOVEMBER 8, 2021
2 months ago I wrote an article comparing Zillow’s Zestimate program to a regular appraisal process. It’s a common question that comes up and with the real estate market skyrocketing, thought I’d answer the question once and for all. To my dismay, I didn’t expect the large disparity which recently led to the end of Zillows flipping scheme. The article describes “Zillow Group’s AI-power house flipping operation as a dismal failure”.
Housing Wire
NOVEMBER 11, 2021
Amrock , a title insurance, property valuations and settlement services provider that is part of the Rocket Companies family, announced Wednesday that longtime CEO, Brian Hughes will be retiring later this month and Nicole Beattie, the current vice president of mortgage servicing at sister company Rocket Mortgage , will take over. Hughes’ retirement comes after more than 21 years at Amrock, with a total of 30 years devoted to the title, appraisal, and settlement services industry.
GoForrmz
NOVEMBER 11, 2021
Simplify the warranty claim collection process by utilizing our online form sharing feature With online forms you can seamlessly collect defect and warranty claims to increase visibility and improve response time for customer issues. Leveraging online form sharing, you can easily gather customer data and route it to the correct department to resolve issues more efficiently.
Appraisal Buzz
NOVEMBER 12, 2021
DSNews examines how breakthroughs in title technology are playing a vital role in the management of loans in default (Sponsored Content). The post Advances in Title Tech Expedites Loss Mitigation Decisioning appeared first on DSNews. The post Advances in Title Tech Expedites Loss Mitigation Decisioning appeared first on Appraisal Buzz.
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