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The housing nightmare continues. The National Association of Realtors (NAR) reported that existing home sales for April came in at 5.41 million , down 3.4% from the previous month and 8.6% from last year. But, the savagely unhealthy data line was that home prices are up 14.8%. Now that we are almost in July, we can safely say the premise that once mortgage rates hit 4%, the mass panic selling of American homeowners who need to get out at all costs, driving total inventory up in the millions, has
The pile of listings is growing, and it’s taking longer to sell. That’s what so many housing markets across the country are experiencing right now. We’re on the cusp of seeing some real change in the stats over the next few months. Here are some things on my mind. Anything to add? Why have we […].
Real property appraisers have had quite a bit dumped on them in the past couple of years. The uncertainty, turmoil, and government interest in oversight and intervention caused by allegations of racial and ethnic bias in real property appraisal is cause for concern. Adoption of the Square Footage-Method for Calculating, American National Standards Institute (ANSI) Z765-2021 upended the long-standing routine and methodology for thousands of appraisers.
Hello everyone! I normally don’t post more than one article per week. This week I have a bonus article for my appraisal colleagues who are interested in becoming expert appraisal witnesses in eminent domain cases. This article was written by Leslie Fields, the Executive Director, Owner’s Counsel of America. I hope you enjoy her article! Appraising property in an eminent domain case requires unique expertise and skills.
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.
As someone who spent a career in the title insurance industry – both as a builder of a title business and leader of the industry’s trade group, — I am proud of the role we play in helping to protect what most Americans consider the biggest purchase of their lives. Title insurance is imperative for lenders to ensure the borrower has ownership rights to a property, but it doesn’t just protect against problems affecting title.
It’s summer and in some parts of the country it is getting very hot! Here in North Texas we have been in a heat wave , that seems to have no end in sight. Every day this week heat advisories have been issued and it can be challenging to be out in it. In a previous post about how to dress, I discussed the importance of dressing professionally and practically.
It’s summer and in some parts of the country it is getting very hot! Here in North Texas we have been in a heat wave , that seems to have no end in sight. Every day this week heat advisories have been issued and it can be challenging to be out in it. In a previous post about how to dress, I discussed the importance of dressing professionally and practically.
[link]. Today’s Buzzcast interview is with Jeff Allen, President of Cubicasa and Nikki Rinkus, Staff appraiser from Clario. We sat down with Jeff, Nikki, and Joan Trice, Founder of Allterra Group, LLC, to discuss new technology and what appraisers need to know about the future of appraisals and technology. What are some examples of new technology in the appraisal industry?
Hello! I hope your spring has been fantastic! It’s hard to believe that we are nearly to summer! This week I welcome back guest blogger Betty White with some tips on home security for the spring and summer months. Enjoy! Alt-tag: Home that is safe and secured for the spring. As spring brings longer and warmer days, people like to spend more time outdoors.
JPMorgan Chase , the nation’s largest bank, has started a workforce reduction of its mortgage lending business this week after having been struck by a tightening monetary policy that drove mortgage rates to over 6%. “Our staffing decision this week was a result of cyclical changes in the mortgage market ,” a spokeswoman for JPMorgan wrote in a statement on Wednesday.
Yes, personal bias in appraisals can be eliminated. The appraisal ‘process’, in its current standard, is “loose.” It is not internally biased either way. But it is vulnerable to systemic human and analytic bias. It enables and conceals bias. It is vulnerable to attack — as being “too high” or “too low,” depending on the […]. The post Can EBV Eliminate Appraisal Bias?
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.
After tumbling more than 16% in April, new home sales rebounded in May, rising 10.7% to reach a seasonally adjusted annual rate of 696,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. . However, new home sale were down 5.9% compared with May 2021. The median sales price of a new home sold in May was $449,000.
While getting ready for a big trip with my wife, I found myself in my home office working some odd hours. I was in the zone, cruising through my to-do. Read More.
New home sales beat the headline estimates and had positive revisions. How on earth did that happen? Not only that, the monthly supply data was revised lower from nine months to 8.3 months for the previous report. Let me tell you, we had a lot of shocked faces in economic land this morning. First, we must never forget that the new home sales reports can be very wild month to month and that positive or negative revisions are widespread.
After posting four consecutive monthly declines on rising mortgage rates and worsening affordability conditions, new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Federal Reserve’s June interest rate hike. Sales of newly built, single-family homes in May increased 10.7% to a 696,000 seasonally adjusted annual rate from an upwardly.
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.
Despite housing inventory falling slightly to a 7.7 months’ supply month-over-month, the nation’s supply was up 34.5% over last May, with 444,000 units available for sale. The post Single-Family Home Inventory Up YoY in May appeared first on DSNews. The post Single-Family Home Inventory Up YoY in May appeared first on Appraisal Buzz.
Are you doing all you can to keep your ‘Lone Workers’ safe? As job site safety continues to be a hot topic across all industries, there’s one group that still notes situational uneasiness and lack of safety measures: Lone workers. EHSToday cited a recent TrackPlus survey that noted that 19% of lone worker professionals have struggled to get help after a workplace accident.
Despite mortgage rates reaching the highest level in 14 years, mortgage applications increased 4.2% from the prior week, according to the latest Mortgage Bankers Association (MBA) survey for the week ending June 17. “Mortgage rates continued to surge last week, with the 30-year fixed mortgage rate jumping 33 basis points to 5.98% – the highest since November 2008 and the largest single-week increase since 2009,” Joel Kan, associate vice president of economic and industry forecasting for the trad
Hispanics are an important source of labor in the U.S. construction industry, where skilled labor shortage is a long-term issue. One in three workers in the US construction industry is Hispanic. The latest labor force statistics from the 2021 Current Population Survey show that Non-Hispanic Whites account for the majority of workers in the construction industry (59%).Hispanics make up close.
Black Knight Inc. has unveiled a “first look” at May 2022 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. The total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) was 2.75% with a month-over-month change of -1.93% and a year-over-year change of -41.96%.
Stealthy vice again masquerades as public virtue. The head of yet another government-subsidized nonprofit was found funneling cash to cronies while raking in obscene compensation. The nation’s long-suffering appraisers will recognize the pattern in a porcine publisher they are forced to frequently slop as frenzied Beltway porkers go whole-hog on the swill.
This week’s HW+ member spotlight features Ben Bernstein, director at Axonic Capital , an investment firm with a deep focus on the structured credit sector of the financial markets. Prior to that, Bernstein held leadership roles in Odeon Capital Group and JPMorgan Chase. Below, Bernstein answers questions about the housing industry: HousingWire: What is your current favorite HW+ article and why?
As rising mortgage rates and higher home prices continued to price out homebuyers, existing home sales declined for four consecutive months, according to the National Association of Realtors (NAR). However, the trend in home price appreciation continued as supply remained tight. The median existing home prices in May surpassed $400,000, the highest level on record since 1999.
In a battle for the nation’s limited housing stock, a panel of experts take to Capitol Hill to discuss SFR investors and their impact on the current marketplace. The post The Week Ahead: Finding Balance Within Housing Inventory appeared first on DSNews. The post The Week Ahead: Finding Balance Within Housing Inventory appeared first on Appraisal Buzz.
The results of this 2021 white paper: Appraisal overvaluation: Evidence of price adjustment bias in sales Comparisons co-authored by Frank Nothaft are pretty interesting. At first glance, I get the CoreLogic evil empire stuff, but step back and take it all in. Here’s the abstract. Home appraisal came under scrutiny for contributing to the home-price bubble and enabling the origination of risky mortgages that led to the post-2006 foreclosure crisis.
United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, wants to beat rival lenders by offering competitive pricing to brokers, a move designed to navigate a shrinking mortgage market with compressed margins. UWM dropped rates by 50 to 100 basis points across all loan types, the company said in a release. The new program follows UWM’s two-month price-match trial that ends June 30.
Nonfarm payroll employment increased in 32 states and the District of Columbia in May compared to the previous month while 18 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 390,000 in May, following a gain of 436,000 jobs in April. On a month-over-month basis, employment data was strong in Texas, which.
Vacation homes became all the rage early in the pandemic, with demand peaking at 90% above normal levels in March 2021. But today, the apparent demand for second properties or vacation homes has fallen to “normal” levels, or at least to the level it was at before the pandemic, as demand is now down by 4% compared … The post Demand for Vacation Homes Returns to Pre-Pandemic Norms appeared first on DSNews.
Being a real estate agent can be really hard. It consists of long days, fickle clients, failed closings, and so much more. But it’s also highly rewarding. Finding a client the perfect home or selling a property for a family desperate to move—not to mention the financial rewards that come with being a great agent—all feel wonderful. Still, when times are tough, it helps to have a source of motivation, inspiration, and insight.
Mortgage lender First Guaranty Mortgage Corporation cut about 80% of its workforce on Friday and has stopped accepting new mortgage applications, HousingWire has learned. Former employees said the lender has “essentially shuttered.” According to two former FGMC employees, the company on Friday laid off around 500 employees without severance payment, meaning only 100 staffers remain. .
Join us for our first ever GoFormz Quarterly Office Hours , July 19th at 11:00 AM PT Next month we’ll be hosting our first ever GoFormz Quarterly Office Hours, a live webinar showcasing product improvements and releases from the past six months. Along with discussing these updates, we’ll also be giving you an exclusive sneak peek at our feature roadmap and will be holding a Q&A session with the GoFormz team.
Black Knight Inc. has released a “first look” the latest iteration of its Mortgage Monitor Report for May 2022, which looks at delinquency and foreclosure rates across the U.S. According to Black Knight, the national delinquency rate fell to 2.75% in May, continuing a downward trend that has materialized over the last few months. The … The post U.S.
Does your subject property really front on the water? You might remember a case that made national news some time back involving a six-foot-high pink stockade fence erected between several houses and a small lake (actually just a large retention pond). Purchasers of the homes in what was a brand-new subdivision chose those specific lots and paid extra for them, not only because they backed up to the water, which afforded access and a view of the pond, but also because they avoided neighbors back
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