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Jeff Tucker Zillow Senior Economist. This is the fourth installment of our economist Q&A series, as we work to answer the top 2021 housing market questions. Every Tuesday in December, HousingWire interviewed a top economist in the HW+ Slack channel. The 2021 housing market forecasts have focused on everything from home prices to mortgage rates. In this installment, HousingWire interviewed Jeff Tucker, senior economist at Zillow , on his forecast for next year.
I recently completed a quick interview with Stuart Elliott , Editor In Chief & CEO at The Real Deal who asked me questions with a uniquely mellow intensity. The Real Deal is required reading for anyone in the real estate profession or interested in real estate. Fun. The post TRD Quick Question: Jonathan Miller "What's Happening in the NYC Real Estate Market?
As social media has become ubiquitous in our culture, it is becoming more and more essential to leverage it for your real estate business. Of course, that can seem daunting. There are so many different social media channels out there and upkeeping all of them can seem like a chore at best. If you’re thinking about social media for real estate agents and how to maximize your networks, our quick list of sites can give you a good overview of where to start focusing your efforts.
When valuations don’t reflect the money the homeowner spent I hadn’t been an AACI for very long when it happened: I was doing an inspection of a pretty standard, older 3-bedroom bungalow outside of Hamilton, and the homeowner insisted I see the master bathroom first. “You have to see this!” he said, leading me toward […].
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.
Although I had pockets of joy in 2020, these moments were subsumed in a haze of stress, uncertainty and fear for our country. And, at times, I have found it difficult to keep these emotions from clouding my economic thinking. But despite all the sorrow and frustrations of this year, I have found solace in the immortal world of math, facts and data. From this stronghold I have been able to see past the chaos and view the economy and the future of the housing market through the lens of my core eco
The New York Times got the market nuances right in their epic end of year The Real Estate Collapse of 2020. And including epic charts makes it even better. I noticed that the Streeteasy median rent chart used in the piece, adjusted for inflation but doesn't include concessions, shows the same pattern as my recent chart in Bloomberg. That drop in rent is gigantic anyway it is presented.
The New York Times got the market nuances right in their epic end of year The Real Estate Collapse of 2020. And including epic charts makes it even better. I noticed that the Streeteasy median rent chart used in the piece, adjusted for inflation but doesn't include concessions, shows the same pattern as my recent chart in Bloomberg. That drop in rent is gigantic anyway it is presented.
McKissock Learning is excited to announce that we’ll be hosting a three-part series of “Appraisal Math” webinars, presented by Dr. Sam Martin. Beginning with the first session on Wednesday, January 13, 2021 , these one-hour, non-credit Pro-Series webinars will focus on solving math problems similar to those found on the National Appraiser Licensing and Certification Exams.
While the United States may not have been prepared to combat a deadly virus, a quick and robust response from the Federal Reserve , along with changing consumer preferences, created a perfect storm that resulted in a record year for the housing and mortgage industries. Mortgage rates would fall to record lows 16 times throughout 2020, with origination volume expected to eclipse $4 trillion.
When you refinance your home, the process is similar to the one you followed when obtaining your original mortgage. Your finances will be verified and calculated, and your home will be appraised to determine its value to your potential lender. However, PennyMac also has many streamline products that don’t require income or asset verification. There are also products that do not require an appraisal.
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.
We live in an era of great real estate technology, but are you using it to your advantage when it comes to running your business? Today’s high-tech tools mean you can automate processes and tasks, organize and analyze information more quickly, reach new real estate clients , and do a better job of staying in touch with current ones. Perhaps the best thing these tools can provide is an improved experience for your clients.
Did you know the employment rate for a real estate appraiser has doubled overall in recent times? Not only that, but it is expected to increase by 3% between 2019-2029 ! This means real estate appraiser is one of the most sought out jobs. Are you interested in this career? Are you tired of sitting behind the desk all day? If so, you probably wish to do something out in the world.
The S&P CoreLogic Case-Shiller index covering home prices of all nine U.S. census divisions, reported an 8.4% increase in October from a year ago, and a 7% increase from September. The National Index is now up 24.5% from its former high in July 2006. Home prices have continued to increase this year as a result of low inventory and high demand for homes.
U.S. pending home sales slid for the third consecutive month in November, dropping 2.6% year-over-year, according to a report from the National Association of Realtors. Year-over-year, contract signings increased by 16.4%. “The latest monthly decline is largely due to the shortage of inventory and fast-rising home prices,” said Lawrence Yun, NAR’s chief economist. “It is important to keep in mind that the current sales and prices are far stronger than a year ago.” Home pr
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 shift to AI-powered technology is rapidly taking over the mortgage industry with leaders turning to machine learning to increase efficiency amid COVID-19. With the move toward a remote workforce and the real estate market booming, this technology is an important way to create a competitive advantage. Artificial intelligence can elevate your customer experience, reduce reliance on labor-centric solutions and streamline decision making.
Frank Nothaft Executive and Chief Economist at CoreLogic. This is the third installment of our economist Q&A series of the top housing market forecasts for 2021 that focus on everything from home sales to mortgage rates. To help provide as much guidance as possible on what to expect in 2021, HousingWire interviewed a top economist every Tuesday in December in the HW+ Slack channel.
The Federal Housing Finance Agency (FHFA) announced Monday it is requesting input on the appraisal policies, practices and processes of Fannie Mae and Freddie Mac, especially as it relates to the GSEs’ appraisal modernization efforts. The Request for Input (RFI) – open to comment until Feb. 26, 2021 – highlights specifically the benefits and pitfalls of hybrid appraisals, updating the Uniform Appraisal Dataset (UAD) and an increased use of appraisal waivers.
After falling to the lowest rate in Freddie Mac’s Primary Mortgage Market Survey’s near 50-year-history last week, the average U.S. mortgage rate for a 30-year fixed loan remained at a survey-low 2.67% this week. Last week’s announcement of a 2.67% rate broke the previous record set on Dec. 3, and was the first time the survey reported rates below 2.7%.
2020 served as a real litmus test for mortgage technology and fintech. Between having to transition whole teams to work from home — in some cases over just a weekend — to dealing with crushing origination volume, companies could clearly see the advantages or disadvantages of the technology they had invested in. . For 2021, I talked with Scott Petronis , principal of Xcentric Consulting and one of the architects of HousingWire’s HousingStack ecosystem, about three areas of fintech he’s keeping an
In October, the Conference of State Bank Supervisors made a controversial move to issue a final rule with proposed prudential standards for nonbank mortgage servicers – standards that, if enacted, have some stakeholders worried. The proposed rule addressed capital, liquidity, governance, policy related to entity survivorship and more. But now, the Urban Institute is warning that the rule could have unintended consequences.
With 2020 finally coming to a close, several companies wrapped up this unprecedented year for housing with some brand-new mortgage tech for 2021. Data and analytics giant Black Knight made moves in the secondary mortgage market again, launching its Mandatory Analytics dashboard that will allow investors to analyze and benchmark their actions on the secondary market.
RentPath announced Wednesday that it has terminated an agreement to be acquired by CoStar Group following the Federal Trade Commission’s (FTC) decision to sue to block the transaction. The FTC had argued that the $588 million acquisition would be harm customers because RentPath presents a strong competitive alternative to CoStar in the multifamily space, and the deal would effectively eliminate price competition.
Source: REUTERS / Danny Moloshok – stock.adobe.com. As you may know, the Kardashian family changes real estate faster than their hair color. And for fan favorite Khloe Kardashian, a recent move from her luxurious SoCal pad is paying off handsomely. Back in May, it was announced that the “Keeping Up with the Kardashians” star and Good American entrepreneur was preparing to list her sprawling estate in the sun-drenched California town of Calabasas, where many of her famous siblings, like Kou
EasyKnock has rolled out another sale-leaseback product for homeowners. With this initiative, homeowners can sell their home and remain living there rental payment-free until they find their new abode. EasyKnock said that this service enables the homeowner to leverage their equity as payment, so they are living without the out-of-pocket expenses during their transition period.
Rodman Schley was selected to become the next president of the Appraisal Institute (AI) beginning Jan. 1, succeeding appraiser Jefferson Sherman, according to the trade organization. Schley, a senior managing director at BBG in Colorado, served as vice president of the trade group in 2019. He has served on the Appraisal Institute’s board of directors, the strategic planning committee, the governance structure project team and the national nominating committee.
The year 2020 was unpredictable, challenging, and downright stressful. Were your business goals among the many things that were put on hold last year? If so, maybe now you’re in a place where you’re ready to revisit and reassess those goals for the year ahead. Here are five New Year’s goals for real estate appraisers and small business owners to pursue in 2021. 1.
The clock has effectively run out for FHFA Director Calabria to release Fannie Mae and Freddie Mac from their 12-year captivity under conservatorship following the great financial crisis. The incoming Biden administration has an opportunity now to reshape the housing finance system for the long term by taking the next logical step in the evolution of the GSEs by combining both entities into one housing finance market utility.
The number of mortgages in active forbearance rose by 20,000 last week, according to a Friday report from Black Knight. Though the raw number increased, the number of mortgages in active forbearance remained at 5.3%, unchanged from the week prior. Heading in to the last week of the year, Black Knight estimates 2.8 million homeowners are in some form of forbearance – accounting for $565 billion in unpaid principle.
Source: REUTERS / MARIO ANZUONI – stock.adobe.com. When it comes to Hollywood stars who want to high-tail it away from the prying eyes of Los Angeles, many head to the picturesque Santa Barbara County enclave of Montecito. So it’s no wonder that Katy Perry and Orlando Bloom, who just welcomed daughter Daisy Dove back in August , dropped $14.2 million on a nearly nine-acre compound in the peaceful seaside community just last month, according to Variety.
As the coronavirus began sweeping through the U.S. in March, many states issued shut-down orders for businesses, putting as many as 40 million people out of work by May. On March 27, Congress passed the CARES Act to offer economic relief to those affected by the shut-downs, expanding unemployment benefits and offering mortgage forbearance to homeowners with mortgages backed or insured by the federal government, including Freddie Mac , Fannie Mae , VA and FHA.
President Donald Trump on Sunday officially signed the second COVID-19 relief and government stimulus bill, after a back-and-forth with Congress on the amount of money that will be sent directly to consumers. The $2.3 trillion bill gives $600 in direct payments to each adult making less than $75,000, with a reduced amount for those making up to $87,000.
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