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The National Association of Realtors reported 5.99 million home sales for July, which was an excellent beat of estimates and a dagger into the hearts of the 2021 housing crash crew. Mother demographics and low mortgage rates , two things that have been transparent to human beings for a long time, are powerful economic forces. Both together make it very difficult for an epic housing crash in sales to happen, especially when the years 2008-2019 had the weakest housing recovery ever.
How much is a bedroom worth? What sort of adjustments do you give when looking at two houses with a difference of one bedroom? It’s always $10,000, right? Or wait, someone else said $20,000. What’s the truth? Let’s talk about this today. I’d love to hear your take in the comments. SacBee presentation: This week […].
One of the most important math calculations in an entrepreneurs toolbox is knowing what the value of an hour is worth. We tend to call this calculation ‘dollars per hour,’ as in, “I just billed out $200 per hour,” or “I make $100 per hour.” We hear and see this fairly frequently in forums where appraisers are talking about bidding on work and how much one should aim for when deciding how much to bid on an appraisal order.
As a coach, I’m teaching appraisers on a constant basis. A lot of them are interested in doing non-lender work but they aren’t sure how to attract that work. Really, Read More.
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Mike Cagney, co-Founder at Figure Technologies. Peter Norden, the CEO of Homebridge Financial Services , has been waiting a long time to do something truly unique in the mortgage business. Decades. “I’ve always struggled with finding a way to be different than my competition,” Norden, a 43-year veteran of the business, said. “Because the reality is, when you really look at it, all mortgage bankers sell pretty much the same products.
An expected impact of the virus crisis is a need for more residential space, as people use homes for more purposes including work. Recent data confirms this impact on the market is occurring. According to second quarter 2021 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area increased to.
An expected impact of the virus crisis is a need for more residential space, as people use homes for more purposes including work. Recent data confirms this impact on the market is occurring. According to second quarter 2021 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area increased to.
Stewart Information Services Corp. is acquiring Informative Research (IR), a credit, consumer and real estate data and technology services provider. IR serves more than 3,000 customers across the U.S. The purchase price is $192 million and will be funded with available company resources. The transaction is expected to close following the appropriate regulatory review and will be immediately accretive to Stewart’s earnings.
“Appraisal is market analysis!” is the title of a 1975 journal article by Richard Ratcliff, MAI. Freddie Mac Chief Appraiser Scott Reuter recently noted pervasive market analysis deficiencies in appraisal opinions. Specifically, discrepancies from actual contract prices. For appraisers, this disparity is easily accounted for by two reasons: Failure to implement time adjustments to the […].
The average 30-year fixed-rate mortgage held steady at 2.87% for the week ending in August 26, according to mortgage rates data released Thursday by Freddie Mac ‘s PMMS. The week prior, mortgage rates declined slightly to 2.86%. This week’s near constant mortgage rates may not yet reflect a rise in U.S. Treasury yields, which ticked up toward the end of the week.
According to NAHB analysis of quarterly Census data, the market share of rental units of multifamily construction starts remained elevated at 95.2% during the second quarter of 2021. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. An average share of 80% was registered during the 1980-2002 period.
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Company leaders say the former EVP is one of just a handful of Hispanic Presidents in independent mortgage banking and that the move reflects a commitment to diversity. The post Alterra Promotes Marc Hernandez to President appeared first on theMReport.com. The post Alterra Promotes Marc Hernandez to President appeared first on Appraisal Buzz.
Enjoying a Corpus Christi Beach. As summer begins to wind down and we enjoy those few days of sun and beach, fall is just around the corner. Most schools in our area have started back and life is trying to settle into some sense of normalcy. Since we are still dealing with the pandemic and the delta variant has hit our area, the sense of normalcy is fragile at best.
In Tuesday’s new home sales report from the Census Bureau , monthly supply hit recent highs at 6.2 months and 5.9 months on the more critical three-month average. I focus on the monthly supply as being the most critical data for the new-home market. The new home sales market is a small but essential part of the overall market and the economy. I have long said that the builders don’t build for the existing home sales market; they build based on demand for their specific products.
As the market has cooled due to higher costs, July recorded a slight gain of 1% for sales of newly-constructed single family homes, according to estimates from the Census Bureau and HUD. The July seasonally adjusted annual rate (708K) was 27% lower than a year ago, due to builders slowing sales as a consequence of higher material and other costs.
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Still, the number of on-hold home loans continues to decrease on a month-over-month basis, and more than 400k plans expire next month. The post Weekly Forbearance Volume Drops appeared first on DSNews. The post Weekly Forbearance Volume Drops appeared first on Appraisal Buzz.
Eliminate hourly employee tracking headaches with these powerful GoFormz features Tracking employee overtime with timecards, timesheets, and more is a crucial operational function when recording and monitoring employee hours within a pay cycle. Oftentimes, time tracking solutions force you to choose between an option that is too costly for the business or an option that creates extra steps, resulting in an inefficiency problem as well as a higher chance for human error.
Existing-home sales grew by 2.0% in July from the month prior, a report published by the National Association of Realtors on Monday found. But first-time homebuyers are still getting squeezed. Completed sales transactions for single-family homes, townhomes, condominiums and co-ops, represented a seasonally adjusted annual rate of just under 6 million (5.99 million) in July, according to NAR.
NAHB analysis of the Survey of Construction (SOC) shows that 65% of all new single-family started in 2020 were built on slab foundations, followed by 22% with a full/partial basement and 12% with a crawl space. The gap between slab and full/partial basement foundation adoption rates is growing: the share of new homes built on slabs steadily increased from 46.0%.
The U.S. Supreme Court has put a stop to the extension of the eviction moratorium by the CDC, with tenants losing vital protections. The post Biden’s Eviction Moratorium Blocked After Supreme Court Ruling appeared first on theMReport.com. The post Biden’s Eviction Moratorium Blocked After Supreme Court Ruling appeared first on Appraisal Buzz.
WHAT CONSTITUTES A BEDROOM? I wrote a blog last year called What Constitutes A Bedroom? in response to an agent who was angry b/c our appraiser refused to deem a 42 square foot (sf) room “a bedroom.” The appraisal came in low b/c the house was correctly deemed a two-bedroom instead of a three-bedroom, as […]. The post Bedroom Counts And Home Values – A Very Big Deal!
Mortgages changed my life. Like most mortgage industry professionals, I fell into the business. Most of us don’t grow up telling everyone that we want to change the world by selling, processing, underwriting and closing mortgages. Unless, perhaps, you are my five-year-old daughter and six-year-old son. They both make it known that they will “do mortgages with mom” while they build skyscrapers and run the country.
After four months of declines, existing home sales increased for the second consecutive month in July as housing inventory continued to improve, according to the National Association of Realtors (NAR). Though the median existing home price in July remained elevated, home prices may level off if inventory gradually increases in the coming months.
By a 6-3 vote, the U.S. Supreme Court has put an end to the CDC’s eviction moratorium, as an estimated seven million Americans remain delinquent on their housing payments due to pandemic-related issues. The post Supreme Court Halts CDC’s Eviction Moratorium appeared first on DSNews. The post Supreme Court Halts CDC’s Eviction Moratorium appeared first on Appraisal Buzz.
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Should you update your home before putting it on the market? Three in four homeowners say they’d rather replace their appliances than accept a low offer on their home, according to a study by Cinch Home Services. . Cinch Home Services surveyed over 1,000 homeowners and renters to figure out how important updates are in the homebuying process. And they discovered that a majority of homeowners think upgrading their appliances will increase their home value by almost $14,000. .
In the second quarter of 2021, interest rates on three of the four categories of loans tracked in NAHB’s Survey on Acquisition, Development & Construction (AD&C) Financing continued the downward trend that has prevailed since the third quarter of last year. The average effective rate (based on rate of return to the lender over the assumed life of the loan.
Bonds Leveling Off But Not Out of The Woods Bonds began the day with a test of the important technical ceiling at 1.37% in 10yr yields. With some help from geopolitical risk due to bombings in Kabul, bonds managed to stay fairly calm with the 10yr just a hair better than ‘unchanged’ at the 3pm CME close. MBS also found their footing and were 2 ticks (0.06) higher at the same time.
Streamline new hire onboarding processes with digital and online forms New hires have come to expect a streamlined onboarding process. The old ways of filling out form after form in person have given way to the new and improved efficiency, speed, and convenience of digital forms and online applications. With digital forms, you can easily collect necessary new hire information and store digital data instantaneously for easy-to-reference information.
A recent syndicated article on racial bias from The Markup on racial bias, published by ABC news, AP, Market Watch and more, has drawn a great deal of attention from trade groups, policy makers and housing advocates with support from some and attacks from others. The story, “The secret bias hidden in mortgage-approval algorithms,” included statements from fair housing activists who concluded that there is “systemic racism” in the mortgage process.
The Census Bureau’s Survey of Construction (SOC) provides valuable information on the characteristics of new homes started construction, such as air conditioning and heating system installations. Air Conditioning In 2020, 95.4 percent of new single-family homes started had a central AC system, slightly higher than 95.0 percent in 2019. The trend, going back to 2000, shows a steady rise in the share.
The company reports it is committed to challenging the status quo and delivering smart solutions that benefit the lender and borrower. The post ServiceLink Rolls Out New Closing Technology appeared first on DSNews. The post ServiceLink Rolls Out New Closing Technology appeared first on Appraisal Buzz.
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