Is your property tax assessment too high?
San Jose Real Estate
JUNE 3, 2023
Is your property tax assessment too high? Appealing may be an option if the value is truly incorrect.
Sat.Jun 03, 2023 - Fri.Jun 09, 2023
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Why higher rates aren’t crashing home prices
Housing Wire
JUNE 9, 2023
Home prices aren’t crashing, despite what the housing bubble boys are saying. In fact, home prices have firmed up higher recently. The housing bubble boys are a crew that from 2012 to 2019 screamed housing crash every year. They went all in during COVID-19 in 2020, doubled down in 2021 as the forbearance crash bros but really bet the farm on a massive home-price crash in 2023 after the most significant home sales crash ever in 2022.
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Trending Sources
That place where pickleball and real estate meet
Sacramento Appraisal Blog
JUNE 5, 2023
Pickleball is all the rage, and today I want to talk about how the growth of the sport is becoming much more noticeable in real estate listings. I also have an interview with a friend who built a pickleball court in his backyard. For the record, I actually don’t play (yet), but a friend is […] The post That place where pickleball and real estate meet first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.
When real estate is 'All in the Family'
Real Estate News
JUNE 3, 2023
It's not uncommon for agents and brokers to work alongside spouses, siblings and other family members — see how they make it work + 4 tips for success.
Pest Control Tips and Tricks That Work In 2023
Cleveland Appraisal Blog
JUNE 9, 2023
Hello! I hope you’re having a great summer! I am behind on my blogging for June. To get caught up, I have some returning guest bloggers who wrote some articles that I think you might enjoy. This week, I welcome back Ashley Rodriguez. In this article, she shares some pest control tips and tricks. I hope you find them useful! Photo by Pixabay on Pexels.com Pests continue to be a major concern for homeowners and business owners alike.
Opinion: Release the GSEs from conservatorship
Housing Wire
JUNE 7, 2023
After the recent extraordinary show of force defending changes to LLPAs by federal regulators and their friends, the forest through the trees risk remains in focus to me. One of the great concerns I have, as both a former regulator and the former head of a major industry trade association, is the downside risk of keeping the GSEs in conservatorship any longer.
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Mortgage rates finally inch down, but buyers aren’t pouncing
Real Estate News
JUNE 8, 2023
The 30-year fixed-rate mortgage averaged 6.71% this week, the first drop in nearly a month.
For Builders, Lot Shortage Eases But is Still a Problem
Eyes on Housing
JUNE 9, 2023
Obtaining lots to build on remains a challenge for many of NAHB’s builders, although the shortages are not quite as widespread as they were in 2021. Responding to special questions on the May 2023 survey for the NAHB/Wells Fargo Housing Market Index, 42 percent of single-family builders characterized the supply of lots simply as low, and another 25 percent said.
Is the sinking housing market finally at the bottom?
Housing Wire
JUNE 8, 2023
It’s been a brutal 15-month period for the housing market since the Federal Reserve began escalating its benchmark interest rate in March 2022 to combat rising inflation. Since then, the Fed has bumped rates 10 times, effectively putting the brakes on what had been a hot housing market. As the June 13-14 meeting of the central bank’s Federal Open Market Committee (FOMC) approaches, the housing industry remains prepared for yet another jolt of rate shock.
Letting Money Work For You
The Appraiser Coach
JUNE 6, 2023
Let’s talk about the velocity of money. This isn’t velocity in the sense of the physics term – we’re not looking at how fast a 50 dollar bill can fly.
Homeowner equity ticks down but is still riding high
Real Estate News
JUNE 8, 2023
Home equity dipped last quarter for the first time in a decade, but big gains in recent years have kept most homeowners squarely in the black.
Revolving Consumer Credit Growth Remains Near 25-Year High
Eyes on Housing
JUNE 9, 2023
Consumer credit outstanding grew at a seasonal adjusted annual rate of 5.7% in April 2023 per the Federal Reserve’s latest G.19 Consumer Credit report, as revolving and nonrevolving debt grew at 13.1% and 3.2%, respectively (SAAR). Total consumer credit outstanding stands at $4.8 trillion (not seasonally adjusted), with $1.2 trillion in revolving debt and $3.6 trillion in non-revolving debt (NSA).
Housing Market Tracker: Holiday impacts inventory
Housing Wire
JUNE 4, 2023
Last week we saw a noticeable slowdown in housing inventory growth that I hope has more to do with a holiday week than a trend. Mortgage rates fell last week after the debt ceiling issues were resolved, but the damage from higher rates took its toll on purchase application data again. Here’s a quick rundown of the last week: Active inventory grew 3,180 weekly , and new listing data fell week to week and is still trending at an all-time low in 2023.
These are the smart home updates to add to your new luxury residence
Inman
JUNE 9, 2023
With the right products, your new luxury home can become a smart, convenient and energy-efficient living space, smart home expert Brandon Doyle writes.
REcolorado CEO: MLSs can accomplish more through collaboration
Real Estate News
JUNE 6, 2023
Gene Millman, the leader of Colorado's largest MLS, believes MLSs "have a bad habit of forming silos" — but by working together, they can be stronger.
The Median Age of the Construction Workforce
Eyes on Housing
JUNE 5, 2023
NAHB analysis of the most recent 2021 American Community Survey (ACS) data reveals that the median age of construction workers is 42, one year older than a typical worker in the national labor force. Attracting skilled labor is still the primary long-term goal for construction, even though a slowing housing market has eased some pressure on current tight labor market.
Median income earners can only afford 25% of current listings
Housing Wire
JUNE 8, 2023
It is no secret that housing inventory is low. As of June 2, there were 433,104 single family homes on the market nationwide, according to data from Altos Research. And while this situation is certainly far from ideal, according to a report published Thursday by the National Association of Realtors and Realtor.com , even with the existing level of homes available for sale, the housing affordability and inventory shortage issues wouldn’t be so severe if there were enough homes for buyers at all i
Better.com lays off in-house real estate agents nationwide
Inman
JUNE 8, 2023
Troubled mortgage lender had touted Better Real Estate as a crucial component of its plans to build out an integrated end-to-end technology platform.
Tighter credit adds another hurdle for buyers
Real Estate News
JUNE 6, 2023
Black Knight reports that recent borrowers had higher credit scores and larger down payments, suggesting that lenders have tightened their standards.
Housing Affordability Posts Solid Gain but Still Much Lower from a Year Ago
Eyes on Housing
JUNE 8, 2023
Solid nominal wage gains (unadjusted for inflation) combined with lower mortgage rates and home prices helped to boost housing affordability in the first quarter of 2023, but ongoing building material supply chain issues and expected cooling of wage growth signal ongoing concerns for affordability conditions in the year ahead. According to the NAHB/Wells Fargo Housing Opportunity Index (HOI), 45.6% of.
Residential real estate activity picks up despite low inventory
Housing Wire
JUNE 6, 2023
All 12 Federal Reserve districts have seen issues with a lack of housing inventory , which is largely due to existing homeowners holding back on listing their homes after previously locking in low mortgage rates. Demand from the buyer side has remained steady or increased, however, and new home builders have responded to inventory shortages by increasing speculative inventory production, according to the Federal Reserve Beige Book, released Wednesday.
The Texas plan that could win even more new homeowners
Inman
JUNE 6, 2023
High property taxes in Texas have in the past canceled out some of the state's affordability advantages. But political leaders are looking for ways to reduce homeowners' tax burden.
Real Estate News columnists bring home top industry awards
Real Estate News
JUNE 9, 2023
Leading economist Dr. Paul Bishop and respected broker J. Philip Faranda were honored by the National Association of Real Estate Editors at their annual event.
Age Distribution of the Construction Labor Force
Eyes on Housing
JUNE 7, 2023
The latest labor force statistics from the 2021 American Community Survey show that the construction industry continues to struggle to attract younger workers. While workers under the age of 25 comprised 13.6% of the US labor force, their share in the construction industry reached only 10.0% in 2021. Meanwhile, the share of older construction workers ages 55+ increased from less.
Tight credit, high rates and low inventory add to buyers’ affordability struggles
Housing Wire
JUNE 5, 2023
The affordability challenges homebuyers are facing are becoming more deeply entrenched, according to Black Knight ‘s most recent monthly mortgage monitor report. “In a sense, the gridlocked housing market has been feeding on itself,” Andy Walden , VP of enterprise research strategy at Black Knight, said. Tightening credit availability, elevated rates, inventory shortages and strengthening home prices are adding to affordability challenges, the report notes.
Keller Williams’ Laurie Reader: It’s ‘a full-blown, skill-based market’
Inman
JUNE 5, 2023
Ahead of her appearance at Inman Connect Las Vegas, the CEO of Laurie Finkelstein Reader Real Estate shares why absorbing information and attending events is more crucial than ever in 2023.
A hazy future for homeowners insurance in California
Real Estate News
JUNE 9, 2023
Two of the state's top providers will no longer accept new applications, setting a grim precedent and adding another challenge for buyers.
Appraisal Opinion vs Analytic Results?
George Dell
JUNE 7, 2023
USPAP requires that an appraisal is an opinion. EBV yields an analytic result. Editor’s Note: This is part IIIb of George Dell’s series on How Do I Move to EBV? Links to the earlier posts are here. USPAP (Uniform Standards of Professional Practice) is promulgated by the Appraisal Foundation, publisher of the irregularly issued rules, […] The post Appraisal Opinion vs Analytic Results?
Federal agencies propose guidance for residential real estate ROVs
Housing Wire
JUNE 9, 2023
Five federal agencies, including the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve , the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC), are collectively proposing new interagency guidance on the reconsiderations of value (ROVs) for residential real estate transactions.
Oxygen loss may have led to crash that killed Keller Williams agent
Inman
JUNE 7, 2023
Adina Azarian died Sunday when the small plane she was on crashed in Virginia. Investigators are now exploring the possibility that hypoxia impacted people on the Cessna 560 Citation V.
Home appreciation sluggish but could double by end of year
Real Estate News
JUNE 7, 2023
CoreLogic reported that national home price growth slowed to just 2% year over year in April, but gains (and losses) varied locally.
And Why Is the Second Appraisal Always the “Correct Value?”
Appraiserblogs
JUNE 9, 2023
On Friday morning, May 19, I was one of five expert witnesses (and the only as an appraiser) to testify on the topic of appraisal bias in front of the Appraisal Subcommittee (ASC). During the first hour of testimony, our fourth grandchild was born. My wife was in the audience and stepped out of the hearing (the nerve!) to take the call from my oldest son on the news of our new granddaughter.
Mortgage payments fell in May while income rose
Housing Wire
JUNE 9, 2023
With mortgage rates still in the upper-mid 6% range, borrowers who received mortgages in May 2023 paid an average of $2,331 a month, up 20% from a year prior. That’s according to the latest origination data from mortgage tech firm Candor Technology. Per data from Candor’s underwriting engine, the average buyer in May 2023 received a loan worth about $364,094 at an average APR of 6.48%.
CoStar to sunset Homesnap brand this year as it transitions to Homes
Inman
JUNE 5, 2023
The real estate juggernaut is sunsetting the Homesnap brand name and products by the end of the year in favor of transitioning users to its dominant residential real estate brand Homes.com.
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