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The world has been dealing with a significant health crisis since the beginning of 2020. This has provided the American bear troll crowd numerous opportunities to pontificate about a likely long-lasting depression. If you bought into the theories being peddled by this crash-cult crowd (who, by the way, have been infecting the discourse of economics since the creation of social media and YouTube channels) then you would have believed that the second housing market bubble crash was imminent during
The market is nuts and everything is selling $100K over the list price!! We hear that quite a bit, but how true is it? Today I have some new visuals to help answer this question. If you’re not local, would your market look similar? Two new visuals. What do you think? Below the list price: […].
In today’s Buzzcast, we dive into the topic of the new legislation happening and how it’s affecting appraisers. Today we have Bill Garber, Director of Government and External Relations from The Appraisal Institute giving a deeper look with Joan Trice, Founder of Allterra Group, LLC. They delve into the specific changes that appraisers need to know. What is the Valuation Fairness Act?
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.
Mortgage applications dropped for the second straight week , this time down 4% for the week ending May 28, 2021, according the Mortgage Bankers Association ‘s weekly mortgage applications survey. This week’s data was compared to mortgage applications from the week of Memorial Day in 2020. The overall housing index hit its lowest point since February, said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
The median age of owner-occupied homes is 39 years, according to the latest data from the 2019 American Community Survey. Compared to a median age of 31 years in 2005, the U.S. owner-occupied housing stock is aging gradually. The residential construction continues to fall behind in the number of new homes built especially after the Great Recession. This aging housing.
The median age of owner-occupied homes is 39 years, according to the latest data from the 2019 American Community Survey. Compared to a median age of 31 years in 2005, the U.S. owner-occupied housing stock is aging gradually. The residential construction continues to fall behind in the number of new homes built especially after the Great Recession. This aging housing.
Mortgage rates were higher again today with multiple lenders making additional upward adjustments in the middle of the day in response to bond market volatility. The prices/yields of certain bonds are the primary building blocks for lenders as they determine where to set mortgage rates every day. Bonds respond to a variety of inputs, with the broad notion of “the economy” being one of the perennial favorites.
Appraiser training tells us to use good judgment – repeatedly. In fact, the word ‘judgment’ is used over 300 times in the current USPAP book. It must be important. It’s also used some 800 times in The Appraisal of Real Estate. It must be important. The basis of appraisal theory in the United States is […]. The post Judgment Based or Evidence Based?
The Biden administration announced proposals to combat the racial wealth gap , including a tax credit to rehab homes for low and moderate-income homebuyers as part of the trillion dollar infrastructure package. The White House announced the measures ahead of a trip President Joe Biden made to Tulsa, Oklahoma to honor survivors of the Tulsa Race Massacre.
A post published last week discussed how record numbers of builders were reporting on broad-based shortages of building materials and products. The source of the information was the May survey for the NAHB/Wells Fargo Housing Market Index (HMI). The same survey asked the HMI panel of single-family builders how total material costs for the same house have changed over the.
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.
Many of you reading this are probably familiar with this case that recently went viral. A husband and wife requested a bank appraisal to refinance their Jacksonville, Florida home. The wife is African American, and her husband is white. Only the wife was at home to greet the appraiser when they arrived to inspect her home. When the couple received the final appraisal report of their home’s value, they were shocked!
If you are like me, you are probably tired of hearing the word “unprecedented” How many times have we said it or read it this past year? What is another word we can use? Remarkable? Extraordinary? Phenomenal? However we describe we are currently experiencing rapidly appreciating real estate markets. Not just in our local North Texas markets but in many places nationwide.
Austin is still the nation’s hottest housing market, as tech workers continue to flock to the Lone Star State’s capital. In 2021 alone, 1,440 Austin homes have sold for between $100,000 and $299,999 above asking price, and 72 have already sold for $300,000 or more above asking price, per a recent study from Redfin. At this time last year, only two homes had been sold in Austin for more than $300,000 above asking price.
Builders and developers responding to NAHB’s Survey on Acquisition, Development & Construction (AD&C) Financing continued to report declining interest rates in the first quarter of 2021. The average effective rate (based on rate of return to the lender over the assumed life of the loan taking both the contract interest rate and initial fee into account) decreased from 7.27 to.
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 average rate for a 30-year, fixed-rate mortgage inched up slightly this week but remains below 3% at 2.99%, according to Freddie Mac’s Primary Mortgage Market Survey. . That’s up from 2.95% last week but down from 3.18% a year ago. “Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough,” says Sam Khater, chief economist for Freddie Mac, in a statement.
“If you don’t have a seat at the table, you are on the menu…” Would it be misleading to disclose you performed a personal inspection of a property done with significant appraisal assistance in which you relied on supported demographics? Well maybe… The Appraisal Foundation has issued a discussion draft to answer this question and others similar to it and wants your opinion.
The Federal Housing Finance Agency (FHFA) has extended forbearance options for multifamily properties through the end of September. The options to put off debt payments for federally-backed multifamily properties had been slated to expire at the end of June. The regulator also extended protections for tenants that property owners must adhere to in order to access forbearance.
Job gains accelerated in May as vaccination rates increased and COVID-19 restrictions lifted. Total payroll employment rose by 559,000 and the unemployment rate decreased to 5.8% in May. In May, non-residential construction lost 21,800 positions, reflecting declines in nonresidential specialty trade contractors (-16,800), while residential construction employment rose by 1,900.
The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, fell again during the week ended May 28. It was the 15 th time the index has retreated in the 21 weeks since the year began. The Index decreased 4.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5 percent compared with the previous week.
This ‘new’ bias story really ticks me off. Click the link below to read it: When My Home Appraisal Came Back Low, I Realized We Need to Change the System (goodhousekeeping.com) It was written by a notable self-promoter, the so-called “America’s Favorite Financial Educator”, also known as “The Budgetnista,” — Tiffany Aliche. I used to be in marketing.
The Antelope Valley in northern L.A. county. It’s such a great time to build a home that companies are building in oil fields. Nary an eyelash was batted last month when two of the housing market’s biggest homebuilders – Pennsylvania-based Toll Brothers and Florida-headquartered Lennar –acquired 173 acres of land in Montebello, California from Sentinel Peak Resources , a company that owns oil development land up and down the Golden State.
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 1.0% in April to a seasonally adjusted annual rate of $729.2 billion. Total private residential construction spending was 29.7% higher than a year ago. The monthly gains are largely attributed to the strong growth of spending on multifamily and single family construction.
In today’s Buzzcast, we dive into a market analysis of the housing industry and what will be facing appraisers within this coming year. Today we have Bill King, Chief Valuation Officer of Bradford Technologies with Joan Trice, Founder of Allterra Group, LLC. They delve into a deep discussion regarding the housing industry, bubbles, and what appraisers can expect in this climate.
You know it all too well. When selling a home, your pricing strategy makes or breaks your chances for a quick sale. Pricing isn’t always a simple, straightforward process, and can often waste time and money and lead to frustration for both you and the seller. Here, top real estate agents and brokers share the most common home pricing mistakes they see and how to fix them: Mistake #1: Ending a price in 9.
Total nonfarm payroll employment rose by 559,000 in May, below economists’ predicted rate of 675,000 new jobs. According to the U.S Bureau of Labor Statistics , unemployment now stands at 5.8% – around 30 basis points lower than April and now at its lowest rate since the pandemic began. So what does that mean for the housing industry, and the likelihood the Fed will change course on monetary policy?
Home building across the nation expanded the fastest in places with the shortest commute times, according to the quarterly National Association of Home Builders (NAHB) Home Building Geography Index (HBGI). The HBGI also shows the suburban shift in new home construction to low density, low cost markets stemming largely from the COVID-19 pandemic and first reported in the second quarter.
Here’s how these important cohorts are differentiating themselves within the modern housing market. The post The Future of Millennial Homebuyers appeared first on theMReport.com. The post The Future of Millennial Homebuyers appeared first on Appraisal Buzz.
A low credit score doesn't mean you can't buy a house—or invest in real estate. It just means you need different strategies. And you should also carefully consider whether buying property is the right solution for you right now.
Let’s be honest – affording a home isn’t always easy. In this market where homes are selling like hot potatoes, it might seem like everyone can afford to buy a house, but that’s not true. It takes time, money, energy, planning, money and more money to become a first-time homebuyer. Even with today’s low interest rates, affording a home can be a challenge.
In addition to two new regional appointments, Cleveland-based lender adds new corporate trainer to keep pace with regulatory changes. The post Nations Lending Bolsters Its Corporate Training and Regional Leadership appeared first on DSNews. The post Nations Lending Bolsters Its Corporate Training and Regional Leadership appeared first on Appraisal Buzz.
Dealing with property maintenance is challenging. Here, learn how to develop strategies to maintain rental properties and how technology can revolutionize maintenance request processing.
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