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Consolidation in the mortgage industry is likely in 2022, analysts and lending executives said. Justin Woodward has experienced the best and the worst of the mortgage industry in only 18 months. A seasoned retail and commercial banking salesman in Fort Wayne, Indiana, the 39-year-old Woodward joined Interfirst Mortgage as a loan officer in October 2020 after a recommendation from an old college friend. “I had not done first mortgage lending before, but I was familiar with the basics of rea
Do you feel it? The temperature of the housing market has started to change. Let’s talk about what’s going on, and what this means and doesn’t mean. I’d love to hear your take in the comments. Think Like an Appraiser Class: I’m teaching my favorite class on April 28 from 9am-12pm. We’ll talk through choosing comps, making adjustments, […].
For each issue of Elliman Magazine produced by Douglas Elliman , the same company that publishes most of our U.S. market research , I write a brief column and create a graphic to illustrate an important issue facing the luxury housing market. Of course, the graphic I create is then supercharged by their very talented graphics staff. Listing inventory has essentially collapsed in most U.S. housing markets as unusually low rates against the backdrop of robust economic conditions have burned off su
The housing market has been a roller coaster ride since COVID-19 began, and it hasn’t shown signs of stopping in 2022. It’s increasingly difficult for home appraisers to predict what will happen next, between seller booms and fluctuating mortgage rates. Here are some buyer relocation trends to watch out for in 2022’s hectic real estate market. More Second Home Purchases.
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 application volume dropped 1.3% for the week ending on April 8, from the previous week, as mortgage rates eclipsed the 5% mark. Refinance applications fell 5% from the prior week and 62% from the same week a year ago, according to the Mortgage Bankers Association ‘s weekly survey. “Mortgage rates have spiked more than 1.5 percentage points thus far in 2022,” Mike Fratantoni, MBA’s senior vice president and chief economist, said in a statement.
According to the latest Producer Price Index (PPI) report released today by the Bureau of Labor Statistics, the prices of goods used in residential construction ex-energy (not seasonally adjusted) climbed 1.4% in March, following an upwardly revised increase of 2.2% in February and 4.1% in January. This adds up to an 8% jump in building materials prices since the start.
According to the latest Producer Price Index (PPI) report released today by the Bureau of Labor Statistics, the prices of goods used in residential construction ex-energy (not seasonally adjusted) climbed 1.4% in March, following an upwardly revised increase of 2.2% in February and 4.1% in January. This adds up to an 8% jump in building materials prices since the start.
Panorama Mortgage Group (PMG) has launched a new brand, Prosperity Capital Mortgage, a full-service mortgage lender serving Dallas, Houston, Austin, San Antonio, Las Vegas, Reno, and Sacramento, with plans to expand throughout the country. Ramaj Balley will serve as president of Prosperity Capital Mortgage. The company will use PMG’s mortgage platform to help achieve its goal of expanding homeownership opportunities nationwide, the company says in a release.
Given the current housing inventory crisis, it might surprise people to realize this: we built too many homes during the housing bubble years. Wait, what? But we have a housing shortage, right? Yes, but this is where my work is much different from other housing economists and why we need to think of inventory in a new, modern 21st-century mindset. The big theme of my housing work since 2010 has been that the housing market would have its weakest recovery from 2008 to 2019 because we simply built
Something I’ve noticed over the years is that, in moments when I least expect it, I open my mouth and my father comes out. Just like each of us does, Read More.
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.
Driven by higher food, gasoline and housing cost, consumer prices continued to accelerate in March. This marked the sixth straight month for inflation above a 6% rate and was the fastest annual pace since December 1981. Though gas prices have fallen slightly from their March highs, the pace of inflation will likely stay high in the months ahead as lockdowns.
Twenty-year HR vet joins Pretium, replacing the retiring Donna Winston, to lead human resources and talent acquisition efforts. The post Laura Cappiello Joins Pretium as Chief Human Resources Officer appeared first on DSNews. The post Laura Cappiello Joins Pretium as Chief Human Resources Officer appeared first on Appraisal Buzz.
We’ve all been wondering what 5% plus mortgage rates would do to the hot housing market, and now we’ve got that and a bag of chips. This topic is something very near and dear to my heart because going back to the summer of 2020, I have said that one of the only factors that could cool down the housing market was the 10-year yield getting over 1.94%, which would result in higher mortgage rates.
Hello! I hope you are hanging in there in these crazy times! This time of year I often have a lot of tax appeal work which keeps me crazy busy in March. As you might imagine, increases in home prices mean increases in property assessed values. Here is a video of me this month trying to get these reports completed. I am grateful to have guest bloggers provide you with some great content until I can get myself back to blogging, which will be soon!
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 NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter of 2002 posted a reading of 86, unchanged from the first quarter of 2021. The RMI and all of its components and subcomponents were all 80 or higher (on a scale of 0 to 100) indicating of positive residential remodeler sentiment. The RMI is based on a survey that asks.
According to a new report from Redfin, it was the hottest March ever recorded for the housing market, with homes selling at their fastest pace and for more above list price than any other March on record. The median home-sale price rose 6.2% in March, the fastest month-over-month gain at this time of year since … The post Hottest March on Record appeared first on DSNews.
Phishing remains the go-to attack for hackers targeting the mortgage and real estate industries. Loan officers and mortgage executives alike continue to click on links in seemingly routine emails, ultimately giving bad actors complete access to lenders’ systems and mortgage transactions. Such mistakes can cost companies millions of dollars and expose sensitive data from millions of customers.
We’ll be exhibiting and presenting at Field Service USA 2022 – will we see you there? We are thrilled to once again be sponsors of Field Service USA (April 26-28, 2022)! Will we see you there? If you’ll also be attending, be sure to stop by our booth (#209) and attend our case study presentation featuring Strategic Sanitation Services. More info on our case study presentation: We’ll be presenting our industry case study, ‘ How Field Service Teams Garner Impactful Business Insights With Digital D
NAHB analysis of the Current Population Survey’s (CPS) 2020 Annual Social and Economic Supplement (ASEC) estimates the national homeownership rate at 66.4%. This analysis provides a further breakdown of this rate through the lens of married couple homeownership, which we estimate at 79% for 2020.
In recent years, green and high-performance properties have captured a rapidly growing share of the new home market in the U.S.—and this trend is expected to continue in 2022. As an appraiser, you know it takes a certain level of specialized knowledge and skill to value these types of complex properties. Do you work in an area where it makes sense to specialize in green home appraisals ?
In this HW+ Slack Q&A , HousingWire Lead Analyst Logan Mohtashami gives the inside scoop on where rates are headed, his insights on the latest economic reports and more. As a member of HW+, you can us join for regular 30-minute Slack Q&As, where we invite the HW Media newsroom to break down the hottest topics in the industry. The Q&A was hosted in the HW+ Slack channel, which is exclusively available to members.
What’s the worst kept secret this year? Well, it could be that commercial space for rent in Columbus, Ohio, is booming. Why? Thanks to a confluence of factors, namely an influx of younger residents, robust institutions of higher learning, a fortuitous location smack dab within a few hours’ drive of the bulk of the U.S. population, and a lower cost of living as compared to the coasts.
Over the first two month of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 170,716. On a year-over-year (YoY) basis, this is a 3.5% increase over the February 2021 level of 164,901. Year-to-date ending in February, single-family permits declined in two out of the four regions. The South posted an increase of 7.6% while the Midwest.
Nations Lending , a national full-service mortgage lender, has added to its executive team by bringing in Cindy Baird as executive vice president of national operations. The move comes as the company continues to make strategic investments in both retail branch expansion and internal operations, namely in the underwriting, processing and post-closing departments.
The 5% threshold has been crossed, and given all the headwinds in the U.S. economy, it doesn’t appear that mortgage rates will be dropping below that mark anytime soon. Purchase mortgages this week averaged 5%, up 28 basis points from 4.72% a week ago , according to the latest Freddie Mac PMMS. A year ago at this time, rates were at 3.13%. The GSE’s index accounts for just purchase mortgages reported by lenders over the past three days. “This week mortgage rates averaged 5% for the f
How To Create Your Dream "Glam Room" on a Budget Have you always dreamed of a walk-in closet or a room dedicated to your makeup and skincare products? Now’s the perfect time to turn that spare bedroom or extra closet space into your very own glam room. If you’re an influencer or use social media for your small business, then you’ll appreciate this type of well-lit, functional, and aesthetically pleasing space to work in.
It may mean that this will turn out to be the bellwether test case for other similar lawsuits against appraisers… Folks, a San Francisco, CA US District Court Judge has ruled that the bias suit against an appraiser can proceed. This link has the story: Judge finds plausible race discrimination in Black couple’s lawsuit over lowball appraisal | Courthouse News Service Appraiser Janette Miller with Miller and Perotti Real Estate Appraisers was hired by appraisal services company AMC Links to do th
Early-stage homebuying demand continues to falter this spring as new listings fell 7% from a year earlier, according to a new report from Redfin. At the same time, the average 30-year fixed mortgage rate shot up to 5% and the median asking price climbed to $397,747, sending the typical homebuyer’s monthly payment up 35% year over year to an all-time high of $2,288.
Federal Reserve in Washington, D.C. What happens when the Federal Reserve begins pulling back in a serious way from the mortgage-backed securities (MBS) market that it has helped to prop up through billions of dollars in bond purchases since the start of the pandemic in 2020 — to the point where it now holds a $2.7 trillion agency MBS portfolio?
Money management is an important skill for budgeting and keeping afloat in this commission-driven profession—especially during the initial phase of launching your real estate business. As a new real estate agent, you must deal with the unpredictability of when and how much you earn. Past jobs guaranteed regular paychecks with tax deductions, so you knew what you could spend.
…the imploding rules then implemented, and the scope creep that evolved because the cart was leading the horse, has severely lessened the reliability of ALL appraisals in my opinion. ANSI, while certainly worthy of discussion and taking a position on, will not solve the real “appraisal problem” that we all have. It really isn’t an effective tool anyway, but what the heck do I know.
Fannie Mae has published the Fannie Mae Home Price Index (FNM-HPI), a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the United States, excluding condos. The FNM-HPI accelerated in Q1 2022 to its fastest annual pace in the 47-year history of the index, measuring 20% year over year, non-seasonally adjusted, up from the 19.1% annual rate recorded in Q4 2021.
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