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The Federal Reserve will hold another meeting this week, where everyone assumes we will get another 75 bps rate hike. The question is: how many more rate hikes are left? And, once they’re done hiking rates, will the Fed need to keep rates high because the consumer balance sheet looks so good? Over the weekend, The Wall Street Journal brought up this point — that the Fed is mindful that household balance sheets are much better now due to the excess savings built up during the COVID recovery and t
Most appraisers are experiencing a significant slowdown in mortgage lending work due to rapidly increasing mortgage rates which are slowing down the housing market. I have seen a slowdown in my lending work also. So what can we do? Half my work is non-lending work, and that’s been a blessing. Mortgage lending work is only one type of business where appraisals are needed.
Language is important. We often get so caught up in the moment, so laser-focused on how we feel about something, that we become casual in the verbiage that we use. Read More.
This article was originally written on foxyai.com and can be found here. Halloween is here and has already taken over! With finding costumes, trick-or-treating, and haunted houses galore, why not join in on all of the fun? Take a picture of your house and make it the ultimate Halloween dream when you upload your picture here. With FoxyAI, you can upload a picture of your home and have it spookified!
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.
On Friday, the Bureau of Labor Statistics reported that 261,000 jobs were created and we had 29,000 positive revisions to prior reports. This means the honey badger labor market will keep the Federal Reserve from pivoting anytime soon. . This has been a theme of mine lately. Since all my six recession red flags are up, the only data lines that I am focusing on regarding the cylce of economic expansion to recession are job openings and jobless claims data.
The housing market is really starting to feel the pain of higher mortgage rates. Today I’d like to unpack some fresh October stats to show what I mean. I also have some thoughts about the spring season when prices are dropping. Whether you’re local or not, I hope this is helpful. This post is designed […]. The post The housing market is feeling the pain of higher rates first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.
The housing market is really starting to feel the pain of higher mortgage rates. Today I’d like to unpack some fresh October stats to show what I mean. I also have some thoughts about the spring season when prices are dropping. Whether you’re local or not, I hope this is helpful. This post is designed […]. The post The housing market is feeling the pain of higher rates first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.
Higher interest rates are pricing out some (not all) buyers, but also transforming remaining prospects into active buyers. In the third quarter of 2022, 59% of prospective buyers had moved beyond the planning phase and become fully engaged in the buying process, up from 46% in the first quarter and 49% in the second quarter of the year. The share.
Statistical methods have been long touted in established appraisal education. Yet they seem to remain mystical and remotely related to what we actually see in appraisal reports. What happened? I was an early proponent of more numerical methods as opposed to judgment opinion methods. It seemed to me that adjustments taken off adjustment sheets seemed […].
Retail lender and servicer Mr. Cooper has dropped the ax on approximately 800 staffers, roughly a week after hinting that job cuts were coming due to lower origination production. “In the face of market volatility and economic uncertainty, Mr. Cooper Group has taken a disciplined and proactive step to scale back the Originations business, including the elimination of approximately 800 positions,” the company said in a statement. “By aligning our originations operations to the s
In response to the additional stress on their balance sheets, some mortgage industry firms have announced layoffs, ceased specific products, or shuttered all together. The post Industry Survey: Personnel Costs Driving Up Mortgage Overhead appeared first on Appraisal Buzz.
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.
Job growth slowed in October as the Fed continues its tightening of financial conditions to fight inflation, but the overall labor market remains tight. The unemployment rate increased by 0.2 percentage points to 3.7% in October as the number of persons in the labor force decreased for the second straight month.
How to find GoFormz at GroundBreak 2022 We are so excited to be attending Groundbreak in New Orleans, this November 7-9, 2022! Before you gear up for the event, we want to help you find GoFormz this year. With 120+ vendors and sessions, planning is a must for a successful Groundbreak experience. We’re dedicating our time at Groundbreak to share how our GoFormz-Procore integration can improve and automate your everyday tasks.
As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments. These borrowers are hoping that rates will decline enough in the next few years that a refinance will bring their payments down permanently. Options for borrowers include temporary rate buydowns and down payment assistance programs.
As many would-be home sellers are holding onto their existing homes, properties are now staying on the market longer according to the latest Zillow analysis, leaving sellers to try and draw in homebuyers with attractive listings and price drops. The post Slowdown in Supply and Demand Force Sellers to Improvise appeared first on Appraisal Buzz.
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.
Prospective buyers in the third quarter of 2022 are more likely to have higher levels of income and education than earlier in the year. This helps explain why affordability expectations have improved. In the third quarter of 2022, 69% of buyers could only afford a minority of homes for sale in their markets, a much lower share than in the.
Happy Halloween! We wish you a safe and enjoyable Halloween. Enjoy these scary prior posts, just in time for Halloween! The Wylie Ax Murder House- Does Murder Impact the Value of Real Estate? HAUNTED HOUSES, HAUNTED REAL ESTATE. Haunted House Adjustments. 5 Scary Movies That Describe An Appraiser’s Job. The post Happy Halloween! appeared first on DW Slater Company Blog.
Borrowers’ demand for mortgage loans declined at a slower pace last week when mortgage rates dropped slightly ahead of the Federal Reserve ’s (Fed) meeting to announce the new target for the federal funds rate. According to the latest survey from the Mortgage Bankers Association (MBA), the mortgage composite index for the week ending Oct. 28 fell 0.5% from the prior week and 68% compared to the same period in 2021.
Surging mortgage rates and persistently high home prices are motivating many of the buyers who remain in the market to relocate to more affordable areas, but migration may slow as the economy continues to soften, according to a Redfin analysis. Nearly one-quarter (24.2%) of homebuyers nationwide looked to move to a different metro area in the third quarter, a record high.
An earlier post revealed that a record 70% of buyers who were actively engaged in the process of finding a home in the third quarter of 2022 have spent 3+ months searching for a home without success. Those buyers also have higher incomes and education levels than in previous quarters. The most common reason these long-term searchers cite for not.
The ACE+ Property Data Report is a new component that could allow borrowers on Freddie Mac–eligible loans to avoid a full appraisal inspection on purchases or cash-out or rate-term refinances. Instead, property information is collected on-site by a real estate agent, inspector, or data collector using Freddie Mac’s proprietary PDR data sets. When the ACE+… The post The Risks and Rewards of ACE+ PDRs appeared first on Kairos.
Last year, Rocket Mortgage , America’s top mortgage lender, benefited greatly from record low mortgage rates — racking up more than double the refi volume of any lender. . But with rates rapidly climbing past the 7% level, the Detroit-based lender is now in a tough spot as it attempts to pivot to purchase mortgages and persuade its customers to get cash-out refis – all while trying to cut costs through voluntary buyouts and attrition, the Wall Street Journal reported in a deep dive published Tue
Attorney Joel Jensen discusses a recent proceeding involving violations of a bankruptcy rule. Learn the latest and how it could impact the industry. The post Bankruptcy Court Weighs in on Case Involving Collections and Past Debts appeared first on Appraisal Buzz.
Continuing its tightening of financial conditions to bring the rate of inflation lower, the Federal Reserve’s monetary policy committee raised the federal funds target rate by 75 basis points, increasing that target to an upper bound of 4%. This marks the fourth consecutive meeting with an increase of 75 basis points and pushes the fed funds rate to a 15-year.
What’s even more frustrating to me is none of the well-known appraiser organizations have offered any public rebuttal to any of these hit pieces, or explained how the appraisal process works as a way to defend appraisers… Census Tract data delineating RACE of the population is the only ammunition the people doing these hit pieces can use to attack appraisers.
Mortgage tech firms Mortgage Coach and Polly have teamed up on a new application programming interface (API) integration that guides borrowers through a visual representation of their loan options. The goal is to help drum up business for lenders during an extremely challenging time in the industry. . Mortgage Coach, founded in 2009 and based in California, offers an interactive borrower education platform that lets loan officers guide borrowers through a visual presentation of their loan option
Estimates of the number of missing homes vary widely, but one thing has become clear: While the housing supply shortage is a national problem, solving it is often a local one. In a new report, Fannie Mae economists Kim Betancourt, Stephen Gardner and Mark Palim examine the contours of housing supply for 75 major U.S. metropolitan markets in a way that might offer clues to addressing the housing supply crisis at the local level.
Spurred by elevated savings early in the pandemic and encouraged by lower interest rates, rising numbers of young adults left parental homes in 2021. As a result, the share of young adults ages 25-34 living with parents or parents-in-law declined and now stands at 20.2%, according to NAHB’s analysis of the 2021 American Community Survey (ACS) Public Use Microdata Sample.
Racket at Attorneys General Group Will Ring Familiar to Appraisers The nation’s licensed real property appraisers will recognize a scheme run by a nonprofit known as the National Association of Attorneys General. It will remind the former of the abuses visited on them by a tiny, free-spending 501(c)(3) publisher and its captured federal minder. The National Association of Attorneys General describes itself as a nonpartisan national forum for America’s state and territory attorneys general and th
Amid a surprisingly strong U.S. economic performance and persistent inflation, the Federal Reserve on Wednesday raised the federal funds rate by another 75 basis points, to 3.75%-4%, launching it to the highest level since December 2007. The decision, expected by most Fed observers and the financial markets, is intended to further slow down the housing market.
The housing market is rebalancing after the most competitive and frenetic period in recent memory. While homes that sell are still doing so relatively quickly – slower than at the height of last year’s frenzy, but more quickly than pre-pandemic norms – a new Zillow analysis finds other homes are lingering on the market much longer, pointing to the need for sellers to build an attractive and competitively priced listing to attract a buyer.
The Census Bureau’s latest Survey of Construction (SOC) shows slight changes in the number of full and half bathrooms for new single-family homes started in 2021 compared to 2020. The current data shows that 3.1% of new single-family homes started had one full bathroom or less, 62.6% had 2 full bathrooms, 27.0% had 3 full bathrooms and 7.3% had 4.
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