Housing Wire

AUGUST 21, 2020

Existing-home sales jumped 25% in July from June, beating the prior record of a 21% gain set a month earlier , as low mortgage rates fueled demand for real estate. Sales of single-family homes, townhomes, condominiums, and co-ops rose to a seasonally adjusted 5.86 million, the National Association of Realtors said in a report on Friday. The median price increased 8.5% from a year ago to $304,100, breaking through the $300,000 threshold for the first time.

Inventory 546

Inventory Realtors Real Estate Housing Market 546

Miller Samuel

AUGUST 19, 2020

This post previously appeared in the August 14, 2020 edition of Housing Notes. I've been writing these weekly summaries on housing topics for more than five years. To subscribe for free, you can sign up here. Then you can look forward to each issue every Friday at 2pm New York Time. The New York Times created a terrific graphic on our Elliman New Signed Contract Report by illustrating the performance of Manhattan and Brooklyn versus Westchester County.

Contracts 300

Contracts Marketing Real Estate 300

McKissock

AUGUST 21, 2020

In any real estate appraisal assignment, you must use one of the two written report options outlined in USPAP: Appraisal Report or Restricted Appraisal Report. A diligent appraiser can utilize the Restricted Appraisal Report option when it makes good sense for the assignment and client. Before you take on a Restricted Appraisal Report, here are some important things to consider. 1.

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Appraisal Appraisal Process Clients Development 92

Appraisal Hub

AUGUST 21, 2020

Do you own a luxury property in Toronto? Getting it appraised is one of the important things you need to do on a regular basis. A professional appraisal can give you an unbiased opinion of your home’s value, which can be especially useful if you are planning to sell it soon, if you want to refinance your mortgage, or simply want to update your statement of assets.

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Appraisal Luxury Properties Property Appraisal Real Estate 78

Housing Wire

AUGUST 18, 2020

The Census report on new construction showed a whopping 22.6% increase above the revised June estimate in housing starts in July. Year-over-year starts are up 23.4%. This means we can add housing starts to our growing collection of V-shaped recovery charts for the 2020 housing market. From the report: Privately-owned housing starts in July were at a seasonally adjusted annual rate of 1,496,000.

Housing Market 546

Housing Market Marketing Construction Inventory 546

Miller Samuel

AUGUST 19, 2020

This post previously appeared in the August 14, 2020 edition of Housing Notes. I've been writing these weekly summaries on housing topics for more than five years. To subscribe for free, you can sign up here. Then you can look forward to each issue every Friday at 2pm New York Time. The TAF decline in credibility keeps on coming. After the recent letter debacle where the Appraisal Foundation (TAF) opined falsely that Title XI did not permit the Appraisal Subcommittee (ASC) to provide oversight o

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Appraisal Government Contracts Business 221

D Fritz Appraisals

AUGUST 19, 2020

Translating into energy savings, increased property value and a reduced carbon footprint, green homes are more sought-after than ever. Now a mainstream concept, eco-friendly homes provide incredible energy savings and contribute to lowered living costs and a positive impact on the environment. Home buyers now look for smart features and eco-friendly options meant to reduce their carbon footprint, such as the new Tesla solar roof , smart thermostats, energy smart appliances and tankless hot water

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Renovations Home Improvement Technology Investing 78

Housing Wire

AUGUST 18, 2020

New home construction continues to climb, as privately owned single-family housing starts in July were at a seasonally adjusted annual rate of 1.496 million, a 22.6% jump from June , according to a new report from the U.S. Census Bureau. Privately owned single-family housing starts showed growth not only over the previous month but the previous year – jumping 23.4% from last July.

Construction 545

Construction Inventory Buyers Mortgage 545

REX Real Estate

AUGUST 19, 2020

REX, the real estate technology company connecting residential real estate buyers and sellers and offering the lowest transaction costs in the industry, released two new reports Wednesday analyzing housing market trends in New York and New Jersey.

Real Estate 69

Real Estate Technology Sellers Housing Market 69

McKissock

AUGUST 18, 2020

In my previous blog post , I observed that specializing in complex property appraisal can be very profitable for the residential appraiser—in Florida and all across the U.S. Here, I’ll talk about the advantages and disadvantages of “complex” and “challenging” assignments and how to find this type of work. In addition, I’ll present several examples to help you identify complex assignments.

Property Appraisal 71

Property Appraisal Appraisal Easement Clients 71

Property Metrics

AUGUST 21, 2020

There’s no doubt about it, construction lending is tough. From changing interest rates, long lead times, and freak weather events, there are a myriad of risks that can derail a project. However, from a lender’s perspective, there’s one risk that is top of mind when making a construction loan – the borrower’s ability to make their loan payments during the construction term.

Construction 67

Construction Logistics Tools Lending 67

Housing Wire

AUGUST 21, 2020

The number of seriously delinquent mortgages, meaning payments overdue by 90 days or more, soared to a 10-year high during July in a tally that counts forbearances. There were 2.25 million home loans that were seriously delinquent last month as borrowers took advantage of a provision of the CARES Act that allows people impacted by COVID-19 to suspend payments for up to a year, according to a Black Knight report on Friday.

Mortgage 545

Mortgage Government 545

REX Real Estate

AUGUST 21, 2020

If you’ve got plans to put your house on the market, it goes without…

Marketing 36

Marketing Home Improvement 36

McKissock

AUGUST 19, 2020

As a real estate agent, you spend a great deal of time soliciting to build your roster. The goal is generally to garner clients that will give you repeat business—and good word of mouth. As such, the thought of ending a client relationship may seem unfathomable. However, success—for both you and your clients—depends on a solid working relationship. Sometimes breaking up with difficult real estate clients is the best thing you can do for both parties.

Real Estate 52

Real Estate Clients Client Relationships Real Estate Agent 52

Housing Wire

AUGUST 17, 2020

The pandemic is pushing homeowners out of the big cities and into rural and suburban areas , pushing up home prices in previously sleepy towns. In July, less densely populated areas showed more buyer interest than urban areas, Redfin said. Before the pandemic, 9% of homebuyers said they were searching for a home in rural areas. Now, 19% say they are looking at rural options.

New Listings 545

New Listings Buyers Housing Market Real Estate 545

Housing Wire

AUGUST 21, 2020

Today, existing home sales blew out estimates , coming in at 5,860,000. With new home sales, pending home sales, housing starts, housing permits, and purchase applications already in v-shape recovery mode, this last metric completes the v-shaped recovery across the board for housing. Let’s just say this is the final nail in the coffin for the housing bear troll camps that were so sure that this time, housing would finally crash.

Housing Market 544

Housing Market Mortgage Buyers Marketing 544

Housing Wire

AUGUST 19, 2020

The National Multifamily Housing Council ‘s Rent Payment Tracker reports that 86.9% of renting households had paid rent as of Aug. 13, a significant increase from Aug. 6, when just 79.3% had made rent payments. Year over year, this is just 2% less than rent payments collected Aug. 13, 2019. RealPage said that although the gradual increase in collections over the course of the month is normal, reduced unemployment benefits still leave renters unsure about where their next payment will come

Inventory 544

Inventory Real Estate 544

Housing Wire

AUGUST 19, 2020

Mortgage applications fell 3.3% last week after interest rates rose to their highest level in two weeks , according to a report from the Mortgage Bankers Association. The refinance index also fell 5% from the previous week, however, it was 38% higher than the same week a year ago – marking its thirteenth-straight week of year-over-year gains. The refinance share of mortgage activity also fell to 64.6% of total applications from 65.6% the week prior when it hit its highest level since May.

Mortgage 542

Mortgage Contracts Government Housing Market 542

Housing Wire

AUGUST 18, 2020

Across the nation, people are spending more time in their homes than ever before due to the COVID-19 outbreak. Homeownership allows individuals to design a space where they live, work and perhaps homeschool their children. Women no longer feel they have to wait until marriage to buy a home, compelled to create their own sanctuary, means of self-expression and financial wealth through homeownership.

Design 529

Design Housing Market Real Estate Marketing 529

Housing Wire

AUGUST 19, 2020

Buyer-generated content, including consumer reviews of builders, is now available on Zillow and will be viewable on builder profiles, community pages and paid new construction listings. Builder Ratings and Reviews was launched Wednesday and surveys new homeowners at move-in asking them to rate their overall experience, quality of their home, builder responsiveness, the confidence they have in their builder and whether or not they would recommend that builder to other homebuyers.

Construction 525

Construction Design Tools Buyers 525

Housing Wire

AUGUST 17, 2020

The California housing market is making a slow recovery from the COVID-19 fallout as many are fleeing the state for more space inland.However, the number of homes sold in the Golden State reached its highest level in over two and a half years in July, according to the California Association of Realtors and the median home price set a new record. For the first time since February, July’s existing single-family home sales totaled 437,890 in July, up 28.8% from the month prior and up 6.4% year over

Housing Market 524

Housing Market Realtors Inventory Marketing 524

Housing Wire

AUGUST 18, 2020

The Consumer Financial Protection Bureau is proposing a new category of qualified mortgages called Seasoned QM, which would require loans to meet certain performance requirements over a 36-month seasoning period. The CFPB said they hope this new category will “encourage innovation and help ensure access to responsible, affordable mortgage credit.”. In order to qualify as a Seasoned QM, loans would have to be first-lien, fixed rate transactions that comply with general restrictions on product fea

Mortgage 523

Mortgage Marketing 523

Housing Wire

AUGUST 20, 2020

In a combined letter on Thursday, Fannie Mae CEO Hugh Frater and Freddie Mac CEO David Brickman addressed industry criticisms following the GSEs’ announcement last week of an additional 50 basis point fee on refinances starting Sept. 1. After the announcement, various companies including the Mortgage Bankers Association , National Association of Realtors, Community Home Lenders Association, National Association of Home Builders and many others called for the withdrawal of the fee, citing i

Mortgage 521

Mortgage Realtors Finance Marketing 521

Housing Wire

AUGUST 20, 2020

For the first time since March, the total percentage of accounts in “financial hardship” for auto, credit card, mortgage and personal loans fell across the board in July, according to a consumer credit snapshot by TransUnion. In particular, the percentage of accounts with mortgage loans in financial hardship declined from 6.79% in June to 6.15% in the month of July.

Government 516

Government Mortgage Business Marketing 516

Housing Wire

AUGUST 18, 2020

Compared to last year , the housing market this year has seen some big changes. Notably, people are moving inland from the large cities as the pandemic has created a coastal exodus , prompting apartment dwellers to seek more space and big yards. Realtor.com released its hottest ZIP codes of 2020 report on Tuesday, which revealed that more towns in the Northeast made the list than last year.

Housing Market 516

Housing Market Marketing Real Estate 516

Housing Wire

AUGUST 17, 2020

Single-family housing authorizations rose 6.43% month-over-month in July – a sign that housing activity is advancing in the face of the ongoing pandemic, according to a report by Buildfax , a property condition data service provider. Despite the slight uptick last month, single-family authorizations are still down 5.25% year-over-year – though the drop was not as great as June , which experienced the steepest year-over-year decline in the past five years.

Construction 516

Construction Renovations Marketing Housing Market 516

Housing Wire

AUGUST 20, 2020

A new report from the National Association of Home Builders shows confidence in the market for new multifamily housing increased in the second quarter but still remains weak. The Multifamily Production Index rose 10 points to 37, which is still below the break even point of 50, indicating that more builders and developers viewed conditions as weaker than stronger, NAHB said.

Development 505

Development Housing Market Marketing Construction 505

Housing Wire

AUGUST 20, 2020

High-end luxury home prices are staying strong after the rollercoaster ride the housing market has been on this year. The median sale price for luxury homes in the U.S. rose 1.2% year over year, to $825,000 in the three months ending July 31, according to Redfin. In the spring, when the pandemic set in, luxury home prices declined 1.7% as the U.S. dealt with COVID-19.

Housing Market 500

Housing Market New Listings Agents Marketing 500

Housing Wire

AUGUST 21, 2020

Although many in the real estate industry say that San Franciscans are relocating to places more inland , some Century 21 agents in the San Francisco and Bay Area beg to differ. Suburban ZIP codes might be more popular these days, as city dwellers forced to work from home during the pandemic want more space in a home. According to Hanna Ibrahim, who specializes in the San Jose and Silicon Valley market, the MLS said the average listing price in San Francisco is $1.68 million, and the average sal

Agents 493

Agents Real Estate Inventory Buyers 493

Housing Wire

AUGUST 18, 2020

The Federal Housing Administration has announced an upcoming release of its FHA Catalyst: Electronic Appraisal Delivery module on the FHA Catalyst platform. This solution will allow lenders to electronically submit, track, and manage single-family property appraisals and will become available to FHA-approved lenders on Sept. 4. “The electronic appraisal delivery technology is part of our vision to build out the FHA Catalyst platform to expand the effectiveness of our data collection and analysis

Technology 493

Technology Appraisal Property Appraisal Finance 493

Housing Wire

AUGUST 21, 2020

Five months after restarting a bond-buying program last used in the financial crisis, the Federal Reserve has purchased about $892 billion of agency mortgage-backed securities, according to a Fed blog post on Thursday. The asset-buying has helped to drive mortgage financing costs to the lowest level ever recorded, with the average U.S. 30-year fixed rate hitting new lows eight times so far in 2020, according to weekly data from Freddie Mac.

Investors 482

Investors Mortgage Finance Marketing 482

Housing Wire

AUGUST 20, 2020

DataTrace Information Services announced on Thursday its launch of MarketView – a platform that will provide title companies with accurate market insights including existing market share. Title companies will have the ability to search market data nationwide by state, county, city and ZIP code as well as timeframe and transaction type, the release said.

Loan Officers 482

Loan Officers Marketing Property Taxes Business 482

Housing Wire

AUGUST 18, 2020

Last week, the MBA reported that refinance activity rose to its highest level since May, now accounting for 65.7% of total applications – and everyone involved in the mortgage process is working hard to make sure those transactions go through. But as companies continue to compete on low rates, lenders are trying to balance maintaining a strong purchase presence with meeting client expectations in the refi market.

Advertising 482

Advertising Loan Officers Clients Marketing 482

Housing Wire

AUGUST 19, 2020

Recently, an article in the Wall Street Journal outlined the challenges many companies face in hiring and retaining chief diversity officers. For the highly-regulated housing industry, identifying highly-qualified people to fill those roles is critical to an organization’s long-term growth and success. At Veterans United Home Loans , we’ve found a solution that avoids these pitfalls while strengthening the efficiency and effectiveness of such a position: hiring from within.

Development 468

Development Investing Business Mortgage 468