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What a crazy day for my economic model! On the same day, the Bureau of Labor Statistics (BLS) revealed that we’ve recovered all the jobs lost to COVID-19 and I am raising my sixth recession red flag. When I wrote the America is back recovery model on April 7, 2020, and then retired it on Dec. 9, 2020, I knew one data line would lag the most: jobs!
Good news. Buyers aren’t having to make aggressive offers like they used to (even when there are multiple offers). Let’s talk about this today. I suspect this is true in many areas across the country. I’d love to hear your take. UPCOMING (PUBLIC) SPEAKING GIGS: 8/11/22 Realtist Lunch & Learn (sign up here (open to […].
If you’ve been a part of the appraisal world for long, you’ve had this experience. You’ve just submitted a completed report that you feel pretty good about. Soon afterward, however, Read More.
Nearly 72 million people living and working in the U.S. today are part of what’s commonly referred to as the Millennial generation, which currently represents the most significant cohort of the country’s demographics. Additionally, given their outsized role within the nation’s economy and influence on everything from culture to the social and political spheres, CommercialCafe … The post San Jose, California Tops List of Best Metros for Millennials appeared first on DSNews.
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.
To say that mortgage rates have been on a wild Mr. Toad’s ride in 2022 is an understatement. In less than a year, we went from 2.78% on the 30-year fixed to as high as 6.28% , then recently got as low as 5% — only to have another move higher this week to 5.30%. People thought the mortgage rate drama in 2013-2014 was a lot when rates went from 3.5% to 4.5%.
Editor’s Note: This is Part 1 of a new series on Bias. Easy – Just don’t be biased. Don’t even think about it! Alternately, we can have the government regulate and require it! To know what ‘unbiasedness’ is, and how to achieve it, we have to be able to measure it. We cannot enforce anything, […]. The post How to Avoid Accusations of Bias?
Editor’s Note: This is Part 1 of a new series on Bias. Easy – Just don’t be biased. Don’t even think about it! Alternately, we can have the government regulate and require it! To know what ‘unbiasedness’ is, and how to achieve it, we have to be able to measure it. We cannot enforce anything, […]. The post How to Avoid Accusations of Bias?
The share of prospective home buyers who are actively engaged in the process to buy a home rose to 49% in the second quarter of 2022, after declining for three straight quarters. The pivot is likely driven by less competition from buyers who have exited the market, which has encouraged many of those remaining to become active buyers. Except for.
Today’s Buzzcast interview is with Todd Rasmussen, President and Chief Operating Officer of Equity Valuation Partners. We sat down with Todd and Joan Trice, Founder of Allterra Group, LLC, to discuss what appraisers need to know about the current market, quality control, and new technology. What are the most common revisions that appraisers have to fix in their reports?
Fannie Mae will now buy mortgage loans with lender-funded grants, including down payment assistance, closing costs or financial reserves. The change could give nonbank lenders a way to guard against redlining accusations. The government-sponsored enterprise will start accepting such loans immediately. According to Fannie Mae’s guidance , “The lender must have a documented program that provides grants for low- to moderate-income borrowers, community development, equitable housing initiative
Major Home Inspection Issues and How to Handle Repairs If your home inspection turns up any of these 7 major issues it could be time to negotiate some mandatory fixes with the seller before you proceed with purchasing the home. After a home inspection, issues are going to arise. If you are a first-time home buyer try not to freak out because this is why you hired a home inspector, to find the issues with the home This gives the buyers an opportunity to negotiate some reasonable requests before
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.
For the first time since 2020, prospective buyers expect housing availability to improve. After falling steadily for five quarters, the share expecting the home search to get easier in the months ahead grew from 17% to 22% between the first and second quarters of 2022. Less competition from buyers priced-out of the market by recent increases in mortgage rates is.
Summary, What Does it Mean? I do several reviews every month and most normally fail to meet minimum standards. As a minimum basis, a real property appraisal report written for the government sponsored entities (GSEs) and agencies are what USPAP (Uniform Standards of Professional Appraisal Practice) refers to as Appraisal Reports. Standard 2 is the specific standard that addresses the reporting of appraisals.
Distressed mortgages dating back to the height of the pandemic are expected to fuel a jump in foreclosure activity over the next 12 months, although the foreclosure rate is still expected to remain below the pre-pandemic historical average, a new report from Auction.com contends. The prediction by one of the nation’s leading marketplaces for distressed assets, is based on a survey of some 50 Auction.com clients, including private-sector mortgage servicers and government-sponsored enterprises (GS
Provide extracurriculars without the extra paperwork Most high schools offer lots of extracurricular activities–like music, robotics, sports, and mathletics! These activities allow students to learn valuable lessons and develop their individual passions. Even recent research has shown extracurricular participation decreases the likelihood of dropping out!
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 Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 65.8% in the second quarter of 2022, which is statistically unchanged from the last quarter reading (65.4%). The national rental vacancy rate slipped to 5.6%, while the homeowner vacancy rate stayed at 0.8%. Both rental and homeowner vacancy rates are hovering near historical lows, reflecting tight housing.
An upcoming webinar will explain how non-QM products may be the right fit for “out of the box” borrowers, but proper diligence is key to getting these borrowers into the home of their dreams. The post Due Diligence in the Non-QM Space appeared first on DSNews. The post Due Diligence in the Non-QM Space appeared first on Appraisal Buzz.
Amid fears and talk of a recession , job growth in the U.S. remained strong in July, with nonfarm payroll employment rising by 528,000 jobs from the month prior , according to data released Friday by the Bureau of Labor Statistics. After this latest job gain, the unemployment rate fell to 3.5%. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic level.
Rethink your college orientation curriculum Planning and executing a successful university orientation is never a simple task; it’s coordinating experienced and novice staff with students who’re potentially away from home for the first time. It’s building a support network while establishing rules and finding a way to provide resources without preaching too many specific values to a diverse audience.
As mortgage rates reached 3-year high, private residential construction spending decreased 1.6% to a seasonally adjusted annual rate (SAAR) of $923.7 billion in June, according to NAHB’s analysis of the Census Construction Spending data. It was the first decline since May 2020. On a year-over-year basis, total private construction spending was 15.6% higher.
Disciplinary complaints are a hot topic these days with appraisers. From accusations of bias or discrimination to failure to disclose significant real property appraisal assistance, complaints against appraisers are becoming more and more common. However, there are steps you as an appraiser can take to protect yourself against becoming the subject of a lawsuit or disciplinary action.
Stakeholders on all sides of the issues sounded off on the proposed changes to the federal redlining statute in comments to the banking agencies marshaling the changes. Some of the nearly 360 comments came in late on Thursday, a day before the deadline imposed by the Office of the Comptroller of the Currency , the Federal Reserve and the Federal Deposit Insurance Corporation.
…the Ethics Rule has been expanded with a new highly detailed Nondiscrimination section, which also affects the Competency Rule. Folks, the Appraisal Foundation’s Appraisal Standards Board released the THIRD Exposure Draft to USPAP on July 26, 2022. To be honest, I didn’t know there have been two previous Exposure Drafts. I would encourage you to download and print this Draft here.
Job growth accelerated in July amid higher inflation and growing economic pressures. Total nonfarm payroll employment increased by 528,000, and the unemployment rate edged down to 3.5% in July. Construction industry employment (both residential and non-residential) totaled 7.7 million and has exceeded its February 2020 level. In July, residential construction gained 14,100 jobs, and non-residential construction added 18,300 jobs.
ATTOM has released its Q2 2022 U.S. Home Equity & Underwater Report, which shows that 48.1% of mortgaged residential properties in the U.S. were considered equity-rich in Q2, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50% of their estimated market values. The portion of mortgaged … The post Share of Seriously Underwater Mortgages Slips Below 3% appeared first on DSNews.
In recent months, interest rates have risen to their highest level in years as the Federal Reserve has embarked on an aggressive tightening campaign in an effort to fight inflation. Despite rising rates, demand for home equity lines of credit (HELOCs) continues to surge with 2022 origination levels up more than 40% from a year ago, according to data from Citizens.
She went from viewing occupational licensing as a necessary means to protect the safety and welfare of the public to a cynical tool promoted by established businesses to erect barriers against innovation and competition. Her experience as a licensed real property appraiser in West Virginia turned out to be the perfect training ground for the study of public corruption, restraint of trade and government overreach.
Headship rates for all age groups have been trending lower over the last two decades, with important implications for the demand for home building. The latest Current Population Survey (CPS) Annual Social and Economic Supplement (ASEC) data show that the pandemic housing boom brought this trend to a halt, with adults ages 35-64 now registering higher headship rates than they.
Mortgage servicers polled in a new report expect 23% of seriously delinquent mortgages to complete foreclosure over the next year, with pandemic backlog and regulatory intervention having the biggest impact on foreclosure volume. The post Servicers Anticipate Rise in Foreclosures appeared first on DSNews. The post Servicers Anticipate Rise in Foreclosures appeared first on Appraisal Buzz.
New American Funding has laid off hundreds of employees across multiple rounds of workforce reductions this year, multiple former employees told HousingWire. The most recent layoff came on Tuesday when the California-based lender eliminated several hundred positions, including loan officers, mortgage underwriters, processors and training specialists, multiple former employees said.
On August 1, 2022, the Veterans Affairs released Circular 26-22-13 announcing new procedures for alternative valuation methods, effective immediately. The takeaway: “Desktop Appraisal means a valuation where neither the VA fee panel appraiser nor the appraiser’s designee under the AAPP has physically viewed the exterior or interior of the property and the VA fee panel appraiser has determined an opinion of value based on information obtained from public records, the Veteran, homeowner, realtor,
An earlier post revealed that 63% of buyers who were actively engaged in the process of finding a home in the 2nd quarter of 2022 have spent 3+ months searching for a home without success. The most common reason these long-term searchers cite for not having bought by now is their inability to find an affordable home (43%). In second.
Matt Hansen is the new chief product officer of nCino , which offers cloud banking and digital transformation solutions for the global financial services industry. In addition, Jaime Punishill has been named chief market officer (CMO) of nCino. Also, Ben Miller has been named CEO of SimpleNexus , which nCino acquired in January. Hansen is the founder of SimpleNexus, and served as its CEO for more than 10 years.
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