Housing Wire
AUGUST 5, 2022
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!
Sacramento Appraisal Blog
AUGUST 1, 2022
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 […].
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The Appraiser Coach
AUGUST 2, 2022
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.
Appraisal Buzz
AUGUST 5, 2022
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.
Housing Wire
AUGUST 3, 2022
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%.
George Dell
AUGUST 3, 2022
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?
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Appraisal Buzz
AUGUST 3, 2022
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?
Housing Wire
AUGUST 4, 2022
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
Raleigh Realty
JULY 31, 2022
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
Eyes on Housing
AUGUST 1, 2022
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.
Appraisal Buzz
AUGUST 1, 2022
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.
Housing Wire
AUGUST 3, 2022
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
GoForrmz
AUGUST 4, 2022
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!
Eyes on Housing
AUGUST 2, 2022
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.
Appraisal Buzz
AUGUST 5, 2022
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.
Housing Wire
AUGUST 5, 2022
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.
GoForrmz
AUGUST 3, 2022
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.
Eyes on Housing
AUGUST 1, 2022
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.
Appraisal Buzz
AUGUST 4, 2022
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.
Housing Wire
AUGUST 5, 2022
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.
Appraiserblogs
AUGUST 4, 2022
…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.
Eyes on Housing
AUGUST 5, 2022
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.
Appraisal Buzz
AUGUST 4, 2022
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.
Housing Wire
AUGUST 5, 2022
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.
Appraiserblogs
AUGUST 1, 2022
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.
Eyes on Housing
AUGUST 5, 2022
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.
Appraisal Buzz
AUGUST 4, 2022
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.
Housing Wire
AUGUST 3, 2022
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.
Appraiserblogs
AUGUST 2, 2022
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,
Eyes on Housing
AUGUST 4, 2022
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.
Appraisal Buzz
AUGUST 3, 2022
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.
Housing Wire
AUGUST 5, 2022
With tech solutions and automation dominating more and more of the mortgage experience, the appraisal process can feel a bit dated, often causing significant slowdowns. HousingWire recently spoke with Erin Reed, vice president of originations, valuations and operations at ServiceLink about approaching appraisal modernization in an innovative way while addressing logistical challenges along the way. .
McKissock
JULY 31, 2022
Are you just starting your real estate appraisal career? Last month we asked our appraisal community, “How did you find your supervisor when you were first starting out?” Thank you to the large number of appraisers who shared their top tips for up-and-coming appraisers! Keep reading for quotes from many of the experienced appraisers who were willing to share their wisdom with newcomers to the profession.
Eyes on Housing
AUGUST 4, 2022
Housing’s share of the economy edged lower at the end of the first half of 2022. For the second quarter of 2022, overall GDP declined at a 0.9% annual rate, following a 1.6% decrease in the first quarter. Housing’s share of GDP decreased to 16.6%, slightly below the first quarter share of 16.7%. In the second quarter, the more cyclical home.
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