Housing Wire
JULY 19, 2022
real estate investors and affordable homes. The June housing starts data beat estimates with positive revisions, however, this doesn’t change the housing market recession call that I made last month. Knowing that the housing cycle was at risk back in March of this year when the 10-year yield broke above 1.94%, I was mindful of when I was going to raise the fifth recession red flag.
Sacramento Appraisal Blog
JULY 18, 2022
Finally. Buyers are gaining power. And sellers are losing it. I have some new visuals to show what the market is doing right now. These are for Sacramento, but I suspect many areas look similar. UPCOMING (PUBLIC) SPEAKING GIGS: 7/20/2022 Beer & Stats at Out of Bounds (sign up (for real estate agents)) 7/26/2022 Navigating […].
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Appraisal Buzz
JULY 18, 2022
Unless you’re living under a rock, you have heard that interest rates have been rapidly increasing since Q1 of 2022. The average 30-year fixed rate mortgage rate was its lowest ever at 2.65% on December 31, 2021. It consistently climbed to 3.76% as of March 3, 2022, and as of the date I’m writing this, it is 5.81%. Assuming a $250,000 loan was committed on December 31, 2021, your monthly payment was approximately $1,007 exclusive of escrow for real estate taxes and insurance.
Cleveland Appraisal Blog
JULY 20, 2022
I recently gave a presentation and was asked if appraisal gap clauses impact the way appraisers are developing their opinion of value? In other words, do appraisal gap clauses cause appraisers to be more “conservative”? An appraisal gap clause can be written into a contract. It states that the buyer will still purchase the home at the contract price, even if the appraised value is lower than the contract price by a certain amount.
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Housing Wire
JULY 20, 2022
The savagely unhealthy housing market is continuing as we get closer to August. But, there is one bright spot — inventory is rising. We still have the unhealthy dynamics of noticeable sales declines, but prices are still growing year over year. This has been a concern of mine after the summer of 2020 as inventory levels were breaking all-time lows, facilitating unhealthy home price growth during a more prominent demographic patch in U.S. history.
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Appraisal Buzz
JULY 22, 2022
Dennis Hermonstyne Jr. is joining Freddie Mac as senior vice president and chief compliance officer (CCO) as of September 19. He brings over 20 years of experience managing compliance programs for national banks and international financial services companies to Freddie Mac. Hermonstyne will be a member of the company’s senior operating committee and report directly to CEO Michael DeVito and work closely with chief risk officer Anil Hinduja.
Cleveland Appraisal Blog
JULY 16, 2022
Purchasing your first home is exciting! There are a lot of choices to consider. This week, I welcome back guest blogger Shirley Martin, who shares her insights on this topic. I hope you enjoy this one! Image by Pexels. Making Your First Home Purchase Choice. Whether to buy your forever home now, or make your first home investment a starter home is a big decision.
Housing Wire
JULY 18, 2022
new jobs hiring, housing jobs, recruiting for mortgage industry. Based on the headlines, one might assume the mortgage business is a complete disaster. Origination volume is down about 50% from last year, thousands of layoffs are reported each week, and gloomy prognosticators say recession will make for a long winter. Some mortgage companies will merge to stay afloat, and many others will go under.
Eyes on Housing
JULY 18, 2022
Builder confidence plunged in July as high inflation and increased interest rates stalled the housing market by dramatically slowing sales and buyer traffic. In a further sign of a weakening housing market, builder confidence in the market for newly built single-family homes posted its seventh straight monthly decline in July, falling 12 points to 55, according to the National Association.
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Appraisal Buzz
JULY 18, 2022
Class Valuation reports that it has completed the verification process for Freddie Mac’s new ACE+ PDR (automated collateral valuation plus property data report) solution. These data collection orders will be completed through Property Fingerprint , Class Valuation’s 3D Scanning technology, the company says in a release. Property Fingerprint’s data collection and reporting process are not only built to support programs like ACE+ PDR, but also support desktop and hybrid appraisal processes.
George Dell
JULY 20, 2022
Why the letter R? R is a letter. It may be the most important letter to you since Sesame Street! Appraisal services as we have known them continue to decline. AVMs continue to capture a larger market share. Slowly, but surely. But the AVM industry has other issues. Traditional, judgment-based appraisal was built on your […]. The post Part I: Why R?
Housing Wire
JULY 18, 2022
The Federal Housing Administration ’s (FHA) decision to withhold a mortgage insurance premium cut has confounded mortgage policy experts and industry stakeholders. HUD officials earlier this year said cuts to borrower fees depended on the number of borrowers behind on their payments. But during a Thursday press briefing, HUD officials said they are weighing “budgetary implications, tradeoffs within appropriations process and FHA’s role in the broader housing system,” when considering cuts to mor
Eyes on Housing
JULY 22, 2022
Lumber prices have been on a roller-coaster ride over the past two years and reached to an all-time high price of $1,515 per thousand board feed in the week ending May 21, 2021, as reported by Random Lengths. However, despite higher lumber prices and ongoing supply-chain issues, wood framing remains the most dominant construction method for single-family homes in the.
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Appraisal Buzz
JULY 22, 2022
First American Financial Corp. ’s May 2022 First American Real House Price Index (RHPI) shows real house prices increased 50.8% year over year but median household income has only increased 4.6% since May 2021 and 71.7% since January 2000. The index measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income and interest rate changes on consumer house-buying power over time at national, state and metropolitan area levels.
JMV Lending
JULY 20, 2022
If a 2,000 square foot house sells for $800,000, the price per square foot is $400. So, if a nearby house is 2,200 square feet, it should be worth an additional $80,000 (200 sq ft x $400), right? Nope. Not even close. I blogged several years ago about Why Appraisers Don’t Like “Cost Per Square […]. The post Why Appraisers Adjust So Little For Size Differences appeared first on JVM Lending.
Housing Wire
JULY 22, 2022
Women are not only dominating in the mortgage and real estate industry, but also they are making room at the table for a new generation of women to do the same. To help fuel this growth for future and current women, HousingWire is thrilled to have Marcia Davies, a HousingWire Women of Influence and the founder of mPower — an organization that helps women in the real estate finance industry expand their reach — at the Women of Influence Forum.
Eyes on Housing
JULY 20, 2022
As rising mortgage rates and higher home prices weighed on housing affordability, existing home sales declined for five consecutive months, according to the National Association of Realtors (NAR). The trend in home price appreciation continued albeit at a slower rate as supply finally showed sign of improvement. The median existing home prices in June continued to surpass $400,000, the highest.
Appraisal Buzz
JULY 20, 2022
Credit rating agency Experian, along with the S&P Dow Jones Indices, has released its latest monthly iteration of its Consumer Credit Default Indices Report for June 2022 which aims to represent a “comprehensive” measure of changes in consumer credit default rates and shows that the composite default rate rose two basis points to 0.53%. Breaking … The post First Mortgage Default Rate at Highest Since September 2020 appeared first on DSNews.
Realvals
JULY 21, 2022
The following map shows the Marin County home prices by city for July 2022. Insights are below. Marin County home prices continue to increase towards the end of July 2022, for the most part, despite the higher interest rates, time of year, and other macroeconomic factors. Some areas are starting to show signs of stabilization, especially in the higher-end markets.
Housing Wire
JULY 19, 2022
Miami-based fintech Milo has closed $10 million in cryptocurrency mortgages since unveiling the product earlier this year, the company announced early Tuesday. The lender’s 30-year crypto mortgage is designed to make it easy for investors to use their digital holdings to acquire homes in the U.S. Through the crypto-lending program, Milo allows borrowers to pledge cryptocurrency through regulated custodians — crypto platforms such as Coinbase or Gemini — and thereby finance as much as 100 percent
Eyes on Housing
JULY 19, 2022
Increased interest rates, building material supply chain bottlenecks and elevated construction costs continue to put a damper on the single-family housing market. For the first time since June 2020, both single-family starts and permits fell below a one million annual pace. Overall housing starts fell 2.0% to a seasonally adjusted annual rate of 1.56 million units in June from an.
Appraisal Buzz
JULY 18, 2022
Chicago — ProxyPics makes wave as the first Property Data Report provider for Freddie Mac’s ACE+ PDR (automated collateral evaluation plus property data report), launch made effective on July 17, 2022. ProxyPics’ Property Data Report product provides a detailed scope of the property structure and its condition to simplify cash out, and certain no cash-out refinance transactions, while averaging delivery turn times of 72 hours.
GoForrmz
JULY 18, 2022
Enterprise data has only just started to revolutionize healthcare It’s easy to measure the impact of enterprise data on technical industries; from tech start-ups to eCommerce sites, the information gathered can be tied to individual transactions. But what about industries where data has privacy concerns or protected information? A European Commission study in 2016 found that big data applications in healthcare are promising, but must be approached carefully.
Housing Wire
JULY 22, 2022
Both Fannie Mae and Freddie Mac this week made two senior hires that increase diversity in leadership at the enterprises, where the leadership skews toward white and male. At Freddie Mac, Dennis Hermonstyne Jr., who previously worked at Santander Bank , will assume the role of senior vice president and chief compliance officer. Starting Sept. 19, he will report directly to Freddie Mac CEO Michael DeVito, and work closely with Anil Hinduja, Freddie Mac’s chief risk officer.
Eyes on Housing
JULY 21, 2022
The 2021 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 8.2 months, which typically includes a little over a month from authorization to start and another 7.1 months to finish the construction. Moreover, it took approximately 12 days more in 2021 than in 2020, as supply-side challenges persisted.
Appraisal Buzz
JULY 22, 2022
Industry experts took to Capitol Hill to discuss the state of the market and share their insight on ways to create equitable housing opportunities for all nationwide. The post Solving Housing Instability Through Vouchers and GSE Reform appeared first on DSNews. The post Solving Housing Instability Through Vouchers and GSE Reform appeared first on Appraisal Buzz.
GoForrmz
JULY 19, 2022
Our first ever GoFormz Office Hours highlights key updates, upcoming improvements, and new educational resources. We had a lot to cover in our first ever GoFormz Office Hours , a quarterly webinar hosted by our Senior Director of Product, Kelsey Griswold, and our Director of Customer Success, Alicia Bryan. In today’s webinar we highlighted a variety of powerful new and upcoming updates and resources, including: Our new File Attachment field: Users can now seamlessly attach external files to thei
Housing Wire
JULY 19, 2022
Adjusting to today’s market can be dizzying after the last few years of historically low interest rates and high refinance business. However, the lenders and loan officers who will be most successful in the second half of 2022 will be those who pivot quickly, understanding both the nuances of the market and the best strategies to help solve problems for today’s homeowners, homebuyers, homesellers, Realtors and financial advisors.
Eyes on Housing
JULY 18, 2022
The prices of goods used in residential construction climbed 1.5% in June (not seasonally adjusted) even as softwood lumber prices fell 23%, according to the latest Producer Price Index (PPI) report. Prices have surged 41.7% since January 2020. Building materials (i.e., goods inputs to residential construction, less energy) prices have increased 4.8%, year-to-date, and are 12.2% higher than they were.
Appraisal Buzz
JULY 22, 2022
Experienced human resources executive joins GSE to attract, retain, engage, and develop talent. The post Katie Jones Tapped to Lead HR at Fannie Mae appeared first on DSNews. The post Katie Jones Tapped to Lead HR at Fannie Mae appeared first on Appraisal Buzz.
Appraiserblogs
JULY 22, 2022
To establish an independent agency to be known as the Federal Valuation Agency that would oversee the appraisal industry in the name of “equity.” VaCAP has been informed of a Discussion Draft of a Bill introduced into the US House of Representatives that will directly impact every appraiser, appraiser trainee, appraisal firm, and appraisal management company.
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