Housing Wire
JUNE 16, 2022
I’m raising my fifth recession red flag today based on the Census Bureau ‘s May housing starts data. Housing starts showed a miss on the estimate but positive revisions. Housing starts came in at 1.549 million and housing permits came in at 1.695 million. Housing completion data did grow to 1.465 million and more of the backlogged homes are finished.
Appraisal Buzz
JUNE 17, 2022
Freddie Mac ’s Primary Mortgage Market Survey (PMMS) results show the 30-year fixed-rate mortgage averaged 5.78% with an average 0.9 point as of June 16, 2022, up from last week when it averaged 5.23%. A year ago at this time, the 30-year FRM averaged 2.93%. “Mortgage rates surged as the 30-year fixed-rate mortgage moved up more than half a percentage point, marking the largest one-week increase in our survey since 1987,” comments Sam Khater, Freddie.
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Cleveland Appraisal Blog
JUNE 17, 2022
What’s the difference between a newly constructed home and a hundred-year-old home? Depreciation! When developing an opinion of the market value of a property, what appraisers are really measuring is how much depreciation a property has suffered from, and more specifically how much depreciation the improvements on the land have depreciated. When measuring depreciation using the age-life method, which residential appraisers often use, the first step is to develop an opinion of the value of the la
Eyes on Housing
JUNE 13, 2022
NAHB analysis of Consumer Expenditure Survey (CES) data from the Bureau of Labor Statistics shows that during the first year after closing on a home sale, home buyers tend to spend considerably more money on furnishings, appliances and remodeling compared to non-moving owners. Buyers of new homes spend most, spending four times as much as non-moving owners and twice as.
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Housing Wire
JUNE 17, 2022
Notarize CEO, Pat Kinsel publicly announced that his firm had laid off 25% of its workforce (110 employees) in a Twitter thread on Wednesday. This is the second time the 7-year-old, Boston-based remote online notarization (RON) firm has undergone layoffs. In 2019, Notarize was forced to undergo layoffs after financing fell through. “We are exceptionally proud of the team we’ve built and they are leaving through no fault of their own – they are truly the best of the best.
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George Dell
JUNE 15, 2022
Judgment in valuation analysis is not needed — so they say — so long as the algorithm is right. So long as the algorithm is right. For appraisers, this means the valuer has identified a good scope of work. For a researcher, this means an investigation path is identified – a hypothesis. […]. The post No Judgment Needed? appeared first on George Dell, SRA, MAI, ASA, CRE.
Eyes on Housing
JUNE 14, 2022
The prices of goods used in residential construction climbed 1.8% in May (not seasonally adjusted) and have increased 19.4%, year-over-year, according to the latest Producer Price Index (PPI) report. Prices have surged 40.4% since January 2020. Building materials (i.e., goods inputs to residential construction, less energy) prices have increased 5.4%, year-to-date, and are 36.3% higher than they were in May.
Housing Wire
JUNE 16, 2022
neighborhood, housing market, Fall, homes, new house sales, forbearance. The Federal Reserve ’s 75 basis point interest rate hike – its largest since 1994 – proves the central bank is laser-focused on slowing inflation, but loan officers and housing economists don’t expect mortgage rates to come down until consumer prices fall. The federal funds rate doesn’t directly dictate mortgage rates, but it does steer market activity to create higher rates and reduce demand.
Appraisal Buzz
JUNE 17, 2022
The House of Representatives passed HR 2543 by a vote of 215-207, legislation drafted to promote equity for underserved communities and increase access to safe and affordable financial services for all Americans. The post House Passes Measure to Increase Financial Equity and Inclusion for All appeared first on DSNews. The post House Passes Measure to Increase Financial Equity and Inclusion for All appeared first on Appraisal Buzz.
Speaker: Dylan Secrest
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.
The Appraiser Coach
JUNE 14, 2022
We’ve all heard of the classic debate: What’s the correct way to make a peanut butter and jelly sandwich? Allow me to introduce a new debate: What’s the correct way. Read More.
Eyes on Housing
JUNE 17, 2022
In the first quarter of 2022, multifamily home building showed greater growth across all regional markets compared to the first quarter of 2021, per the NAHB’s Home Building Geography Index (HBGI). Apartment construction far outpaced single-family building in all regional geographies but especially in lower density markets1. Low rental vacancy rates and rising rents gave multifamily developers confidence to continue.
Housing Wire
JUNE 17, 2022
Mortgage industry stakeholders say a new 50 basis point fee on some Fannie Mae and Freddie Mac securities runs counter to the premise of a uniform mortgage backed security. It’s a “money grab,” said one industry analyst, who requested anonymity to stay on good terms with the government sponsored enterprises, who together back the majority of the single-family mortgage market.
Appraisal Buzz
JUNE 16, 2022
Mortgage Capital Trading (MCT), a mortgage hedge advisory and secondary marketing software firm, has introduced a new technology for mortgage servicing rights (MSR) buyers to produce more granular pricing for mortgage servicing. The feature leverages an application programming interface (API) to connect MSRlive!, MCT’s state-of-the-art MSR valuation platform to clients’ systems for more precise and accurate loan-level pricing in real time.
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DW Slater Company
JUNE 16, 2022
When I was a young poor college student, I got a speeding ticket. When the officer asked me how fast I was going, I told him truthfully that I didn’t know. You see my speedometer had stopped working in my car and I didn’t have the extra funds to fix it so I just drove along with everyone else. Well, in this case, everyone else was speeding. I was the lucky gal that got the ticket.
Eyes on Housing
JUNE 16, 2022
Single-family starts declined further in May, as higher interest rates weighed on housing affordability. This follows a sixth straight monthly decline for the NAHB/Wells Fargo HMI. Additionally, the cost and availability of materials, lumber, labor and lots remain key supply-side headwinds. Single-family permits decreased 5.5% to a 1.05 million unit rate in May.
Housing Wire
JUNE 17, 2022
Wells Fargo this week warned investors the bank’s mortgage business could drop by almost 50% in the second quarter from the prior quarter. Wells Fargo Chief Financial Officer Mike Santomassimo said higher interest rates have greatly reduced the refinancing market – currently down about 82% from the prior year – and home affordability remains a challenge in the purchase market. “As you would expect, you’re seeing the refinance volume fall significantly — no surprise,” he s
Appraisal Buzz
JUNE 17, 2022
According to a new report from Fannie Mae’s Economic and Strategic Group (ESR), a combination of rising interest rates and elevated inflation will continue to weigh on the housing market and are now predicting a 1.2% full-year market growth. The ESR is still predicting a modest “economic contraction” beginning in late 2023 due to the … The post Slowing Housing Market Expected Soon appeared first on DSNews.
GoForrmz
JUNE 15, 2022
Leverage Calculations within your digital form Templates to streamline processes, instantly provide totals, and protect data integrity. Features like Calculations allow your form fields to perform anything from simple addition or multiplication to complex Conditional Logic. GoFormz has a Calculation Builder which provides form builders with an intuitive approach to adding calculations to your Template’s form fields and can be easily accessed directly within the Template Editor.
Eyes on Housing
JUNE 15, 2022
To fight persistent inflation, the Federal Reserve has committed to significantly cooling demand. This approach reflects a non-monetary policy failure to fix underlying supply-side challenges that are pushing up inflation. The Fed lacks policy tools to make these supply-side fixes, so it must rely on demand-side impacts to bring down inflation by reducing economic growth.
Housing Wire
JUNE 17, 2022
I am about to say something in 2022 that no one in software design and process management would say. Do loan officers need more technology than they currently have? Will new technology change anything? Let that sit a second. After all, my friends probably assume I hit my head and need to reconsider my job choices. However, I am going somewhere with this.
Appraisal Buzz
JUNE 13, 2022
Former Redfin exec joins provider of distressed residential investment properties to spearhead the firm’s marketing efforts. The post Kuba Poraj-Kuczewski Named Chief Marketing Officer for New Western appeared first on DSNews. The post Kuba Poraj-Kuczewski Named Chief Marketing Officer for New Western appeared first on Appraisal Buzz.
GoForrmz
JUNE 14, 2022
Expand your digital form capabilities with new features from GoFormz This week GoFormz launched a new hotly requested feature which allows users to include various types of files directly in forms, using their mobile app or online. The new File Attachment form field gives users even more control over their digital forms. Users now have the ability to seamlessly attach external files to their forms when using the GoFormz mobile app and web apps, without being limited to existing field types.
Eyes on Housing
JUNE 15, 2022
Rising inflation and higher mortgage rates are slowing traffic of prospective home buyers and putting a damper on builder sentiment. In a troubling sign for the housing market, builder confidence in the market for newly built single-family homes posted its sixth straight monthly decline in June, falling two points to 67, according to the National Association of Home Builders (NAHB)/Wells.
Housing Wire
JUNE 17, 2022
It’s a tough time to be a loan officer. Refinance activity is gone, housing inventory continues to be at record lows and interest rates remain on the rise. It is the type of perfect storm that will show the industry who the true survivors are and who has been riding the refi wave for the last two years. Amid all the chaos, loan officers may be pressed to get creative when it comes to generating new business.
Appraisal Buzz
JUNE 14, 2022
Besides location, one of the most important factors in a residential property’s value is the health of its local real estate market. Appraisers should pay close attention to various current events that may indicate a softening or imbalanced market, or conversely, a robust, healthy real estate market. Similar to a doctor looking for signs of a patient’s health declining or improving, you have signs available to determine the health of a housing market.
The Robert Weiler Company
JUNE 17, 2022
Ohio is one of the top five tax climates in the United States, so it is not surprising that you are looking at the various apartment buildings for sale in Ohio as a lucrative investment. However, an investment in real estate is not something you should jump into without preparation. This purchase can be a great asset, as long as you make a wise choice.
Eyes on Housing
JUNE 13, 2022
The latest results from the Federal Reserve’s Z.1 Financial Accounts of the United States, i.e., the Flow of Funds, show that in the first quarter of 2022, the aggregate market value of all owner-occupied real estate in the United States showed the largest year-over-year percentage gain since 2001. Owners’ equity as a percentage of households’ real estate was the highest.
Housing Wire
JUNE 16, 2022
Fannie Mae lowered its projections of mortgage originations and home sales for 2022 as mortgage rates continue to climb. Fannie Mae’s Economic and Strategic Research (ESR) Group revised its projected mortgage origination volume to $2.6 trillion in 2022 and $2.2 trillion in 2023. In May, Fannie Mae dropped its mortgage origination volume projection for 2022 to $2.7 trillion and $2.25 trillion for 2023, down from the respective $2.8 trillion and $2.41 trillion projected the previous month. .
Appraisal Buzz
JUNE 17, 2022
Nationwide, 57.8% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in May, the lowest level since February 2021, according to a new report from Redfin. That’s down from a revised rate of 60.9% one month earlier and a pandemic peak of 68.8% one year earlier; it marks the fourth-consecutive monthly decline. The typical home in a bidding-war received 5.3 offers in May, down from 6.8 in April and.
Appraiserblogs
JUNE 17, 2022
Fannie makes its subsidies for blacks explicit, but they don’t appear to extend to other racial groups such as Hispanics and Asians. Low-income white borrowers are also excluded. Last week, Fannie Mae & Freddie Mac announced actions that aim to make it easier to buy a home and close the racial homeownership gap. Their Equitable Housing Finance Plan for 2022-2024 outlines a range of pilot programs that remove barriers blacks face when buying or renting, and keeping homeowners and renters at h
Eyes on Housing
JUNE 14, 2022
Over the first four months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 377,713. On a year-over-year (YoY) basis, this is a 1.7% decline over the April 2021 level of 384,196. Year-to-date ending in April, single-family permits declined in three out of the four regions. The South posted a modest increase of 2.8% while.
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