14th March 2018

Shortage of entry level homes causes appreciation jump in January

I don’t know about the rest of you, but Southern California home prices are out of control.  Just my 2 cents.  Very entry level homes surged over $700k in my neighborhood.  Small 3/2 1200sf +/-

Now on to the article below:

Home prices increased in January, but the increase was even more pronounced among entry-level homes, according to the latest Home Price Index and HPI Forecast from CoreLogic, a property information, analytics and data-enabled solutions provider.

Home prices increased 6.6% from January 2017 to January 2018, and increased 0.5% from December to January, the report showed.

“Entry-level homes have been in particularly short supply, leading to more rapid home-price growth compared with more expensive homes,” CoreLogic Chief Economist Frank Nothaft said. “Homes with a purchase price less than 75% of the local area median had price growth of 9% during the year ending January 2018.” …continue reading the rest of this post: Shortage of entry level homes causes appreciation jump in January

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5th March 2018

Mortgage Rates Continue Upward Climb

MCLEAN, VA–(Marketwired – Feb 22, 2018) –  Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed mortgage rate increasing for the seventh-consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.5 point for the week ending February 22, 2018, up from last week when it averaged 4.38 percent. A year ago at this time, the 30-year FRM averaged 4.16 percent.
  • 15-year FRM this week averaged 3.85 percent with an average 0.5 point, up from last week when it averaged 3.84 percent. A year ago at this time, the 15-year FRM averaged 3.37 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.65 percent this week with an average 0.4 point, up from last week when it averaged 3.63. A year ago at this time, the 5-year ARM averaged 3.16 percent.

…continue reading the rest of this post: Mortgage Rates Continue Upward Climb

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1st March 2018

Appraisal alternatives pose new credit risks

The use of technological alternatives to traditional residential property appraisals is likely to expand in the coming months and years, yet it could bring new risk to the mortgage industry, or so says a new report from Moody’s Investors Service.

Currently, most appraisers are currently in their late 50s. And those who are in the field aren’t mentoring a lot of trainees due to the lack of compensation and benefit, along with lender restrictions.

These problems are leading those in the housing industry to look for alternative solutions involving technology to solve the problem.

In November of last year, Freddie Mac announced it is planning a controversial new mortgage process that would not include appraisals, and would replace them with a free alternative valuation system. …continue reading the rest of this post: Appraisal alternatives pose new credit risks

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27th February 2018

AI Joins Coalition Opposing Bank’s Temporary Appraisal Waiver Request

The Appraisal Institute has joined a coalition of more than 20 real estate industry organizations opposed to TriStar Bank’s request for a temporary waiver from appraiser certification requirements.

In a Feb. 13 letter to the Appraisal Subcommittee, the coalition urged that the request be rejected for not satisfying the requirements established under ASC regulations, pointing out that, contrary to TriStar’s initial letter, there is a healthy supply of commercial appraisers throughout Tennessee, including in the four counties cited in the bank’s letter.

Separately, the coalition in a Feb. 8 letter urged the ASC to provide greater transparency in this matter by publishing the TriStar Bank response letter that elaborates on its initial request.

The Appraisal Subcommittee board is scheduled to be briefed on the request at its Feb. 14 meeting. No action is expected at this meeting; however, the ASC board could elect to hold a special meeting before its next scheduled board meeting to consider whether to send out the bank’s request for a 30-day public comment period. Should the ASC choose to do so, it would have 15 days to take any action — including the option to take no action.

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23rd February 2018

Wall Street turning to BPO Drive-Bys

When Blackstone Group LP wanted to borrow hundreds of millions of dollars to buy foreclosed homes after the housing crash, it needed a quick, inexpensive way to value thousands of houses the investment firm already owned and was offering as collateral.

Blackstone and its lender, Deutsche Bank AG, settled on a sort of drive-by valuation done by real-estate agents that are more cursory and cost far less than traditional appraisals.

…continue reading the rest of this post: Wall Street turning to BPO Drive-Bys

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22nd February 2018

Sacramento, we have a problem

This graph put out by the California Bureau of Real Estate Appraisers shows a significant problem with the appraisal industry.

 

From January 1 – June 30, 2017 there were no Trainee License examinations.  Wow!

The newest edition of the Bureau’s The California Appraiser newsletter is available on our website www.brea.ca.gov under Forms and Publications, BREA Newsletters.

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7th February 2018

Average Home Seller Profits at 10-Year High

IRVINE, Calif. – Feb. 1, 2018 — ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Year-End and Q4 2017 U.S. Home Sales Report, which shows that home sellers in Q4 2017 realized an average home price gain since purchase of $54,000, up from $53,732 in the previous quarter and up from $47,133 in Q4 2016 to the highest since Q3 2007 — a more than 10-year high.

That $54,000 average home seller profit represented an average 29.7 percent return on investment compared to the original purchase price, up from 28.8 percent in the previous quarter and up from 26.8 percent in Q4 2016 to the highest average home seller ROI since Q3 2007.

“It’s the most profitable time to sell a home in more than 10 years yet homeowners are staying put longer than we’ve ever seen,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “While home sellers on the West Coast are realizing the biggest profits, rapid home price appreciation in red state markets is rivaling that of the high-flying coastal markets and producing sizable profits for home sellers in those middle-American markets as well.” …continue reading the rest of this post: Average Home Seller Profits at 10-Year High

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5th February 2018

Fee Survey Revisited

I can’t believe it, I was going through notes on articles to write for 2017 and I totally missed the 2017 Appraisal Fee Survey from WorkingRE.com.

So I thought I would post information about it today.  You can find links to each state and get individual city information from there.  This is a very detailed report.  Thanks again Isaac and David!

 

2017 Fee Survey: Analyzing the Data

By Isaac Peck and David Brauner, Working RE Magaizne

For the last few years the appraisal industry has been abuzz with talk of rising appraisal fees and longer turn times. AMCs complain of a shortage of appraisers and “price gouging” in certain markets (Colorado and Oregon, for instance); appraisers report modest success at raising their fees after years of frustration (See Fees Rising). …continue reading the rest of this post: Fee Survey Revisited

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25th January 2018

Beige Book Released – January 17, 2018 – Summary of Commentary on Current Economic Conditions by Federal Reserve District,

This report was prepared at the Federal Reserve Bank of Atlanta based on information collected on or before January 8, 2018. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.

Overall Economic Activity
Reports from the 12 Federal Reserve Districts indicated that the economy continued to expand from late November through the end of the year, with 11 Districts reporting modest to moderate gains and Dallas recording a robust increase. The outlook for 2018 remains optimistic for a majority of contacts across the country. Most Districts reported that non-auto retail sales expanded since the last report and that auto sales were mixed. Some retailers highlighted that holiday sales were higher than expected. Residential real estate activity remained constrained across the country. Most Districts reported little growth in home sales due to limited housing inventory. Nonresidential activity continued to experience slight growth. Most manufacturers reported modest growth in overall business conditions. Reports indicated that some manufacturers increased capital expenditures over the reporting period. Most reporting Districts noted continued growth in transportation activity. Loan volumes in many Districts were steady. Among reporting Districts, agricultural conditions were mixed and energy contacts described a slight uptick in activity.

…continue reading the rest of this post: Beige Book Released – January 17, 2018 – Summary of Commentary on Current Economic Conditions by Federal Reserve District,

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24th January 2018

Want to get some new clients in 2018?

Well then you need the 2018 Appraisal Management Company Directory.

I took the time to rewrite most of the marketing information in the beginning of the book as well as add a bunch of AMCs that have been sending me good assignments over the past year.

You can order it here

 

UPDATED: JANUARY 02, 2017

I wanted to let everyone know the new 2018 AMC Directory is Available NOW

    • Now With over 200 AMCs Listed
    • TOP 37 on the list send me 90% of all appraisal orders
    • TOP 10 on the list are my BEST clients
    • Money Back Guarantee

 

Published by a full time Real Estate Appraiser

This is the only list that has DIRECT links to the sign up pages.  You can’t get this type of information on any state website.  Website information, contact email addresses and phone numbers are all provided.

2018 APPRAISAL MANAGEMENT COMPANY DIRECTORY

200+ VERIFIED Appraisal Management Companies Listed!

This book lays out all the details on how to get signed up with the appraisal management companies and information on creating top ranking websites. Order the book today and you will receive a free search engine optimized website built by internet marketing specialists. All the details are in the AMC Directory.

APPRAISAL MANAGEMENT COMPANIES BLOW – BUT YOU CAN DO WELL USING THEM

 

Chapters Include:
– Maximize orders with Appraisal Management Companies
– The AMC Application Process
– Links to online applications and emails
– List of Common Errors to Avoid
– Vendor Specific AMC Requirements
– Ordered by which companies that SEND ORDERS!
Bonus Chapters Included:
– Recession Proof Your Appraisal Business for the future
– Appraisal Company Marketing and how to maximize income
– Top Revenue Generating Techniques for 2016
– Maximizing Internet Orders through a top ranking website
– FHA Checklist and common errors to avoid

90% of my work come from the first 37 on my list!Get Started Today!

appraisal management companies

Online AMC Directory Available through a membership with the
Private Appraisers Club – http://www.appraisersclub.com

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