23rd May 2019

Read the latest issue of Valuation magazine : Appraisal Institute


First Quarter 2019 Valuation digital edition.


Residential Realities
Home price growth is slowing, housing inventories are tight, and a market correction is possible. And while appraisers working in the residential real estate sector say these trends can apply throughout the U.S., they note the reality is more nuanced: Each market essentially is local and has its own dynamics. 

Better Together?
The backbone of the valuation profession historically has been small, local shops run by hardworking entrepreneurs. Recently, the profession has moved in a different direction as a wave of consolidation has created larger industry players.
 Strong Vital Signs
Health care is one of the hottest real estate sectors right now, but in terms of valuation, it’s also one of the most complex. Aging baby boomers and an increase in the number of insured individuals are among the drivers pushing demand for new health care facilities.
Also read our newest columns:
On Point: Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS, on how AI supports its nearly 80 chapters through events, education and administrative backing.
Legal Matters: Mistakes happen, but which ones will get an appraiser sued? An analysis of past claims reveals the top risks.
Front Lines: Warren B. Boizot III, SRA, on how the popularity of short-term vacation rentals is bringing new challenges for appraisers.Read all that and more in the 

First Quarter 2019 Valuation digital edition.

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21st May 2019

Appraiser Job in PEARL HARBOR, HI $91,242 to $118,612 per year

Vacancy No.DE-10495122-19-RFFDepartmentNaval Facilities Engineering Command
Salary$91,242.00 to $118,612.00Grade13 to 13
Perm/TempPermanentFT/PTFull-time
Open Date5/16/2019Close Date5/22/2019
Job LinkApplication instruction listed in job descriptionWho may applyPublic
Locations:
PEARL HARBOR, HI
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25th April 2019

Enhanced Appraisal Review Drops Refinance Risk, Data Shows

Historically, purchase mortgages have performed better than refinance mortgages, or “refis,” defaulting less often. But changes made in response to widespread appraisal bias during the crisis have improved the industry’s risk assessment and management abilities overall and, accordingly, have decreased the expected default rate on all mortgages.

We looked at the data and concluded that these improvements have reduced the difference in how purchase and refi mortgages perform. And while the models used in FHA, Fannie and Freddie underwriting systems are not public, our results suggest an update may be in order.

Reducing appraisal bias

The pervasive belief that appraisal bias, especially towards no-transaction refinances, was a significant contributor to the great financial crisis lead to a significant re-evaluation of the appraisal process after the crisis. Appraisals undergo much greater scrutiny today, and the GSEs commonly check these numbers against values generated from automated valuation models (AVMs).  AVMs use mathematical modeling, drawing on a huge database of recent transactions, complete with property characteristics, to generate an estimated sales prices.

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24th April 2019

Lots of Gov Appraiser Jobs Posted

AppraiserALBUQUERQUE, NMPubArmy05/02/2019
AppraiserSAN DIEGO, CAPubArmy05/02/2019
AppraiserLOS ANGELES, CAPubArmy05/02/2019
AppraiserPHOENIX, AZPubArmy05/02/2019
Vacancy No.WTKC194593829040DDepartmentU.S. Army Corps of Engineers
Salary$74,937.00 to $110,224.00Grade12 to 12
Perm/TempPermanentFT/PTFull-time
Open Date4/18/2019Close Date5/2/2019
Job LinkApply OnlineWho may applyPublic
Locations:
PHOENIX, AZLOS ANGELES, CASAN DIEGO, CAALBUQUERQUE, NM

Overview

  • Open & closing datesOpening and closing dates 04/18/2019 to 05/02/2019
  • ServiceCompetitive
  • Pay scale & gradeGS 12
  • Salary$74,937 to $110,224 per yearAlbuquerque, NM: $74,937-$94,422, Phoenix, AZ: $77,130-$100,273, San Diego, CA: $83,063-$107,986, Los Angeles, CA: $84,785-$110,224
  • Appointment typePermanent
  • Work scheduleFull-Time

Locations

1 vacancy in the following locations:

Relocation expenses reimbursed

Yes You may qualify for reimbursement of relocation expenses in accordance with agency policy. Permanent change of Station may be paid in accordance with agency policy and if it’s at the best interest of the government.

Telework eligible

Yes as determined by agency policy

This job is open to

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23rd April 2019

JPMorgan Chase CEO advocates for housing finance reform

JPMorgan Chase CEO Jamie Dimon told shareholders this week that the U.S. housing finance system is “desperately” in need of reform, and claimed that the housing market’s status quo of the last several years left at least $1 trillion in mortgages on the table.

Dimon made those claims in his yearly letter to shareholders, where he comments on both the bank and the country’s overall financial picture.

Dimon is no stranger to using these letters to call for sweeping reforms. Two years ago, Dimon said that if certain mortgage lending and servicing reforms were put in place, there could be an increase of $300 billion in originations per year. The year before that, Dimon claimed that originating mortgages was basically a losing proposition for the bank, but said that Chase continued to lend for the good of its customers.

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20th April 2019

Google Announces Plans to Invest $13 Billion in the Commercial Real Estate Market

One year ago this week, I was in Montgomery County, Tennessee to break ground for a new data center in Clarksville. It was clear from the excitement at the event that the jobs and economic investment meant a great deal to the community. I’ve seen that same optimism in communities around the country that are helping to power our digital economy. And I’m proud to say that our U.S. footprint is growing rapidly: In the last year, we’ve hired more than 10,000 people in the U.S. and made over $9 billion in investments. Our expansion across the U.S. has been crucial to finding great new talent, improving the services that people use every day, and investing in our business.

Today we’re announcing over $13 billion in investments throughout 2019 in data centers and offices across the U.S., with major expansions in 14 states. These new investments will give us the capacity to hire tens of thousands of employees, and enable the creation of more than 10,000 new construction jobs in Nebraska, Nevada, Ohio, Texas, Oklahoma, South Carolina and Virginia. With this new investment, Google will now have a home in 24 total states, including data centers in 13 communities. 2019 marks the second year in a row we’ll be growing faster outside of the Bay Area than in it.

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18th April 2019

Appeals court sides with Zillow in lawsuit over Zestimate accuracy

A federal appeals court sided with Zillow in a long-running lawsuit over the accuracy and marketing of the real estate giant’s controversial Zestimate tool.

A group of homeowners in Illinois sued Zillow in 2017, alleging that the Zestimate tool is often inaccurate and difficult to get changed, and that Zillow markets it as roughly equivalent to an appraisal. The homeowners argued that the tool undervalued their homes and made it harder for them to sell.

The homeowners appealed the case last year after their claims were twicedismissed. In a brief opinion, The U.S. Seventh Circuit Court of Appeals ultimately agreed with the judges’ prior rulings.

The court found that Zillow is honest about labeling Zestimate as only an estimate, not an appraisal. The process is most accurate “when errors are not biased to favor sellers or buyers,” so Zillow shouldn’t have to change Zestimate values when they come in lower than what homeowners expect, Judge Frank Easterbrook wrote in the opinion.

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16th April 2019

Mortgage Rates Drop to Yearly Lows, Suggest Strong Spring Homebuying: Freddie Mac

MCLEAN, Va., March 21, 2019 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates dropped with the beginning of spring homebuying season.

Sam Khater, Freddie Mac’s chief economist, says, “Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the homebuyer affordability front. The combination of improving affordability and more inventory than the last few spring selling seasons should lead to improved home sales demand.”

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.28 percent with an average 0.4 point for the week ending March 21, 2019, down from last week when it averaged 4.31 percent. A year ago at this time, the 30-year FRM averaged 4.45 percent. 
  • 15-year FRM this week averaged 3.71 percent with an average 0.4 point, down from last week when it averaged 3.76 percent. A year ago at this time, the 15-year FRM averaged 3.91 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84 percent with an average 0.3 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 3.68 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

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12th April 2019

Vast Majority Think 2019 First Quarter is Good Time to Buy Home, says Realtor® Survey

WASHINGTON (March 20, 2019) – New findings from a National Association of Realtors® survey show that more Americans believe that now is a good time to purchase a home. Consumer opinions about home buying bounced back in the first quarter of 2019, with 37 percent stating that they strongly believe now is a good time to buy, up from 34 percent in the last quarter of 2018 but down from 38 percent one year ago. Only 35 percent of respondents said that now is not a good time to buy a home, compared to 37 percent in 2018’s fourth quarter.

NAR’s first quarter Housing Opportunities and Market Experience(HOME) survey 1 also found that a majority of those polled, 53 percent, said that the economy is improving – down slightly from 59 percent at the end of last year. In 2019, optimism is the greatest among those who earn $100,000 or more and those who reside in rural areas. Fifty percent of Generation X said the economy is improving, while 42 percent of urban area residents reported the same.

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12th April 2019

Home Sales Are Expected to Stabilize as Affordability Improves, Fannie Mae Reports

H

WASHINGTON, DC – Full-year real GDP growth is estimated to come in at 2.2 percent in 2019, unchanged from the prior forecast but down markedly from 2018’s 3.1 percent, according to the Fannie Mae Economic and Strategic Research (ESR) Group’s March outlook. The expected deceleration in growth is largely attributable to the fading fiscal impact from the Tax Cuts and Jobs Act, as well as continued sluggishness in business investment and consumer spending. Economic growth in the first quarter of 2019 is forecasted to slow to 1.3 percent in part due to consumer caution following significant volatility in households’ financial assets in the fourth quarter. The ESR Group also noted that risks to its forecast exist primarily on the downside, including slower global growth and ongoing U.S.-China trade uncertainty, but that sustained improvement in productivity and the central bank policy response to fourth quarter volatility will play an important role in shaping the full growth picture.

The ESR Group also continues to expect home sales to stabilize in 2019, with housing demand supported by a solid labor market and strong household formation.  Affordability, too, has improved by slowing house price appreciation and more attractive mortgage rates. Purchase mortgage originations are expected to expand in 2019 while refinancings contract.

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