28th March 2019

Court Denies Louisiana Appraisers Board Petition for Review

The United States Court of Appeals for the 5th Circuit dismissed on Feb. 28 the Louisiana Real Estate Appraisers Board’s petition for review of a Federal Trade Commission decision that disallowed the LREAB from asserting its state-action immunity defense in ongoing administrative proceedings. The court ruled that it did not have jurisdiction to consider the petition. A stay of action by the FTC has been in place pending the outcome of the review petition.   

In dismissing the petition, the court noted that the Federal Trade Commission Act only allows it to review cease and desist orders issued by the FTC, stating, “The Commission’s order denying the Board’s motion to dismiss and granting the FTC’s motion for partial summary decision is not a cease and desist order, [so] the statute does not expressly authorize us to exercise jurisdiction here.” 

…continue reading the rest of this post: Court Denies Louisiana Appraisers Board Petition for Review

posted in Appraiser News | Comments Off on Court Denies Louisiana Appraisers Board Petition for Review

22nd March 2019

No Hearing on Residential Appraisal Threshold Increase

The Appraisal Institute on Feb. 19 received notice from the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency that a request for a hearing on the proposal to raise the residential appraisal threshold from $250,000 to $400,000 was denied. AI was one of six valuation organizations that submitted a letter Feb. 4 requesting the hearing. “After reviewing your letter and considering the discussion in our conference call, we do not believe that holding a public hearing would elicit relevant information that could not be conveyed through the comment process,” the agencies stated in their letter. “While the agencies are, therefore, declining your request for a public hearing, we will carefully consider your written comments.” The comment period closed Feb. 5. In addition to the Appraisal Institute, the letter requesting the hearing was signed by: 

  • American Guild of Appraisers, OPEIU, AFL-CIO;
  • American Society of Appraisers;
  • American Society of Farm Managers and Rural Appraisers;
  • MBREA | The Association for Valuation Professionals; and
  • RICS.

Read the original letter requesting the hearing.

posted in Appraiser News | Comments Off on No Hearing on Residential Appraisal Threshold Increase

21st March 2019

Average U.S. Home Seller Profits at 12-Year High of $61,000 in 2018

IATTOM Data Solutions, curator of the nation’s premier property database, today released its Year-End 2018 U.S. Home Sales Report, which shows that home sellers in 2018 realized an average home price gain since purchase of $61,000, up from $50,000 last year and up from $39,500 two years ago in 2016 to the highest level since 2006 — a 12-year high.

That $61,000 average home seller profit represented an average 32.6 percent return on investment compared to the original purchase price, up from 27.0 percent last year and up from 21.9 percent in 2016 to the highest average home seller ROI since 2006.

…continue reading the rest of this post: Average U.S. Home Seller Profits at 12-Year High of $61,000 in 2018

posted in Appraiser News | Comments Off on Average U.S. Home Seller Profits at 12-Year High of $61,000 in 2018

20th March 2019

Zillow awards $1 million prize for making Zestimates more accurate

The Zestimate that appears on every listing on Zillow is about to get a little closer to the expected sales price of a house, and all the online real estate giant had to do is give away more than $1 million.

Beyond that, Zillow also awarded $100,000 to the second-place team, and $50,000 to the third-place team.

But Zillow is hardly chalking this exercise up as a loss. Just the opposite, in fact.

Zillow said that it will incorporate parts of the winning team’s model, along with other contest entries, to improve the accuracy of the Zestimate that appears on the listings for 110 million homes on Zillow.

According to Zillow, the improvements to the Zestimate will decrease its current nationwide error rate of 4.5% to less than 4%, meaning that half of all Zestimates will be within 4% of the selling price, and half will be off by more than 4%.

Put another way, Zillow claims that on average, the Zestimate is $10,000 off of the actual sale price for a typical home, but with the improvements from the contest, future Zestimates could be approximately $1,300 closer to the sale price.

The Zestimate has long served as a contentious issue between real estate professionals and consumers.

…continue reading the rest of this post: Zillow awards $1 million prize for making Zestimates more accurate

posted in Appraiser News | Comments Off on Zillow awards $1 million prize for making Zestimates more accurate

19th March 2019

Unconventional loans surge in 2018: Housing trouble ahead?

Homebuyers are increasingly opting for nontraditional mortgages – Opens a New Window.which helped precipitate the housing crisis about one decade ago – potentially foreshadowing trouble as high prices continue to weigh on housing affordability.

Throughout the first three quarters of last year, unconventional mortgages – those that don’t require borrowers to show typical income or other asset verifying documentation – rose 24 percent to $34 billion, according to data from Inside Mortgage Finance, as reported by The Wall Street Journal. While unconventional mortgages accounted for just 3 percent of overall originations during that period – traditional mortgage loans declined.

…continue reading the rest of this post: Unconventional loans surge in 2018: Housing trouble ahead?

posted in Appraiser News | Comments Off on Unconventional loans surge in 2018: Housing trouble ahead?

15th March 2019

Renting a Home More Affordable Than Buying in 59 Percent of U.S. Housing Markets

Home Prices Outpacing Wages in 80 Percent of the U.S. Housing Markets

IRVINE, Calif. – Jan. 10, 2019 — ATTOM Data Solutions, curator of the nation’s premier property database, today released its 2019 Rental Affordability Report, which shows that renting a three-bedroom property is more affordable than buying a median-priced home in 442 of 755 U.S. counties analyzed for the report — 59 percent.

…continue reading the rest of this post: Renting a Home More Affordable Than Buying in 59 Percent of U.S. Housing Markets

posted in Appraiser News | Comments Off on Renting a Home More Affordable Than Buying in 59 Percent of U.S. Housing Markets

19th February 2019

Mortgage rates are predicted to rise to 5.5%

Although several housing market experts anticipate the market slowing down in 2019, LendingTree believes that there is no cause for alarm.

In its 2019 forecast, LendingTree predicts slower sales will give rise to an increase of inventory, which could benefit lenders and homeowners.  

“The medium- and long-term prospects for housing are good because demographics are going to continue to support demand,” LendingTree Chief Economist Tendayi Kapfidze writes. “With a slower price appreciation, incomes have a chance to catch up. With slower sales, inventory has an opportunity to normalize. A slowdown in 2019 creates a healthier housing market going forward.”

This should be welcomed news to a market that is already grappling with concerns of affordability and inventory.

…continue reading the rest of this post: Mortgage rates are predicted to rise to 5.5%

posted in Appraiser News | Comments Off on Mortgage rates are predicted to rise to 5.5%

16th February 2019

Unconventional loans surge in 2018: Housing trouble ahead?

Homebuyers are increasingly opting for nontraditional mortgages – Opens a New Window.which helped precipitate the housing crisis about one decade ago – potentially foreshadowing trouble as high prices continue to weigh on housing affordability.

Throughout the first three quarters of last year, unconventional mortgages – those that don’t require borrowers to show typical income or other asset verifying documentation – rose 24 percent to $34 billion, according to data from Inside Mortgage Finance, as reported by The Wall Street Journal. While unconventional mortgages accounted for just 3 percent of overall originations during that period – traditional mortgage loans declined.

Unconventional mortgages are intended to help people with unusual circumstances, such as no consistent salary, get a home loan. However, they are considered more risky because they require borrowers to show less, or even no, documentation – which can lead to deceitful practices. These loans can allow borrowers or lenders to overstate assets to help secure a larger mortgage. A scenario whereby borrowers secured larger mortgages than their means allowed for partially precipitated the 2007 financial crisis

…continue reading the rest of this post: Unconventional loans surge in 2018: Housing trouble ahead?

posted in Appraiser News | Comments Off on Unconventional loans surge in 2018: Housing trouble ahead?

12th February 2019

Gov Appraiser Job in SAVANNAH, GA

Vacancy No.SCGW193689543179EHADepartmentU.S. Army Corps of Engineers
Salary$73,375.00 to $95,388.00Grade12 to 12
Perm/TempPermanentFT/PTFull-time
Open Date2/12/2019Close Date2/12/2019
Job LinkApply OnlineWho may applyPublic
Locations:
SAVANNAH, GA
…continue reading the rest of this post: Gov Appraiser Job in SAVANNAH, GA

posted in Appraiser News | Comments Off on Gov Appraiser Job in SAVANNAH, GA

30th January 2019

Will The Economy Crash In 2019?

Bill ConerlyContributorLeadership StrategyI connect the dots between the economy … and business!

GDP decline in recessionsDR. BILL CONERLY BASED ON DATA FROM NATIONAL BUREAU OF ECONOMIC RESEARCH AND BUREAU OF ECONOMIC ANALYSIS

Don’t expect the economy to crash in 2019, but be prepared for a possible recession.

Plenty of people are asking about the chance of a crash, which I interpret as a pretty severe recession, like 2008-09. The primary trigger of a full-blown crash would be a financial crisis, when many companies, consumers and other entities have borrowed short to fund long-term assets which start looking dodgy. I don’t think that’s in the cards.

Household finances are improving. Over the last four quarters, their real estate equity is up 10.0%, financial assets up 8.0%, debt up only 3.4%, for a gain in net worth of 8.2%, based on Federal Reserve data.

…continue reading the rest of this post: Will The Economy Crash In 2019?

posted in Appraiser News | Comments Off on Will The Economy Crash In 2019?









FREE REPORT INCLUDED:
3 Steps to get
More AMC Orders
SECURE & CONFIDENTIAL
WE GUARANTEE YOUR CONFIDENTIALITY.
We hate spam just as much as you do. If not more!