Thought I would include a link to this article in Rolling Stone. Creepy but interesting.
Thought I would include a link to this article in Rolling Stone. Creepy but interesting.
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The Zonda / Metrostudy teams recently gazed into their crystal balls to provide financial analysis for the homebuilding industry, which includes bad news for the end of year 2021. “We’re predicting a fairly healthy year for the remainder of 2019 with about 2.575 million jobs being created this year,” said chief economist Mark Boud of Metrostudy. “This forecast was done before the recent news on tariffs so this may be revised downward. As time goes on we do predict a recession and predict job losses to begin at the latter part of 2021 and going into 2022.”
The good news is Boud and his team don’t believe the recession will be nearly as bad as what happened during the housing crises. The timing of the recession prediction is based on the 2-10 treasury yield spread, a key economic metric that measures the difference of yields on short term (2-year) treasury bonds versus long term (10-year) treasury bonds. When the short term bonds are worth more than the long terms the yield curve is “inverted” and a recession typically follows about 18 months later.
The current 2-10 yield spread has been dropping since 2014 and was very close to inversion the last time it was measured which was in the fourth quarter of 2018. “We expect it to go inverted sometime this year and that corresponds with a recession in the later part of 2021,” said Boud.…continue reading the rest of this post: ZONDA / METROSTUDY SEES MUCH OF THE SAME IN HOUSING FOR 2019, 2020
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If you are like me, you spend a lot of time driving around doing your appraisal work. This is a good show! Especially their coverage on advocacy!
“Voice of Appraisal” is a show designed to deliver the most up to date news and information for the working real estate valuation professional. The show provides top analysis of real estate trends and issues that affect appraisers nationwide. Our no-nonsense approach to appraisal, real estate, banking and politics creates a cutting edge program that provides an insight into the appraisal profession that is seldom heard.
The past 25 years of appraisal organizations, affiliations, and designations have left our industry splintered and broken. We have become a group too caught up in our own egos and titles to see how our profession is now crumbling before us.
We have divided ourselves, and our house will not stand!
We don’t need any more regulations to hinder us, or unions to protect us, or dwindling organizations to speak for us, or financial institutions to threaten us.
What we need is a voice, a movement, to take back our industry, and control our own destiny.
This show exists to offer such a voice to this lone wolf profession, that real estate appraisal has now become. Welcome to the movement!
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|Working together for positive change in valuation|
|ASA and RICS have signed an exploratory Letter of Intent to develop collaborative work streams on a variety of potential joint projects and activities, applying synergies from combining the respective strengths of each organization for the benefit of the public and ASA and RICS members. This includes building a partnership to support all disciplines, from real estate and personal property, to machinery, business valuation, and gems and jewelry. The projects and activities are intended to bring awareness of issues of importance to the profession.|
“ASA and RICS are dedicated to elevating the quality of valuation services worldwide. This is an important step for the valuation profession as we continue to work more closely, even with competitor VPOs, to ensure that the needs of all who rely on valuation services, and those who perform them, are met with best-of-class solutions,” said Robert Morrison, ASA International President. “Together, ASA and RICS firmly believe we can work collaboratively to improve not only how valuation is seen globally, but the way valuation professionals see themselves. I am excited to see this effort grow and wish to thank Lee Hackett and John Russell for helping to craft a vision of the future of valuation that focuses on the end benefits to the public, thereby promoting the ASA brand and our credentialed members”
In developing the work streams, ASA staff, discipline committees, and standing committees will work jointly with peers at RICS to identify opportunities, establish priorities, and develop required content in order to achieve the collaborative goals of both organizations. Once this process is complete, leaders from both ASA and RICS will decide whether and how to proceed on a Definitive Agreement.
Collaboration with RICS is not without precedent. ASA and RICS, in partnership with AICPA, successfully put aside their competitive instincts to jointly create the widely-recognized CEIV credential and the Mandatory Performance Framework, the recognized framework of best practices for the performance of valuations for financial reporting purposes. Further, ASA and RICS are active participants in the International Valuation Standards Council and the Appraisal Foundation, and are committed to protecting the public interest through ethical practices and the confluence of standards.
If you have any questions regarding this initiative, please contact your Regional Governor or John Russell, ASA’s Senior Director of Government Relations and Business Development.
|For more information visit ASA Online or call (800) 272-8258.|
National Courses | Chapter Courses | eLearning | Conferences | Webinar Recordings | Education Grants
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When the Republican Party first put forth its plan to reform the country’s tax laws, housing experts worried it could put a damper on home-buying activity. Now that the GOP’s tax plan is the law of the land, some fear those predictions may be coming to fruition.
A new report from analysts at the Federal Reserve Bank of New York examined the drop in home-sales activity between the fourth quarter of 2017 and the third quarter of 2018. The figures in the respective quarters were adjusted for any seasonal factors impacting the housing market at those times of year. In that period, new home sales fell 7.6% nationwide — with the Northeast and West regions sustaining the most substantial drops in sales activity.
New Federal Reserve Bank of New York findings suggest that the recent changes to the federal tax code have contributed to the slowdown in home sales that occurred throughout much of last year.…continue reading the rest of this post: Home Personal Finance Real Estate Is Trump’s tax law helping or hurting the housing market?
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Bank of America is committing $5 billion to help boost homeownership for “low- to moderate-income and multicultural homebuyers and communities” across the country, the bank announced Tuesday.
According to the bank, it plans to commit an additional $5 billion over the next five years to its Bank of America Neighborhood Solutions program, which “will help more than 20,000 individuals and families thrive through the power of homeownership.”
And as part of the program, Bank of America is rolling out a host of new loan programs and options, including grants of as much as $10,000 to help a borrower close a loan.…continue reading the rest of this post: Bank of America aims to boost homeownership, will give borrowers up to $10,000 to close a loan
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Happy Birthday to US! Hope everyone is having a great 4th with friends and family!
YOU better be taking the day off. Yeah, I’m talking to you. You know who you are.
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NEW YORK–Representatives from government housing agencies said they are making progress in breaking down barriers that discourage mortgage lenders and servicers from working with them.
FHA Commissioner Brian Montgomery, speaking here at the MBA National Secondary Market Conference & Expo, said FHA is at an “important crossroads.”
“It’s clear that our regulatory compliance standards discourage depository institutions from participating as FHA partners,” Montgomery said. “I strongly believe this discouragement has a huge impact on FHA products.”
Montgomery said he is committed to evaluating policies to encourage more FHA lending, citing efforts to increase transparency and ease regulatory burdens. Last week, for example, FHA announced changes to its loan level and annual certifications and defect taxonomy; in March, FHA announced changes to its TOTAL Scorecard.…continue reading the rest of this post: Government Agencies Strive to Be More Lender-Friendly
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WASHINGTON (May 16, 2019) – Continued economic expansion, rising home sales and an increase in wage growth that is on par with home price growth are some of the expectations for the second half of 2019, according to speakers at today’s residential real estate forum at the 2019 REALTORS® Legislative Meetings & Trade Expo.
Dr. Lawrence Yun, Chief Economist at the National Association of Realtors®, delivered his 2019 midyear forecast, which predicted changing future migration patterns as buyers search for more affordable markets. Inventory in the U.S. has grown for eight straight months on a year-over-year basis, and Yun expects that to continue.
“Home sales should be much stronger based on the economic fundamentals of jobs, interest rates, population and consumer confidence,” said Yun.…continue reading the rest of this post: Realtors® Midyear Forecast: Home Sales Expected to be Stronger
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Before the ink was dry on FIRREA 1989, special interests were snipping away at it. Originally proposed field review requirements in FIRREA drafts for 1 in 10 appraisals would have made the Great Recession (TARP) impossible. Now those same interests are stripping away at the last vestiges of consumer and taxpayer property value protection. The formal appraisal. The MINIMUM level of protection that should be insisted upon.
Dear Ms Kahng:
My name is Mike Ford. I am Vice President – Special Projects; & Chairman of the American Guild of Appraisers National Appraiser Peer Review Committee; AGA#44, OPEIU, AFL-CIO.
I am writing concerning the upcoming June 20th hearing addressing “What’s Your Home Worth? A Review of the Appraisal Industry”
There is currently so much deliberate misinformation about real estate appraisers and appraisal needs in America, that we believe it is critical the House Committee and any related Sub committees hear from recognized national experts that are currently practicing independent appraisers. Further, those appraisers should be recognized professionals with no hidden agenda. Respectfully they should not be separate self-serving appraisal management company owners or managers. Nor should they be national appraiser franchisees circumventing AMC laws, that also directly benefit from reduced restrictions and standards for professional appraisers. Professionals nationally recognized for their efforts and contributions in preserving appraisal integrity and professionalism should be sought.…continue reading the rest of this post: Killing Consumer Property Value Protection
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