FTC Challenges Louisiana Real Estate Appraisers Board Regulations that Restrict Competition
Restrictions on fee setting violate federal antitrust rules, agency alleges
When Stairs and Slides Are Hiding in Plain Sight
Play real-life Chutes and Ladders at these obscure thruways.
Excerpt: An ordinary stroll can quickly become extraordinary when you stumble on one of the many hidden stairways and slides that dot the world’s cities. Some are seemingly mundane structures hiding fascinating histories, while others blend into the landscape like a secret, surprising even long-term residents. These slopes and climbs make ordinary places more fun.
Zillow – $1 million prize for better algorithm
Suburban builders seek class action to stop Zillow estimates
It was 25 years ago today, June 1 1992, that I published the first issue of the paid Appraisal Today!!
What a wild ride it has been!!
Barry Bates, 44 year appraiser, has always always “out of the box”;> He has experience in all facets of residential lender appraising, from field appraiser to executive, plus running his own appraisal company. He worked for a state regulator before his recent retirement. Very interesting perspective. Always has something “off the wall” and humorous to say and write!! I have known him personally for over 30 years.
Mortgage market to decline from $1.9 trillion in 2016 to $1.6 trillion this year
My comment: Appraiser businesses varies widely around the country. If you are in a market with relatively few purchases and few new homes being built, your lender work will be lower. AMC fees are declining in those areas. Time to look for some non-lender work. Consider “hard money” lending – no UAD, CU, etc. There are many other options. I have been writing about them in my paid Appraisal Today newsletter since June, 1992.
Corelogic: Comp Prices Often Exceed Subject Property Prices in Appraisals
Price Adjustment on Higher-Valued Comps Are Frequently Small and Downwardly Rigid
My comment: a bit technical, but worth reading.
WASHINGTON, D.C. (January 30, 2015) – WASHINGTON, D.C. (May 31, 2017) – Mortgage applications decreased 3.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 26, 2017.
The Market Composite Index, a measure of mortgage loan application volume, decreased 3.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4 percent compared with the previous week. The Refinance Index decreased 6 percent from the previous week. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 7 percent higher than the same week one year ago.
The refinance share of mortgage activity decreased to 43.2 percent of total applications from 43.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.7 percent of total applications.
The FHA share of total applications decreased to 10.5 percent from 10.8 percent the week prior. The VA share of total applications increased to 10.8 percent from 10.5 percent the week prior. The USDA share of total applications remained unchanged at 0.8 percent from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.17 percent, with points decreasing to 0.32 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) remained unchanged at 4.11 percent, with points decreasing to 0.30 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate remained unchanged from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.03 percent from 4.07 percent, with points decreasing to 0.32 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.42 percent from 3.45 percent, with points increasing to 0.39 from 0.38 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 3.22 percent from 3.27 percent, with points decreasing to 0.33 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.