3D Map Shows America’s Most Expensive Housing Markets
Why are barns painted red and the White House white?
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What will you do when business really slows down? Start looking for non-lender work when everyone else does?
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This graph has been in every issue of the paid Appraisal Today since 1992. I use the data from the MBA below. Business has been slowing down since the peak in 9/16.
The Market Composite Index, a measure of mortgage loan application volume, increased 3.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 16 percent compared with the previous week. The Refinance Index increased 5 percent from the previous week to the highest level since December 2016. The seasonally adjusted Purchase Index increased 2 percent from one week earlier. The unadjusted Purchase Index increased 15 percent compared with the previous week and was 4 percent higher than the same week one year ago.
The refinance share of mortgage activity increased to 45.4 percent of total applications from 45.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.7 percent of total applications to the highest level since October 2014. The average loan size for purchase applications reached a survey high at $313,300.
The FHA share of total applications decreased to 11.8 percent from 12.3 percent the week prior. The VA share of total applications decreased to 11.6 percent from 11.7 percent the week prior. The USDA share of total applications remained unchanged at 0.9 percent from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.36 percent from 4.30 percent, with points increasing to 0.44 from 0.38 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.27 percent from 4.23 percent, with points increasing to 0.26 from 0.25 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.18 percent from 4.07 percent, with points decreasing to 0.32 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.57 percent from 3.51 percent, with points remaining unchanged at 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.48 percent from 3.35 percent, with points decreasing to 0.20 from 0.29 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
With Trump changes in the news, guess I need to put something in this email newsletter ;>
Land Surveys in 1784 – Alexander Hamilton vs. Thomas Jefferson
11 Secret Spaces Hiding in Famous Places
Bob Hope’s UFO Home Sells for $13 Million
Excerpt: At long last, Bob Hope’s UFO house has sold for $13 million, after first being listed in early 2013 with a price tag of $50 million. Having gone through a couple of price cuts over the last three years, the most recent cut lowered the ask to $25 million. But with no comps available, how does one actually price a concrete space ship? Seems that when $25 million was thrown at the wall, $13 million stuck.
My comment: Tough appraisal including measuring and the listing history ;>
My comment: Wow!! I had no ideas these cities had high winds, especially those not in hurricane areas.
Popular (and sometimes strange) real estate listings
Take a break and check out these listings!!
The 4 Most Interesting Home Listings of 2016 – Fun Video
Video is 2 minutes and 40 seconds long and very entertaining!!
Can’t describe it. You just gotta see it!!
2016’s top 10 most popular (and sometime strange) homes for sale
Here are 3 of them
No. 1 is the country’s biggest fixer-upper – over 60,000 sq.ft. in Texas. Price: Listed for $3.6 million
5. The cave dwelling, Undisclosed address, Festus, Missouri. Price: Listed for $314,900
10. The ‘Amityville Horror’ house, 108 Ocean Ave, Amityville, New York. Price: Listed for $850,000, entered into contract in November
Beautiful airports and Victorians under $200,000
Unique and Beautiful Airports Around the World
Architecture that redefines what it means to travel in style.
All I can say is WoW!! Take a break for a few minutes and look at these photos…
Affordable homes from all over the country (Hint: No fixers)
Just scroll down the pages.
7 Victorians under $200,000 (No tiny homes)
8 homes under $100,000 (Hint: no fixers)
My comment: Wow!! Those Victorians in my city would be way over $1,000,000 on lots under 5,000 sq.ft. !!!
Sadly, The Appraisal Institute is now working against its local chapters by Jonathan Miller, posted 12/9/16
Read more!! →
Beautiful and unusual places
What are the most popular links in these newsletters? Weird properties, very expensive homes, etc. Plus Appraiser goes to jail (not many of these today), Freddie and Fannie no-appraisal loans. LIA’s Claudia Says ads are also very popular. Sorry, USPAP, ASB, AQB, ASC etc. are not very popular but I put them in just to let you know what is happening, even if you don’t care much ;> Here are two:
10 of the Most Beautiful Libraries on Earth
Take a break and a look at these beautiful and unusual libraries!!
From all over the world, including the Chicago Public Library
Chicago Public Library, by SOM
Chicago’s new Chinatown library branch has no sharp edges. The pebble-shaped building is wrapped in glass and marked by solar-shading fins that are meant to reduce heat and glare. The library’s curvy, three-sided shape is built around feng shui principles and designed to align with the avenues outside the building. Inside, the two-story structure is centered around a light-filled atrium.
No links for more info, but you can google the names.
Carmel, Indiana, America’s King of Roundabouts
9 Amazing Things Disguised as Boring Things
Look twice-these seemingly mundane objects are hiding something.
Narnia hid behind a wardrobe. Doctor Who’s Tardis was disguised as a blue police call box. With no signage and no flags, these out of the ordinary things are hidden away disguised as something utterly banal. In some cases, these things are camouflaged on accident; in others, they are secreted away so that only those in the know can find them.
Either way, the world is full of seemingly mundane places that are more than meets the eye. It reminds us to stay curious-one has to always be on the lookout for wonder. Here are nine places in the Atlas that may seem boring at first glance but are actually amazing once you take a closer look.
Here are a few:
1. Brooklyn Townhouse Secret Subway Exit
3. Mystery Soda Machine – insert 75 cents and see what you get
4. The Lonely Parking Meter
The only parking meter in Winters, CA
My comment: Just For Fun!! We all work in the field and discover strange things. This article will make me look closer at what I see ;>
Disciplinary Process-How It Works, Your Rights & Likely Outcomes
by Robert Weinstock, JD, MBA, CBA, CVA
While the number of licensed real estate appraisers nationwide has decreased, the number of complaints filed against appraisers has increased. For example, in my home state of California, complaints against appraisers have increased by 40% even though the number of appraisers has declined, according to the California Bureau of Real Estate Appraisers (BREA)….
The following is an actual 2015 disciplinary action against an appraiser in which the appraiser lost his license and was required to reimburse the state for its investigation and prosecution costs in the amount of $125,828. In addition, if the applicant should care to reapply for a new license, he shall be required to pay an additional $115,828.