Tag Archives: Appraisals

Home prices posted their strongest monthly gain on record in April, increasing more than 2.5 percent, according to the Case-Shiller Home Price Indices released Tuesday. The monthly 20-city index rose 2.5 percent in April, while the companion 10-city index increased 2.6 percent. Year-over-year, the 20-city index was up 12.1 percent, and the 10-city index was up 11.6 percent, each being the strongest yearly gain since March 2006.

Existing-home sales rose a solid 4.2 percent in May to an annual sales rate of 5.18 million, the highest level since November 2009, the National Association of Realtors reported Thursday. Economists had expected existing-home sales to hit 5.0 million. The median price of an existing home jumped $16,200 (8.4 percent) for the month and was up $27,700 (15.4 percent) from May 2012. The inventory of homes for sale rose to 2.22 million from 2.15 million in April.

Home prices posted their strongest yearly gain in almost seven years in March, with both the 10- and 20-city indices seeing double-digit gains, according to the Case-Shiller Home Price Indices released Tuesday. The national index, reported quarterly, was up 10.2 percent. From February to March, prices increased in 15 of the 20 cities surveyed, falling in two and staying flat in the remaining three. Month-over-month, the 10- and 20-city indices improved 1.4 percent in March, the fastest gain for each index since last July. The national index advanced 1.2 percent for the quarter.

StreetLinks Lender Solutions announced the launch of AppraiserPlus program, which it says will allow appraisers to work more efficiently and receive payments the same day properties are inspected.

Collateral Risk Solutions, Inc. (CRS) has launched a new Appraisal Audit Service (AAS) to help lenders and AMCs adapt to new regulations that require them to perform post-closing appraisal audits.

The Appraisal Institute joined other organizations for a two-day meeting earlier this month to form a coalition in an effort to develop and embed a single standard for the way properties are measured worldwide.

While reluctance from lenders, sellers, and appraisers has become something of a drag on sales and price improvements, David Hicks, co-president of HomeVestors, asserts the market's slow growth has kept the country away from another housing bubble. Also worth noting is the current shortage of inventory, which has boosted price points and helped to drive off the sort of speculative buying behavior that could generate a bubble. Even so, low appraisals, tough financing criteria, and buyer and seller reluctance have provided a balancing weight.

Despite weakness in the Midwest, home prices posted their strongest year-over-year gain in almost seven years in February, according to the Case-Shiller 10- and 20-city Home Price Indices released Tuesday. Home prices rose year-over-year in all 20 of the cities in the Case-Shiller survey. Month-over-month, the 10-city index improved 0.4 percent in February, while the 20-city index was up 0.3 percent. On a yearly basis, the 10-city index was up 8.6 percent, and the 20-city index rose 9.3 percent.

Even the usually ""unmoved"" appraiser community is starting to show confidence in today's housing climate, according to the results of a recently conducted industry survey released Wednesday. The data show nearly 55 percent of appraisers polled have ""mildly or moderately strong"" confidence in the housing market, while 25 percent were neutral. Experts say the group is a ""good gauge"" of housing conditions because they tend to be realistic, focused on their local markets, and unswayed by news stories or national numbers.

With a sharp jump in prices, existing-home sales fell 0.6 percent in March--the steepest drop since December--to 4.92 million units, the National Association of Realtors (NAR) reported Monday. Economists had expected a 1.0 percent increase to 5.03 million from February's original report of 4.98 million sales. The median price of an existing single-family home jumped to $184,300, the highest level in seven months. The inventory of homes for sale edged up to 1.93 million units--a 4.7 month supply, both the highest level since November.