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Tag Archives: Appraisals

HomeVestors: Market Constraints Keep Housing from Another Bubble

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.

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Case-Shiller Indices Show Midwest Price Weakness

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.

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Industry Poll Finds Appraisers More Optimistic on State of Housing

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.

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NAR: Prices Up, Existing-Home Sales Down in March

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.

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United States Appraisals Joins Collateral Risk Network

United States Appraisals, a national appraisal management company (AMC) based in Leawood, Kansas, announced it has joined the Collateral Risk Network (CRN). Composed of chief appraisers, collateral risk managers, regulators, and valuation experts, CRN focuses on resolving risk and compliance challenges facing the collateral risk profession.

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Case-Shiller Indices Post Strongest Gain Since 2006

Home prices posted their strongest year-year gain in almost seven years in January according to the Case-Shiller 10- and 20-city Home Price Indexes released Tuesday. Home prices rose year-year in all 20 of the cities in the Case-Shiller survey. Month-over-month, the 10-city index improved 0.2 percent in January, while the 20-city index was up 0.1 percent. Year-over-year, the 10-city index was up 7.3 percent, and the 20-city index rose 8.1 percent. Prices rose in nine cities in January over December while falling in eight.

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Existing-Home Sales Up in February; Inventory Rises from Prior Month

Existing-home sales rose 0.8 percent in February to a seasonally adjusted annual rate of 4.98 million, the National Association of Realtors reported Thursday. Economists had expected the sales pace to climb to 5.01 million from January's originally reported 4.92 million. January sales were revised up to 4.94 million. The inventory of homes for sale rose for the first time since last July, up 9.6 percent to 1,940,000. At the reported sales pace, that represents a 4.7-month supply of homes for sale, up from the 4.3-month supply reported for January.

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Case-Shiller Indices Show Fastest Gain in 6 Years

Home prices rose at their fastest pace since July 2006, according to the Case Shiller 10- and 20-city Home Price Indices, Standard & Poor's reported Tuesday. At the same the Case Shiller national index, reported quarterly, registered its strongest gain since Q2 2006. The 10- and 20-city indices each rose 0.2 percent in December, reversing declines in November. Year-over-year, the 10-city index was up 5.9 percent, and the 20-city index rose 6.8 percent. The national index was up 7.3 percent year-over-year.

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NAHB Stresses Need for Appraisal Reform

As regulatory institutions begin to provide some clarity to the mortgage market, the National Association of Home Builders insists the market still lacks confidence and is badly in need of a sound and functional appraisal system. ""At the center of this ongoing crisis in confidence is an appraisal system that remains dysfunctional and is a major impediment to reestablishing a vibrant and stable housing finance framework,"" NAHB stated in a white paper released last week, titled A Comprehensive Blueprint for Residential Appraisal Reform.

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