ru - Residential Update

September 2020

AI Seeks to Work with TAF on Alleged Bias in Valuation

The Appraisal Institute on Aug. 20 sent a letter to The Appraisal Foundation offering its support to reinforce existing requirements to help combat potential bias in the appraisal process, specifically citing a need to make the AQB criteria and USPAP more illustrative on such matters.

September 2020

FHA Unveils Tech Module for Single-family Appraisals

The Federal Housing Administration on Aug. 18 announced the release of its FHA Catalyst: Electronic Appraisal Delivery module, which enables lenders to electronically submit, track and manage single-family property appraisals. FHA-approved lenders began using the module Sept. 4, submitting appraisal reports and updates for FHA Single-Family Title II forward mortgages.

September 2020

Hottest US Housing Market is in Colorado; East Coast Well Represented, Data Shows

Colorado Springs. Colorado, is once again the nation’s hottest ZIP code with regard to home sales, with houses there selling in an average 13 days, Realtor.com reported Aug. 18. However, most of the top 10 hot ZIP codes are on the East Coast, where housing markets recovered quickly and pent up demand drove buyers back to the market.

September 2020

Average Selling Price for Homes Rose 11%; Biggest Increase Since 2014, Redfin Reports

The average selling price for homes rose 11% year-over-year for the week ending July 26, which is the largest increase since 2014, and at $315,000, the average price reached a record high, real estate site Redfin reported Aug. 3. Pending home sales also were up, rising 12% from the same point a year ago.

September 2020

Residential Foreclosures Might Double by Mid-2021: Data

The number of residential foreclosures in the U.S. could surge more than 100% by the second quarter 2021 if unemployment rates worsen, which would prevent more homeowners from paying their mortgages, analytics firm ATTOM Data Solutions reported July 31. Currently, there are about 145,000 homes in foreclosure.

September 2020

Report Reveals More Americans Placing Offers on Homes They Never See in Person

Forty-five percent of recent homebuyers purchased their property without ever seeing it in person — an increase from the 28% who made a sight-unseen purchase last year, real estate site Redfin reported July 30. Buyers are placing offers quickly and remotely because of competitive markets and safety restrictions due to the coronavirus pandemic.

September 2020

Inventory of Homes for Sale Drops While Median Price Rises: Realtor.com Data

The inventory of homes for sale was 32.6% lower in July compared with the same point a year earlier, while inventory of newly listed homes was 13.4% lower during the same time period, Realtor.com reported July 30. Median home prices grew 8.5% year-over-year in July, reaching a new high of $349,000.

September 2020

Homes Moving Fast; 46% Selling Within 2 Weeks: Report

Nearly half of all homes listed during the past month sold within two weeks, and the supply of available properties is down 28% compared to the same point a year ago, real estate site Redfin reported Aug. 11. Pending home sales are up 10% year-over-year, but have plateaued during the last month.

September 2020

Luxury Home Prices on the Rise as Buyers Seek More Space and Amenities: Redfin

The median sale price of luxury homes this summer was $825,000, up 1.2% year-over-year as the coronavirus lockdown has driven interest in extra bedrooms, home offices and swimming pools, real estate site Redfin reported Aug. 19. The site defines luxury homes as those in the top 5% of market value.

September 2020

Realtor.com Report Shows Buyers Out in Full Force, Boosting Housing Market Recovery

A surge in homebuyers is driving the housing market recovery, as purchase decisions are no longer dictated by the school calendar due to the coronavirus, Realtor.com reported Aug. 20. Housing markets in the West led the national recovery, while markets in the Northeast and South remain above recovery pace and the Midwest shows improvement.