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November 2018

Federal Agencies Release FAQs Clarifying Appraisal, Evaluation Rules

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation on Oct. 16 published answers to frequently asked questions about appraisals and evaluations for real estate transactions that are covered by the interagency appraisal rules.

November 2018

FHA to Require Second Appraisal for Some Reverse Mortgage Applications

The Federal Housing Administration on Sept. 28 said it will require lenders that originate new Home Equity Conversion Mortgages, known as reverse mortgages, to provide a second property appraisal under certain circumstances. The requirement takes effect Oct. 1 and ends Sept. 30, 2019, unless extended.

November 2018

Appraisal Issues Found on 37 Percent of Reverse Mortgage Loans: FHA

The Federal Housing Administration announced Oct. 1 that its investigation into potential appraisal inflation on reverse mortgage loans found that 37 percent were off by at least 3 percent, HousingWire reported.

November 2018

A Recession is Possible, but Experts Say Housing Won't Be the Cause This Time

While the stock market remains volatile and another recession is possible, experts say that real estate likely won't be the cause this time around, MarketWatch reported Oct. 10. Home prices have seen large gains in the last year, more renters are becoming buyers and builder confidence continues to increase.

November 2018

FHA Cites Appraisal Concerns Because of 'Technological Shortcomings'

"Technological shortcomings" are preventing the Federal Housing Administration from checking for mortgage defects on a number of loans, potentially leading to a rise in appraisal-related issues, the FHA commissioner told Mortgage Bankers Association conference attendees Oct. 15, HousingWire reported. The FHA previously identified "appraisal bias" issues with reverse mortgages.

November 2018

Home Affordability Lowest Since 2008 as Mortgage Rates Rise: Report

Home affordability hit a 10-year low in the third quarter, as high mortgage rates have pushed home prices higher, analytics firm ATTOM Data Solutions reported Oct. 4. Nearly one-third of Americans now live in counties that require at least $100,000 in annual income to purchase a home.

November 2018

Kentwood, Michigan, Tops List of Housing's Hot Zip Codes: Realtor.com

The housing market in Kentwood, Michigan, is the hottest in the country, according to a report released Sept. 26 by Realtor.com that analyzed home search data and records on how quickly homes sell. Colorado Springs, Colorado, and Watauga, Texas, rounded out the top three.

November 2018

Annual Home Sales to Decrease, Home Prices to Increase: Freddie Mac

Total home sales for the year are expected to be slightly lower than 2017 as the spring and summer homebuying season was slower than expected — despite a robust economy, Freddie Mac reported Sept. 24. Total home sales are forecast to decrease 0.9 percent while home prices are expected to grow 5.5 percent.

November 2018

Home Prices, Sales and Inventory Stable Despite Tax Law, CoreLogic Says

The Tax Cuts and Jobs Act that took effect Jan. 1 has not caused a drop in U.S. home prices, sales or inventory, including in high-cost markets, which had some analysts worried, CoreLogic reported Oct. 15. While the tax cuts are expected to increase demand for housing, fewer homeowners will benefit from property tax deductions.

November 2018

Existing Homes Sales Past Peak, Affordability Falls: Bank of America

Sales of existing homes peaked last year and are no longer a positive force on the economy amid continued affordability challenges, according to Bank of America Merrill Lynch economists, HousingWire reported Oct. 1.