News By Edition

Valuation Review continues its series of discussions with noted appraisal professionals as to what went well in 2022 and what is on the horizon for appraisers as a new year begins.

One company executive said the accelerated adoption of technology and mobile services across the industry has been an encouraging development over the past 12 months.

Read on to learn more.

Valuation Review gets more perspectives from those in the profession with regards to the state of appraisal work heading into 2023.

We caught up with Clear Capital Chief Appraiser John Brenan, who shared his thoughts with us.

Read on for more of what Brenan told us.

Valuation Review continues its series of interviews with veteran appraisers as to their opinions on the overall status of the appraisal profession and where things might go in 2023.

The market and other subject matters will remain topics of conversation over the next 12 months.

Read on to learn more from a chief appraiser.

Valuation Review kicks off 2023 with new and insightful observations from Dustin Harris, “The Appraiser Coach.”

This month, in his blogs “You Go Your Way, and I’ll Go Mine,” and “Preparing for the Unexpected,” Harris shares methods he hopes works well for other appraisers.

Read on for more appraiser tips.

In the valuation profession, Highest and Best Use is sometimes overlooked by appraisers, according to the online educational provider McKissock Learning.

Property, as developed, is considered its Highest and Best Use until the land value is higher without improvements.

Read on for more analysis from McKissock.

Valbridge Property Advisors, an independent commercial property valuation and advisory services firm, announced the consolidation of two major regions. The Los Angeles-Inland Empire practice will join existing offices in Las Vegas and Reno, Nev., unifying the two firms.

Valuation Review spoke with DataMaster Chief Appraiser and Product Development Director Jared Preisler, who outlined some aspects of the profession appraisers will, and should, encounter in the new year.

One area Preisler feels should be emphasized moving forward is more extensive market analysis.

Read on for more o f our conversation with the chief appraiser.

Economics Partners, a Ryan company, increased its level of valuation expertise with its newest addition to the staff. This individual brings more than 40 years’ experience as a principal and director of valuation services.

Mortgage rates will take center stage in 2023, with high rates likely to make it the slowest housing-market year since 2011, according to annual end-of-year predictions from Redfin.

The forecasts for mortgage rates, home sales and home-sale prices account for a range of outcomes for inflation, employment and other macroeconomic factors.

Read on to learn more.

The multifamily market will continue to cool off in 2023, according to the Freddie Mac Multifamily 2023 Outlook, with rent growth moderating, vacancies ticking up and loan originations slowing for the year. Property values are also expected to decline, but gross income growth will remain positive.

REsides, an MLS that introduced an equity-ownership model for its members, recently announced the launch of OneHome by CoreLogic as its new client portal for Matrix. As an all-enabled collaboration platform, OneHome allows agents and homebuyers to work more closely.

Veros Real Estate Solutions recently released new research that showed no evidence of racial bias in its VeroVALUE Automated Valuation Model (AVM).

The in-depth analysis of the AVM was conducted across five housing markets.

Read on for more information from this analysis.

Valuation Review concludes its conversation with Valcre co-founder and Vice President of Client Experience Grant Norling.

More areas of appraising to take shape in the new year were highlighted by the company executive.

Read on for the second and final part to this feature story.

With inflation rising to a point of making it more costly to raise children, the personal-finance website WalletHub recently released its report on 2023’s “Best & Worst States to Raise a Family.” To determine the best states in which to put down family roots, the 50 states were compared across 51 key indicators of family-friendliness.

Fannie Mae announced changes to its automated underwriting system designed to provide new benefits to borrowers with no credit score. These enhancements are meant to help historically underserved borrowers access credit and further support Fannie Mae’s commitment to serving renters and homeowners in an equitable and sustainable way.

Partner Valuation Advisors continues to grow with expansion into Ohio. The company added a senior vice president in a newly opened office in Cincinnati.

The CoreLogic monthly Loan Performance Insights (LPI) report for October found 2.8 percent of mortgages were delinquent by at least 30 days or more, including those in foreclosure.

This represents a 1 percentage point decrease in the overall delinquency rate compared with October 2021.

Read on to learn more from the LPI report.

Global professional services firm Alvarez & Marsal (A&M) recently announced a company expansion.

A&M appointed senior directors in Chicago and New York to the Valuation Services practice.

Read on for more details.

The Federal Housing Administration (FHA) is committed to strengthening safeguards against unlawful discrimination in residential property valuations and is taking actions to enhance information, process, and documentation requirements related to the issue. As part of these actions, the FHA recently posted a draft Mortgagee Letter that proposes policy changes.

Roughly one-third (31.9 percent) of U.S. home purchases were paid for with all cash in October, up from 29.9 percent a year earlier and the highest share since 2014, according to new data from Redfin. The share of home purchases using all cash shot up in the beginning of 2021 after reaching a record low of 20.1 percent in April 2020 and has remained elevated.

According to an economic forecast released by the Mortgage Bankers Association (MBA), total commercial and multifamily borrowing and lending is expected to fall to $700 billion in 2023. This is a 5 percent decline from the $740 billion total expected in 2022.

With a heavy heart, Valuation Review shares the news of the passing of Bill King, chief valuation officer with Bradford Technologies.

We reached out to company CEO Jeff Bradford, and others, who shared their thoughts on this sudden loss.

Read on for the tribute to King.

Prairie Village, Kan., was Zillow’s most popular market of 2022, showcasing rising interest in the Midwest and headlining a dramatic shift from 2021’s predominantly West Coast leaders, according to a Zillow press release.

Grand Rapids, Mich., won out for most popular large city.

Read on for other "hot spots" mentioned in the analysis.

S&P Dow Jones Indices (S&P DJI) recently released the latest results for the S&P CoreLogic Case-Shiller Indices.

Data released for October 2022 shows that home price gains declined across the United States.

Read on for more from this report.

The Federal Housing Finance Agency (FHFA) recently published a final rule making requirements of Fannie Mae and Freddie Mac. Both Fannie and Freddie are to provide advance notice to FHFA of new activities and obtain prior approval before launching new products.

Lawrence Yun, National Association of Realtors (NAR) chief economist and senior vice president of research, forecasts that 4.78 million existing homes will be sold, prices will remain stable, and Atlanta will be the top real estate market to watch in 2023 and beyond. Yun unveiled the association’s forecast recently during NAR’s fourth annual year-end Real Estate Forecast Summit.

The Federal Housing Finance Agency recently published its 2022 third-quarter data for the Uniform Appraisal Data Aggregate Statistics Data File. This is the nation’s first publicly available dataset and tools for aggregated statistics on appraisal records.