Housing Market in Trouble, Home Addition Calculator, and Other Appraisal News

Housing Market in Trouble, Home Addition Calculator, and Other Appraisal NewsThe US housing market may be in trouble. One author argues FHA mortgage insurance premium pricing is not likely to drop, despite what others have predicted. Marcus by Goldman Sachs® and HouseCanary roll out a home addition calculator for homeowners considering renovations. Freddie Mac officially eliminates the 1004MC requirement. Read on for the latest in appraisal industry news.

3 reasons to worry about the housing market

This CBS article published Monday outlines three factors that are worrisome for the future of the US housing market: 1) affordability, 2) sales activity, and 3) demographics. With rising mortgage rates and high home prices, faltering sales activity, and poor homeownership rates among Millennials, you have to wonder: Is another housing bubble on the horizon?

New HouseCanary-backed home addition calculator

Marcus by Goldman Sachs® and analytics firm HouseCanary recently rolled out the Home Addition Calculator, which makes it easier for homeowners to predict the impact home additions may have on their home’s value before they commit to renovations. It helps answer common questions like, “Is adding a bedroom worth it?” and “Is this home improvement project a smart financial move?” Click here to learn more about this new technology and how it works.

Do you fear the growing sophistication of appraisal-related technology? Or do you believe technology is good for appraisers? Here’s some food for thought.

FHA likely to retain current MIP pricing

Some in the mortgage industry have been hoping for a reduction in FHA mortgage insurance premium pricing. However, TMS VP Nate Shultz argues that this is unlikely. “Two of the primary drivers that will likely force FHA to retain current MIP pricing levels are: 1) deteriorating credit quality in FHA forward mortgage originations, and 2) the ongoing impact of legacy Home Equity Conversion Mortgage loans,” says Shultz. Read the full article.

Freddie Mac officially drops 1004MC requirement

Have you heard? On August 29, Freddie Mac officially confirmed what almost everyone had already suspected—they are following Fannie Mae’s lead in eliminating the requirement for appraisers to include the 1004MC (Freddie Mac Form 71) as an attachment to appraisal reports. Here’s what you need to know.

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