The U.S. housing market value rose to a whopping total of $33.3 trillion in 2018. Software company CoreLogic will sharpen its focus on appraisals beginning this year. A recent survey shows that Gen-Xers and older Millennials would rather invest in stocks vs. real estate. Mortgage lending expert Wes Costello shares his outlook for 2019. Keep reading for the latest in appraisal industry news.
Housing market value climbs to $33.3 trillion in 2018
The value of the U.S. housing market increased $1.9 trillion in 2018, resulting in a total value of $33.3 trillion. Several states have experienced significant gains since the housing market crashed in 2012, with California in the lead. Notably, one-third of the nation’s housing market value can be attributed to the Golden State. Read more here.
CoreLogic shifts focus to appraisals, moves away from loan origination software
As part of its efforts to “accelerate” the “transformation” of AMC operations, CoreLogic will be shifting its focus to appraisals over the next two years. Meanwhile, they’ll be moving away from other “non-core” areas of the company, such as loan origination software platforms. Get more details here.
Do you fear the growing sophistication of appraisal-related technology? Or do you think technology is good for appraisers? Food for thought.
Gen-Xers and older Millennials believe stocks are a better investment than real estate
According to a recent Redfin survey, only 48% of homebuyers and sellers age 35-44 think that real estate is a better investment than the stock market. They are the only age group that reported less confidence in real estate vs. stocks. This may be because the Gen-Xers and older Millennials were hit hardest by the housing market crash right as they reached the prime age for buying their first homes.
Mortgage lending expert shares predictions for 2019
In this Appraisal Buzz interview, Wes Costello, Senior Vice President of Quality Management and Collateral Risk with Annie Mac, provides a peek into the crystal ball for 2019. He discusses mortgage lenders’ chief focus for 2019, and how it will affect appraisers.
ICYMI: Fannie Mae issues guidance for rural appraisers
ICYMI (in case you missed it): Last month, Fannie Mae issued a special edition of its Appraiser Update e-newsletter on the topic of rural appraisal. The publication provides a summary of recent changes to Fannie Mae’s policies, information about Fannie’s MH AdvantageTM program, and guidance on several issues that affect rural appraisers. Get the highlights here. Or, read the full newsletter.