Residential real estate prices continue to increase. Government refinance applications fell for the sixth week in a row. HUD answers questions about its new inter-agency appraisal bias task force. JPMorgan Chase has donated $3 million to the Appraiser Diversity Initiative. The self-paced online version of the official 2022-2023 USPAP Update Course is now available, along with the new USPAP Reference Manual. Keep reading for this week’s appraisal news and insights.
Property values continue to rise
DS News reports that the October 2021 Home Data Index Market Report (HDI) by Clear Capital “shows that the average American home increased in value by 5.3% over last quarter.” According to the report, “home prices are now up 19.5% year-over-year on average.”
The largest home price growth was seen in the South (6%), followed by the West (5.8%), the Midwest (4.8%), and the Northest (3.9%). The article cites the pandemic, as well as shortages of lumber, construction materials, and skilled labor as reasons for why residential property values continue to increase. Read more.
Refi app volume slips to 22-month low
This week refinance applications fell to the lowest level since January 2020, according to this story from MReport. “The latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association (MBA) has found that mortgage application volume decreased 3.3% week-over-week.” The refinance share of mortgage activity dropped from 62.2% to 61.9% of total applications.
“‘Government refinance applications fell for the sixth straight week, as it becomes evident that an increasing number of borrowers have already refinanced,’” said Joel Kan, MBA’s Associate VP of Economic and Industry Forecasting. Read more.
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HUD official talks appraisal bias task force
In this interview with HousingWire, Melody Taylor, executive director of HUD’s Property Appraisal and Valuation Equity task force, answers questions “about the progress of the inter-agency task force, and how HUD’s understanding of bias in appraisals is taking shape as they forge a final action plan.” Read the interview.
JPMorgan Chase commits $3 million to appraiser diversity
In related news, HousingWire reported just last week that JPMorgan Chase has “donated $3 million to the Appraiser Diversity Initiative, putting its financial support behind a growing movement to bring more diversity to the residential appraisal field.” Read more.
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The official 2022-2023 USPAP update course is now available online
McKissock Learning has announced the release of the self-paced online version of the 2022-2023 7-hour National USPAP Update Course. This is the 12th year that McKissock has been the exclusive provider of The Appraisal Foundation’s national online USPAP update course.
Included with the course is a new, first-of-its-kind reference manual designed to help appraisers quickly find answers to their USPAP-related questions. Learn more about the new USPAP Reference Manual, provided by The Appraisal Foundation, here.