Norris Bruce
Aug 28, 2017

Does the Appraisal Industry Need to Adapt?

Today’s News Synopsis:

HUD announces assistance for Hurricane Harvey victims.  Appraisers respond to Fannie and Freddie “appraisal free mortgage product.”  A recent survey from the National Association of Realtors found that 62% of sellers’ agents believe staging a home helps it stay less time on the market as well as increases the selling price.

In The News:

HUD – “HUD Announces Disaster Assistance For Victims of Hurricane Harvey” (8-28-2017)

“U.S. Housing and Urban Development Secretary Ben Carson today announced HUD will speed federal disaster assistance to the State of Texas and provide support to homeowners and low-income renters forced from their homes due to Hurricane Harvey.”

Realtor.com – “Tapping Your Home Equity for Cash Is Big Again” (8-28-2017)

“Rising home prices are getting borrowers comfortable again with the idea of tapping their homes for cash.”

Redfin – “The Wage Gap is Following Women Into Homeownership” (8-28-2017)

“Single women build less home equity overtime than single men, according to a new Redfin analysis of 79,517 homes in purchased in 18 of the largest metros by single women in 2012.”

Fannie Mae – “Fannie Mae Reminds Homeowners and Servicers of Mortgage Assistance Options for Gulf Coast Area Impacted by Hurrican Harvey” (8-28-2017)

“Fannie Mae (FNMA/OTC) is reminding those in the Gulf Coast area impacted by Hurricane Harvey of the options available for mortgage assistance.”

CoreLogic – “Media Advisory: CoreLogic Analysis Shows More Than 50 Percent of Properties in Houston at High and Moderate Risk of Flood Are Not in Designated Flood Zones” (8-28-2017)

“CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, has conducted an analysis for the flooding occurring as a result of Hurricane Harvey.”

National Association of Realtors – “Staging: More Money, Fewer Days on Market, Report Shows” (8-28-2017)

“To many real estate pros, home staging has gone from a luxury to a necessity. The National Association of REALTORS® found in a recent survey that sixty-two percent of sellers’ agents believe staging a home decreases the amount of time a home spends on the market, and a third say it increases the selling price.”

HousingWire – “Appraisers raise concerns over Fannie, Freddie automated appraisals” (8-28-2017)

“Last week, both GSEs announced their new appraisal-free product for purchase mortgages, and appraisers are already raising concerns over this new step.”

Inman – “Judge drops case against Zillow Zestimates” (8-28-2017)

“Zillow Group has emerged unscathed from a legal attack on the Zestimate. On Wednesday a judge threw out the lawsuit alleging that Zestimates constitute illegal appraisals and violate consumer protection laws, granting Zillow Group’s motion to dismiss.”

 

Bruce Norris will be presenting his latest talk 10 Life-Changing Days of a Real Estate Investor with SJREI on Thursday, September 14.

Bruce Norris will be presenting Cashing In On A Boom up in San Jose on Saturday, September 16.

The Norris Group presents its tenth annual award-winning black tie-event I Survived Real Estate 2017 on Friday, September 22.

 

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

 

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