Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster. event: All eyes on purchase

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Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

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Freddie Mac: Housing market nearing stability

Value index up 35% from record low

The housing market is teetering on the edge of becoming a stable market again, according to the latest Multi-Indicator Market Index from Freddie Mac.

The national MiMi value increased to 80.3, indicating a housing market that is on its outer stable range, while showing an improvement of 1.33% from May to June and a three-month improvement of 2.26%.

On a year-over-year basis, the national MiMi value has improved 5.41%.

Click to enlarge


(Source: Freddie Mac)

Click to enlarge


(Source: Freddie Mac)

For added perspective, since its all-time low in October 2010, the national MiMi has rebounded 35%. However, it still remains significantly off from its high of 121.7. Furthermore, online listing service Trulia notes longer waiting times for selling, also an indication of a more stabile market.

In the latest Freddie update, two states, Arkansas and Tennessee, and four metro areas, entered the outer range of stable housing activity: Omaha, Nebraska; Scranton, Pennsylvania; Chattanooga, Tennessee and Madison, Wisconsin.

"Housing markets are the strongest they've been in years with the National MiMi above 80 for the first time since 2008. Nationally, all MiMi indicators are heading in the right direction,” said Freddie Mac Deputy Chief Economist Len Kiefer.

“Robust homebuyer demand has put total home sales on pace for the best year since 2007 and look for that trend to continue as the MiMi purchase applications indicator remains on the upswing. The West has been especially strong, with many markets posting double-digit growth in their MiMi purchase applications indicator compared to a year ago," Kiefer added. 

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