Appraisal volume reversed course and increased for the week of Nov. 15, rising 1.9%, the latest data from a la mode, inc., an appraisal forms software company that tracks appraisal volume throughout the country, said.
A week ago, appraisal volume dropped 0.3% in light of the start of the holiday season.
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(Source: a la mode)
“The National Appraisal Volume Index rose 1.9% — the first uptick in three weeks. The rise is mainly due to last week’s Veterans’ Day holiday. Stable interest rates and rumors that the Fed won’t raise rates next month produced the modest improvement despite the extra day,” said Kevin Golden, director of analytics.
Appraisal volume is an indicator of market strength and has some advantages over mortgage applications. Fallout is less for appraisals since they are ordered later in the mortgage process after credit worthiness has been approved and there are few multiple-orders.
a la mode captures 50% of the appraiser market – more than 6 million appraisals per year since the fourth quarter of 2006.