Appraisal volume grew 5% for the week of Jan. 10, 2016, following a strong surge the week prior, according to the latest report from a la mode, an appraisal forms software company that tracks appraisal volume throughout the country.
Last week’s appraisal volume started the year off on a high note, jumping 35% for the week of Jan. 3.
Click to enlarge
(Source: a la mode)
“The solid rise in volume and stable interest rates bode well for the housing markets as we continue into the nascent year. Fears of rising rates and the woes of TRID have all but disappeared,” said Kevin Golden, director of analytics with a la mode.
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.