Appraisal volume jumped back up, increasing 8.3% for the week of Jan. 24, a la mode, an appraisal forms software company that tracks appraisal volume throughout the country, showed.
According to the last report for the week of Jan. 17, appraisal volume dropped 4.1%, erasing most all of the previous week’s rise.
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(Source: a la mode)
“Aside from the little blip from the holiday last week, the appraisal volume seems to be recovering nicely from the seasonal lull. With stable rates and good employment numbers, things are good for a stable housing market to continue,” said Kevin Golden, director of analytics with a la mode.
According to the latest market report from Freddie Mac, mortgage rates moved lower, marking the fourth consecutive week that mortgage rates moved lower.
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.