Appraisal volume rose again, increasing 3.8% for the week of March 6, according to the latest report from a la mode, an appraisal forms software company that tracks appraisal volume throughout the country.
This is up from last week’s 2.8%, pushing the four-week average up to 3.8%.
Click chart to enlarge
(Source: a la mode)
Kevin Golden, director of analytics with a la mode, commented on the report saying, “A modest start to the spring buying season has kept the growth positive while refinances have slowed down.”
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 is determined 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.