What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

MortgageReal Estate

What Spring home-buying season? Appraisal volume drops

What's going on?

Appraisal volume continues to struggle to lift-off this spring. With more than half the season already over, volume fell -0.4% for the week of May 1, according to the latest appraisal volume numbers from a la mode, an appraisal forms software company that provides its findings exclusively to HousingWire.

This is down from the 1% rise in last week’s report despite it being peak home-buying season.

Click chart to enlarge

appraisal

(Source: a la mode)

“This year the Index has a very modest upward trend. This week’s negative growth rate is one of the few we’ve seen this year and the first since the end of March,” said Kevin Golden, director of analytics with a la mode.  

“Overall this spring buying season has been tepid at best. Tight credit, stalled wages and rising prices have countered the good employment data and low rates,” he continued.

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. 

The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 29 posted similar news, reiterating the difficulties of this spring-buying season. Mortgage applications dropped, falling 3.4% from one week earlier. This came after previous week’s decline of 4.1%.

[Update 1: Headline modified to better reflect appraisal volumes in total]

Most Popular Articles

FHFA extends forbearance period to 18 months

In an effort to protect homeowners, the FHFA extended forbearance coverage to 18 months and pushed the eviction and foreclosure moratorium to June 30.

Feb 25, 2021 By

Latest Articles

How lenders can prepare for growing fraud threats

HousingWire recently spoke with Jeffrey Morelli, general manager at Truework, about what lenders can do to prepare for and overcome the growing threat of fraud and data inaccuracy.

Feb 26, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please