Valuations

AMCs respond to FHFA report they bring little value to appraisals

Just as likely to make mistakes
When commissioning an appraisal, do AMCs provide a better valuation to mortgage lenders? The FHFA says no and AMCs are not happy: "Our review of the research has uncovered real concerns about the methodology, measures of quality, errors and the insertion of staff opinion that seems to indicate bias."
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CoreLogic: Home prices increase for seventh consecutive month

Western states see increases in the double digits
Home prices continue to surge, rising for their seventh consecutive month in February. And growth in the Western states was even higher, breaking double-digit increases in home prices. However, CoreLogic’s latest report shows these surges in home prices will soon see a slowdown.
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Black Knight: Tappable equity hits all-time high

Now 10% above previous 2005 peak
Tappable equity surged to its highest dollar amount on record, far surpassing its previous 2005 peak. Black Knight explained as home prices continued their upward trajectory at the national level, the amount of tappable equity available to homeowners with mortgages continued to rise as well.
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Class Appraisal acquired by Narrow Gauge Capital

Valuations and appraisal management solutions provider acquired by private equity firm
Private equity firm Narrow Gauge Capital announced it has acquired Class Appraisal, a valuations and appraisal management solutions provider. “We have made great progress over the past several years and are excited to work with Narrow Gauge to enhance our market-leading position,” said Jon Tallinger, Class Appraisal's vice president of sales and marketing.
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Experts: Homebuyers should prepare for onslaught of competition this spring season

High home prices here to stay
The latest Case-Shiller report showed home prices are continuing to rise, but now experts say not only are those high prices here to stay, but homebuyers could be pummeled this spring by an increase in competition. Homebuyers will face not only the typical spring competition, but also the pent-up demand from would-be buyers who have been looking for, but unable to find, a home the past several months.
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LendingLife reader: “Only a handful of AMCs will remain in a few years”

Industry left scrambling for solutions?
Last week readers of LendingLife got a first look at the Veros, Valligent partnership promising to cut mortgage lending cost. In that article, it's written that a big part of that cost savings would be taking the legwork out of valuations. More importantly, the news set off some responses from LendingLife readers, not just on the partnership, but on the state of the valuations industry as a whole.
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Home sales continue to soar in Bay Area

Sales over $1 million reach record high
The Bay Area continues to see homes fly off the market even amid rapidly rising home prices. Not only does the median home price continue to increase, but the number of homes that sold for $1 million or more this February rose about 33% year over year, to a record high level.
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