And another GSE Correspondence hot off the presses

[Fernando]

Similarly, 3.6 clarifies that C2 means the property is new construction or remodeled “to the studs” within 36 months with no deferred maintenance nor repairs needed.

Appraisers are not home inspectors to know deferred maintenance.
I once saw a rarely occupied 3 year old home and there was an inspection report noting thousands of dollars of "depreciation" cost.

 

[Fernando]

Interestingly, it shows some regions of the country have recently experienced home price declines. For example, it found for the one month period from Jul. to Aug. 2025, prices declined 0.8% in the Pacific region.
In order to protect the public trust and achieve credibility, you must analyze for changing market conditions and make time adjustments if warranted by your analysis.

Seriously, a 0.8% decrease is warranted a price decline?
Even the FED says they look at more data to make conclusions in adjusting interest rate.

 

[Non Sequitur]

Wonder if HPI is as juiced as CPI? Either way, don't forget your GSE market conditions adjustments:

Today’s Doctored CPI Inflation Release is like a Bad Joke, but Very Serious (though it Suits the Administration’s Narrative) | Wolf Street

 

[Sadie]

Interestingly, it shows some regions of the country have recently experienced home price declines. For example, it found for the one month period from Jul. to Aug. 2025, prices declined 0.8% in the Pacific region.
In order to protect the public trust and achieve credibility, you must analyze for changing market conditions and make time adjustments if warranted by your analysis.

Seriously, a 0.8% decrease is warranted a price decline?
Even the FED says they look at more data to make conclusions in adjusting interest rate.

0.8% is in the stable range for me.