What happened to all the work? No orders, no refi, no foreclosures, no purchases,

[Elliott]

As a group of professionals whose daily responsibility is to research and analyze relevant data and trends, it should not be particularly difficult for appraisers to opine an accurate long term forecast for independent appraisers given the current attitudes and goals of government oversight.

 

[jay trotta]

Perhaps, the public has become older & slightly smarter........internet will give Free valuations, even tho they claim they are Not appraisals, they provide a valuation.
Boomers are getting older, wiser, and don't need to refi - what's the %
Youngers can't afford 6-8% Mortgages, food and cars that are 7-9% financed

IMO- that takes out about half the country (50% unqualified) and with every day costs going up continually, everyone may be watching their funds a lot closer.

 

[LesPaul59]

Here is what always seems to work for me: Start a home renovation project which will require you to be home to meet contractors, start looking up cabins at the beach or mountains for a spring break getaway, or set up your neglected doctor and dentist appointments.

This is like checking your phone at a red light. Never fails to make the light turn green.

 

[Zoe]

There is an oversupply of appraisers. You be the dog. Understand?

 

[Surf Cat]

Perhaps, the public has become older & slightly smarter........internet will give Free valuations, even tho they claim they are Not appraisals, they provide a valuation.
Boomers are getting older, wiser, and don't need to refi - what's the %
Youngers can't afford 6-8% Mortgages, food and cars that are 7-9% financed

IMO- that takes out about half the country (50% unqualified) and with every day costs going up continually, everyone may be watching their funds a lot closer.

The DNC is not going to want to lose to the orange, indicted one. You watch....as it gets closer to election time, the Fed will lower the rate. There will be this new fangled, low money down, first time home buyer, program out tailored just for Millennials & Gen Z that the media will be lapping up and throwing out into the airwaves and social media.

To top it off....some sort of "border deal" will be implemented....

So my prediction...it'll be the busiest it's been in a long time towards the end of 2024.

 

[ucbruin]

@Surf Cat

Are you suggesting that I renew my license for another cycle....

 

[Terrel L. Shields]

Are you suggesting that I renew my license for another cycle....

Nope. Hunker in your bunker and don't use your thunker.

 

[Mark K]

They'll find ways to keep loaning money. For example...

Just closed on my Mom's house in FL, she passed last Oct. The borrower got a second mtg. from American Financial Network for $9,300 plus $1,300 underwriting for down payment assistance. This is FHA loan. They also paid $4,500 broker fee to the Florida Mtg. Lab, LLC and a $4,475 Mtg. Insurance Fee to HUD, plus a lot of other nickel and dime fees for a few thousand more. $265K sale, $260K loan and the borrowers had a total of $2,700 out of pocket to buy the house. Including the second mtg. they owe about $270K on a house that's dropping in value monthly according to what I've seen in that area. My guess is that it will be a repo in 2-3 years; they're already upside down. All this in addition to us (the sellers) paying $10,600 in concessions for closing costs, etc.

BTW, we had to get two FHA appraisals because the stupid underwriters claimed it was a flip, in spite of her QC deed to kids prior to death, death certificate, will, etc. Less than 6 months, need two appraisals according to them.

 

[Tiffany Gibbons]

They'll find ways to keep loaning money. For example...

Just closed on my Mom's house in FL, she passed last Oct. The borrower got a second mtg. from American Financial Network for $9,300 plus $1,300 underwriting for down payment assistance. This is FHA loan. They also paid $4,500 broker fee to the Florida Mtg. Lab, LLC and a $4,475 Mtg. Insurance Fee to HUD, plus a lot of other nickel and dime fees for a few thousand more. $265K sale, $260K loan and the borrowers had a total of $2,700 out of pocket to buy the house. Including the second mtg. they owe about $270K on a house that's dropping in value monthly according to what I've seen in that area. My guess is that it will be a repo in 2-3 years; they're already upside down. All this in addition to us (the sellers) paying $10,600 in concessions for closing costs, etc.

BTW, we had to get two FHA appraisals because the stupid underwriters claimed it was a flip, in spite of her QC deed to kids prior to death, death certificate, will, etc. Less than 6 months, need two appraisals according to them.

Real similar stuff to what was going on in the run up to 2008 with all the second mortgages, down-payment assistance, etc.

 

[gregb]

Majority of high end residential purchases are all cash here. After the close, many apply for a loan, presumably to put the cash to a better use.