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first_img Tagged with: Appraisals Appraisers Homeowners Homes mortgage Quicken Loans Refinance in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago An increasing number of homeowners and appraisers are finding themselves agreeing on the value of a home, according to Quicken Loans’ latest Home Price Perception Index (HPPI), which found that home value perceptions remained stable in September.The monthly study, which looks at the difference between appraisers’ and homeowners’ opinions of home values and compares the estimate that the homeowner supplies on a refinance mortgage application to the appraisal that is performed later in the mortgage process found that appraised values were 0.29 percent lower than homeowners’ estimates in September.The HPPI has remained steady since August when appraisals were 0.28 percent lower than homeowner estimates. On a year over year basis, Quicken Loans said that the gap had narrowed considerably. In September 2017, the HPPI had recorded that appraiser values on homes were 1.14 percent lower than what homeowners believed was the correct value. In fact, the study indicated that in September this year, the number of metro areas where appraisals were more likely to be lower than expected has dropped by 40 percent in the last year.“A wide gap between the estimated home value and the appraised value can cause a mortgage to be reworked, or in some cases, scrapped altogether,” said Bill Banfield, EVP of Capital Markets at Quicken Loans. “All the more reason for homeowners to be realistic when their mortgage banker asks them what they think their home is worth when they start the financing process.”However, Quicken Loans’ Home Value Index (HVI), which gauges home value trends based solely on appraisal data from home purchases and mortgage refinances slowed in September on a month-over-month basis. The HVI indicated that the average appraisal value rose 0.35 percent since August, it was less than half of the growth rate recorded at that time.  On an annual basis, the index saw a 5.69 percent jump in September compared with an increase of 5.79 percent in August.Listing the factors that were softening this growth, Banfield said that rapid price increases for more than five years had started to impact affordability as the average wage increases struggled to keep up with the soaring home prices.“While home values are still rising, especially with solid annual jumps, a slowdown in monthly growth is expected to allow the market balance with the more moderate inflation,” Banfield said. Previous: Helping Americans Keep Their Homes Next: LenderLive is Now Covius Holdings Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 11, 2018 1,709 Views  Print This Post Home / Daily Dose / What Is Impacting Appraisal Values? Subscribe What Is Impacting Appraisal Values? The Best Markets For Residential Property Investors 2 days agocenter_img Appraisals Appraisers Homeowners Homes mortgage Quicken Loans Refinance 2018-10-11 Radhika Ojha About Author: Radhika Ojha The Week Ahead: Nearing the Forbearance Exit 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Related Articles Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img read more

first_imgDear Friends,The N.J. Department of Health issued guidance this week for trick-or-treating, and Ocean City is planning for a safe and healthy holiday. Trick-or-treating hours will be 4 p.m. to 7 p.m. Saturday, Oct. 31.Our Community Services Department is working to make free door hangers available to identify homes that will put out treats. This system will make it easier for trick-or-treaters to find participating homes, and it will limit interactions with homes not participating.Please visit www.ocnj.us/halloween for further details and recommendations on protecting the health of everybody who will participate this year.Representatives of Ørsted will host three virtual open houses this month to update anybody interested in learning more about a New Jersey offshore wind energy project that is currently in the planning stages. The videoconferences will be held 1 p.m. Oct. 21, 6 p.m. Oct. 22, and 10 a.m. Oct. 24. All are invited to attend the free sessions by registering in advance at www.OceanWind.com.I’m sad to report that Ocean City lost one of its finest public servants this week. Frank McCall, who served as City Council president among many other public offices and positions, passed away at age 73. Frank was a true gentleman. He cared for Ocean City, and that is reflected in his many contributions to the community.I also want you to join me in mourning the loss of former Ocean City firefighter Anthony Migliaccio. In addition to serving the Fire Department for 25 years, Tony was a local surfer, fisherman, tradesman, birder, biker and jack-of-all-trades, who even worked on amusement rides. He will be missed by many in town.I hope you will join Michele and me in extending our deepest condolences to Frank’s wife, Beverly, to Tony’s wife, Linda, and to all of their many friends and family.The lights on the Route 52 causeway bridges have been pink in recognition of Breast Cancer Awareness Month, but we will temporarily change them to mark National Faith and Blue Weekend from Oct. 9 to Oct. 12. The weekend is an initiative that builds bridges and breaks down biases through activities and outreach among law enforcement professionals and the communities they serve. Local churches and the Ocean City Police Department are taking this opportunity to reaffirm their commitments to our community and its leaders.I want to encourage you all to participate in this weekend’s virtual Fall Block Party. The live event is always a vital part of the season for our local merchants, so I hope you can take the time to shop local and help them out.Links to online sales and specials are available at www.oceancityvacation.com/blog/blockparty , and boardwalk and downtown merchants also will be holding outdoor table sales throughout the entire holiday weekend.Warm regards,Mayor Jay A. Gillian Mayor Jay Gillianlast_img read more