Anecdotally, we're picking up word that it's been a solid spring for home builders in the mid-Atlantic and Southeastern states, but--big picture--the data is showing headwinds in the early-going of selling season.
Here, HousingWire staffer Brena Swanson scrapes a few data chunks from appraisal software provider a la mode (don't ask us), which notes that its National Appraisal Index grew 2.2%, down from a 3.6% growth rate last week. Swanson writes:
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 since the fourth quarter of 2006.