For the third consecutive week, appraisal volume increased– 4.2% for the week of Feb. 7 – according to the most recent report from a la mode, an appraisal forms software company that tracks appraisal volume throughout the country, and reported by Brena Swanson of HousingWire.
Appraisal volume jumped 4% for the week of Jan. 31 and 8.3% for the week of Jan. 24. “The National Appraisal Volume continued its positive growth with a 4.2% increase over last week. The soft interest rates and stable employment market has encouraged the strengthening housing market,” said Kevin Golden, director of analytics with a la mode.
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 determined and there are few multiple-orders.