This week’s National Appraisal Volume Index posted much of the same, falling 3% for the week of May 22, the latest appraisal volume numbers from a la mode found.
a la mode is an appraisal forms software company that provides its findings exclusively to HousingWire.
This is compared to the previous report only growing 0.2%.
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(Source: a la mode)
Kevin Golden, director of analytics with a la mode, noted that despite the strong purchase numbers, over all mortgage activity seems to be limping along this spring.
Appraisal volume is an indicator of market strength and holds some advantages over mortgage applications.
For example, 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, by the time an appraisal is conducted.
a la mode captures 50% of the appraiser market – more than 6 million appraisals per year.
The latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 20, 2016 posted that applications increased 2.3% from one week earlier.
Oddly enough, the most recent pending home sales increased for the third consecutive month in April, surging to the highest level in over a decade, according to the National Association of Realtors.
