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Arizona Gov. Doug Ducey on March 12 signed into law SB 1480, legislation that eliminates the Arizona Board of Appraisal effective July 1. The ABOA’s administrative functions will be reassigned to the Department of Financial Institutions. Arizona joins a handful of states that don’t have an appraiser [...]
Appraisers’ opinions of home values dropped below homeowner estimates in February, the first time in 18 months that appraised value was not higher than homeowner opinion, according to the Home Price Perception Index released March 10 by mortgage lender Quicken Loans.
Cleveland Federal Reserve President Loretta Meister told an association of business economists on March 9 that improved economic conditions indicate that the Fed should increase rates “soon,” Reuters reported. Mester said that while inflation remains weak, she is “reasonably confident” that prices w [...]
Freddie Mac is seeking punitive damages in a $1.3 billion lawsuit filed against accounting firm Deloitte, alleging the firm showed “gross negligence” with regard to mortgage loans it audited and that eventually were sold to the government-sponsored enterprise, DS News reported March 10.
The Consumer Financial Protection Bureau on March 11 released its supervision report highlighting legal violations it uncovered, including mortgage origination and fair lending violations such as weak compliance management systems and failure to provide required disclosures. The examinations led to [...]
The Federal Housing Finance Agency’s Office of the Inspector General reported March 11 that Fannie Mae failed to properly oversee the appointment of its chief audit executive in 2013, HousingWire reported. The CAE directs Fannie’s internal audit department, which provides independent, objective assu [...]
The spring homebuying season is off to a strong start, leading experts to believe this year will see the strongest home sales and construction since 2007, Freddie Mac reported March 11 in its U.S. Economic and Housing Market Outlook. Helping the market are strong employment figures and rising rents [...]
Analytics firm CoreLogic reported March 10 that foreclosure inventory in January was 33.2 percent lower than in January 2014, and the month was the 37th consecutive one with drops in foreclosures on a month-by-month basis.
Average fixed mortgage rates during the past week moved higher based on a strong jobs report, bringing mortgage rates back to where they were at the start of the year, Freddie Mac reported March 12 in its weekly Primary Mortgage Market Survey.
Cap rates are expected to stay low this year because of overcapacity in the economy and an absence of inflationary pressures, according to private equity firm Everest High Income Property, Globest.com reported March 6. More investment, more leasing and more space sales are anticipated throughout the [...]
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