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The Georgia Real Estate Appraisers Board on July 17 proposed a rule requiring appraisal management companies to pay appraisers customary and reasonable fees for appraisal services performed for single- to four-family residential dwellings. The Board also released the results of an appraisal fee study.
June was the fifth consecutive month when homeowner and appraiser opinions on home values grew further apart, Quicken Loans reported July 14 in its Home Price Perception Index. The disparity is attributed to the normalization of home prices across the country.
The Federal Reserve Beige Book released July 15 showed positive activity in both residential and commercial real estate markets, including increases in home sales, home-price appreciation and declining inventory in most districts. Several districts reported modest-to-moderate increases in commercial real estate activity.
Consumer Financial Protection Bureau Director Richard Cordray appeared before the Senate Banking Committee July 15 where legislators expressed concern about the agency's massive data collection, its management, its lack of oversight and its overspending, HousingWire reported. The committee also lamented its current lack of power over the CFPB.
A 15-member coalition of mortgage lenders, researchers, ratings agencies and consumer advocates called on Obama administration officials to limit lawsuits against banks because they allege that ongoing litigation is keeping banks from issuing more mortgages, The Wall Street Journal reported July 15.
California lawmakers are expected to raise the state’s clean energy mandate to 50 percent by the end of the year, which will mean more big solar farms, more wind turbines and possibly more geothermal; however, the inclusion of rooftop solar installations is still hotly contested, USA Today reported July 13.
Some areas most vulnerable to flooding are seeing an increase in population, which is causing concern over the resilience of their existing water systems in the face of greater climate pressures, investment needs and governance challenges, the nonprofit Brookings Institution reported July 14.
There were 597,589 properties in foreclosure during the first half of the year, down 13 percent from the previous six months and down 3 percent from the same point last year, analytics firm RealtyTrac reported July 16 in its Midyear 2015 U.S. Foreclosure Market Report. Foreclosure starts were at a 10-year low.
The nation’s homes have changed substantially over the past 20 years, growing larger and getting more bedrooms and bathrooms and features such as air conditioning and fireplaces, SelfStorage.com reported July 14. Of course, homes also now have substantially higher average sale prices.
Ongoing volatility in the bond market caused average fixed mortgage rates to rise to new yearly highs during the past week, Freddie Mac reported July 16 in its Primary Mortgage Market Survey.
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