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Virginia Gov. Terry McAuliffe on March 23 signed into law S.B. 1445, which requires appraisal management companies operating in the state to compensate appraisers at a reasonable and customary rate.
The Federal Housing Administration will require appraisals for single-family homes to be submitted through an online electronic delivery portal starting in June 2016, the U.S. Department of Housing and Urban Development announced March 26.
Sen. Richard Shelby, R-Ala., chair of the Senate Banking Committee, said he’d rather leave the government-sponsored enterprises in conservatorship than pass a bill that includes specific government support for the housing market, Bloomberg reported March 25.
A U.S. Supreme Court case to determine whether homeowners can eliminate underwater second mortgages through bankruptcy turned instead into a debate on whether or not the court should overrule the precedent that raised the issue in the first place, Forbes reported March 24.
The National Council of Real Estate Investment Fiduciaries announced March 23 that it will collaborate with the Pension Real Estate Association and the European Association for Investors in Non-Listed Real Estate Vehicles to develop uniform reporting standards for institutional real estate.
Average fixed mortgage rates dropped again during the past week, remaining below 4 percent heading into the spring home-buying season, Freddie Mac reported March 26 in its weekly Primary Mortgage Market Survey.
The spring home-buying season is expected to be strong, following a harsh winter that caused a market downturn, Freddie Mac reported March 25 in its Multi-Indicator Market Index. The index notes positive labor numbers and lower mortgage rates, which indicate housing market momentum.
Office property investors increasingly are paying higher prices and accepting more risk for vacant or nearly vacant buildings because they can secure better financing for non-stabilized assets than they can for other assets, according to real estate firm Transwestern, MBA NewsLink reported March 26.
The lodging sector is expected to see very strong growth this year and next with increased revenue coming from higher average daily room rates rather than from increased occupancy rates, according to consultant PKF Hospitality Research, MBA NewsLink reported March 26.
The office sector was given a boost from a growing GDP and a 2.1 percent year-over-year growth in employment, real estate services firm CBRE reported March 25. Office-based jobs increased by 2.4 percent over the past year, leading to record growth for many of the nation’s largest markets.
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