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The Federal Trade Commission alleged that Louisiana’s new law mandating how appraisal management companies pay appraisers amounts to price-fixing and rejected the state’s request to withhold enforcement actions so it could repeal the law and implement new policies, HousingWire reported July 25.
A federal court found that Quicken Loans provided appraisers with inflated estimates of property values to secure higher-value loans, The Washington Post reported July 19. More than 2,750 plaintiffs filed a class-action suit claiming their loans were underwater from the start.
The Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency on July 19 issued a notice of proposed rulemaking to increase to $400,000 the threshold for commercial real estate transactions requiring an appraisal.
Consumer Financial Protection Bureau Director Richard Cordray reportedly will resign his post and pursue the 2018 Democratic Party nomination for Ohio governor, although no official announcement was released, National Mortgage Professional Magazine reported July 21. Cordray served as Ohio’s attorney general before assuming his role with CFPB.
REITs should be able to withstand a slowdown in the commercial real estate market, and those with strong balance sheets should benefit from rising interest rates and the tight lending environment, according to the National Real Estate Investor report on real estate investment trusts released July 17.
Private-label commercial mortgage-backed securities had a strong first half of the year, up 27.8 percent year-to-year, according to the Kroll Bond Rating Agency, MBA NewsLink reported July 20. More than half the issuance volume occurred in May and June, and no slowdown is expected.
Firms are paying premium prices for offices near tech talent, according to a report from commercial real estate services firm CBRE, MBA NewsLink reported July 20. The Bay Area remains the most expensive office market, where a tech firm with a typical 75,000-square-foot office can expect to pay $57 million annually.
Multifamily investors stand to profit more in rural and tertiary markets than in larger cities, where competition to buy properties pushes prices higher and leads to smaller profit margins, according to analytics firm MPF Research, National Real Estate Investor reported July 18.
More than 36 percent of household heads rented their homes last year, the highest amount since 1965 when 37 percent of household heads were renters, according to Census Bureau data analyzed by the Pew Research Center, CNBC reported July 20.
The housing market likely will set a record this year, as increased sales volume, rising home prices and abbreviated days on the market drive market activity, according to the July National Housing Report from broker RE/MAX, Builder reported July 17.
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