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The Appraisal Institute in an Aug. 10 letter to Rep. Kurt Schrader, D-Ore., expressed its support of HR 5813, legislation that would require a three-year phase-in of new overtime regulations issued by the U.S. Department of Labor. It also would halt index increases of the threshold level.
The hotel sector will have a record-breaking year in 2016, but occupancy rates are expected to start inching downward largely due to a significant number of hotel construction projects, according to hotel research firm STR, National Real Estate Investor reported Aug. 8.
Foreign investments in U.S. commercial real estate dropped nearly in half from last year’s record high, with general market volatility cited as one of the reasons, National Real Estate Investor reported Aug. 10. During the first half of the year, cross-border transactions totaled $23.1 billion – down 47 percent from $43.3 billion the previous year.
Average fixed mortgage rates remained relatively unchanged, hovering near historic levels, during the past week due in part to a stronger-than-expected July jobs report, Freddie Mac reported Aug. 11 in its Primary Mortgage Market Survey.
Home prices increased in 83 percent of metro areas, driven by a small supply of available homes, low mortgage rates and strong employment numbers, the National Association of Realtors reported Aug. 10.
Suburban areas continue to hold a strong place in the real estate market, including among millennial homebuyers, who are moving to the suburbs at a higher rate than those moving into cities, according to commercial real estate firm CBRE, MBA NewsLink reported Aug. 11.
Seriously underwater homes made up 11.9 percent of all U.S. mortgages at the end of the second quarter, down from 12 percent the previous quarter and 13.3 percent from second quarter 2015, analytics firm RealtyTrac reported Aug. 9.
Aging millennials are finally entering the housing market and purchasing homes at a faster rate than in previous years, according to Fannie Mae research, HousingWire Aug. 11. Researchers noted that this generation has largely shied away from the housing market due to significant student debt and a preference for renting.
According to government-sponsored enterprise Freddie Mac’s Outlook report released Aug. 15, mortgage originations should reach $2 trillion this year, HousingWire reported. That would mark the first time since 2012 that the $2 trillion threshold was reached, due in large part to low interest rates boosting refinance activity.
The White House Council of Economic Advisers on Aug. 10 released a report that showed community banks remained strong across a variety of measures — including lending growth and geographic reach — since the passage of the Dodd-Frank Act in 2010. The report noted, however, that branch consolidation is problematic.
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