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The Appraisal Institute announced Aug. 26 that its officers represented the organization at high-profile events throughout the month, which helped AI enhance its role as the valuation profession’s thought leader.
The hotel market should see continued year-over-year performance increases through 2016, with an expected 1.7 percent occupancy increase, a 5.1 percent rise in average daily rates and a 6.8 percent increase in revenue per room, according to analytics firms Tourism Economics and STR, MBA NewsLink reported Aug. 20.
Strong demographics, a booming business sector and payroll growth propelled San Jose, California, San Francisco and Seattle to the top of the “buy” office market list, according to online real estate marketplace Auction.com, MBA NewsLink reported Aug. 20. The site also noted five eroding “sell” office markets.
Nearly 125,000 homes received foreclosure filings in July, a 7 percent increase from June and a 14 percent jump from a year ago, RealtyTrac reported Aug. 20 in its July 2015 U.S. Foreclosure Market Report. July was the fifth consecutive month with a year-over-year increase in foreclosure activity.
Amid steady job gains and low mortgage rates, the U.S. Department of Commerce reported 1.21 million housing starts in August, marking the highest rate of home construction since December 2007, CBS Moneywatch reported Aug. 18.
Averaged fixed mortgage rates remained largely unchanged during the past week, marking five consecutive weeks with little movement, Freddie Mac reported Aug. 20 in its Primary Mortgage Market Survey.
Google unveiled Project Sunroof Aug. 17, a tool that allows homeowners to input their address to determine how much sun their roof gets, Fortune reported. The site launched with data for San Francisco, Boston and Fresno, California, and uses Google Earth to factor in roof orientation, shade from trees and local weather.
The Federal Deposit Insurance Corporation filed a lawsuit Aug. 19 against Bank of NY Mellon over $2.06 billion in soured residential mortgage-backed securities purchased by the former Guaranty Bank, Reuters reported. The lender was accused of breaching its duties as bond trustee.
Wells Fargo is the top commercial and multifamily mortgage servicer with $484.2 billion in U.S. loan servicing through June 30, the Mortgage Bankers Association reported Aug. 20 in its mid-year report of mortgage servicer volumes. PNC Real Estate/Midland Loan Services and Berkadia Commercial Mortgage also ranked near the top.
The Federal Housing Finance Agency on Aug. 19 set new two-year goals for Fannie Mae and Freddie Mac to increase the number of mortgages issued to low-income consumers and to landlords who rent to those individuals, The New York Times reported.
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