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The Federal Emergency Management Agency failed to map flood risks in a timely manner, giving homeowners the false impression that they don’t need flood insurance, according to the U.S. Department of Homeland Security’s internal watchdog, The Hill reported Oct. 9. FEMA currently has more than 240 mapping projects on hold.
When the House Financial Services Committee met Oct. 11, members discussed minor tweaks to the Dodd-Frank Act rather than the major changes suggested by President Trump, Bloomberg reported. The committee was slated to address about two dozen legislative proposals pertaining to financial regulations.
Federal Reserve meeting minutes released Oct. 11 revealed that some Fed officials expressed concern about low inflation rates but that a December rate hike is still anticipated, HousingWire reported. The minutes also noted that the Fed has started selling the mortgage-backed securities it acquired as part of its quantitative easing program.
More than 170,000 properties in Napa and Santa Rosa, California, are at risk to wildfires, and real estate losses could top $65 billion, according to analytics firm CoreLogic, SF Gate reported Oct. 11. Only 6 percent of properties are at significant risk, but the report noted the trajectory of the fires could change.
Strip malls have been able to attract tenants that are unaffiliated with e-commerce — including outpatient clinics, financial services firms and barber shops — to become strong performers in a difficult retail climate, according to commercial real estate firm CBRE, Forbes reported Oct. 10.
Commercial real estate investment for the first half of the year was down 12 percent compared to last year, but deals remain plentiful as foreign investors continue to pursue U.S. assets, according to commercial real estate brokerage Avison Young, MBA NewsLink reported Oct. 12.
The vacancy rates for office buildings continue to drop, led by suburban offices where vacancies decreased 20 basis points to 14.1 percent during the third quarter, according to commercial real estate firm CBRE, MBA NewsLink reported Oct. 11. Vacancies in downtown offices dropped 10 basis points to 10.6 percent.
Average fixed mortgage rates during the past week experienced the biggest week-over-week increase since July thanks to rising Treasury rates, Freddie Mac reported Oct. 12 in its Primary Mortgage Market Survey.
Lot prices for single-family homes remained at an all-time high in 2016, with the median lot value reaching $45,000, The National Association of Home Builders reported Oct. 10. Lot prices in the West South Central and West North Central regions grew the fastest; lots in New England were the most expensive.
Foreclosures during the third quarter reached an 11-year low, dropping 13 percent from the second quarter and 35 percent from the same point a year ago, analytics firm ATTOM Data Solutions reported Oct. 12 in its Q3 Foreclosure Market Report. The foreclosure rate is now 31 percent below the pre-recession average.
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