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May 05, 2021

FHFA Low-income Refi Option Includes Appraisal Credit

The Federal Housing Finance Agency announced April 28 that Fannie Mae and Freddie Mac will implement a new refinance option for eligible low-income borrowers that could save consumers $100 to $250 per month. An appraisal credit of up to $500 from a lender will be included if a borrower doesn’t qualify for an appraisal waiver.

 

May 05, 2021

CFPB Delays Required QM Rule Compliance Until Fall 2022

The Consumer Financial Protection Bureau announced April 27 that it will delay mandatory compliance with the General Qualified Mortgage final rule to Oct. 1, 2022. Compliance was set to begin this July, but the agency extended the deadline to help consumers who have been affected by the coronavirus pandemic.

 
May 05, 2021

Fed Keeps Interest Rates Near Zero, Bond Buying Steady as Growth and Inflation Rise

The Federal Open Market Committee announced April 28 that it will keep short-term interest rates close to zero and continue buying at least $120 billion per month in bonds, CNBC reported. The move comes as the economy remains strong and the Fed is unconcerned about a slight rise in inflation.

 
May 05, 2021

Office Demand Grows as More Workers Return; Seattle is Top Performer, Report Shows

Now that 26% of workers in major cities have returned to the office, demand for space is rising, up 28% for the month of March, according to commercial leasing firm VTS, WealthManagement.com reported April 28. Despite the rebound, Seattle remains the nation’s only market where office demand is above the historic average.

 
May 05, 2021

Apartment Rents are Beginning to Rebound in Nation’s Most Expensive Markets: Report

Apartment rents are beginning to rebound in expensive markets after suffering a blow during the coronavirus pandemic, online marketplace Apartment List reported April 26. Nine of the 10 hardest hit markets have seen three consecutive months of rent increases, led by San Francisco where rates have climbed 7% during the past two months alone.

 
May 05, 2021

California’s Central Valley Tops List of Nation’s Most Competitive Apartment Markets: Data

Mid-size markets have become the nation’s most competitive for apartment dwellers, with California’s Central Valley topping the list with a 98% occupancy rate, rental site RentCafé reported April 28. Other in-demand locations are Spokane, Washington, and Boise, Idaho, with each reporting a 97% occupancy rate.

 

May 05, 2021

RESNET Celebrates 3 Million HERS Homes

More than 3 million homes in the United States have now been rated with a HERS Index Score, measuring a home’s energy efficiency. For appraisers, that means more homes in the Appraisal Portal to use as comparables when valuating energy-efficient green homes for appraisal. #3MHERSandCounting

 

May 05, 2021

Rising Lumber Costs Add $36,000 to New Home Price: NAHB

Lumber prices have nearly tripled during the past year causing the price of the average new home to increase by $35,872, the National Association of Home Builders reported April 30. The higher lumber prices also have added about $13,000 to the cost of the average new multifamily home.

 
May 05, 2021

Urban Single-family Homes See Fastest Price Growth as Buyers Return to Cities: Redfin

Home prices continue to climb as buyers seek more space, and prices for single-family homes in urban environments are up 20% year-over-year, the fastest growth rate for any type of residential property, online real estate marketplace Redfin reported April 27. The median sale price for an urban single-family home is now $286,000.

 
May 05, 2021

Mortgage Rates Up as COVID-19 Cases Rise; Buyers Face Challenges: Freddie Mac

Mortgage rates were up slightly during the past week as the number of COVID-19 cases increased and caused Treasury yields to plateau, Freddie Mac reported April 29 in its Primary Mortgage Market Survey. Refinancing remains an option for many borrowers, but potential buyers continue to face tight inventory and strong competition.

 
Results: 12 Articles found.

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