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Feb 20, 2019

CFPB Releases List of Rural and Underserved Counties

The Consumer Financial Protection Bureau on Feb. 12 released its 2019 list of rural and underserved counties, which those entities can use to determine if they are exempt from certain appraisal and ability-to-pay rules.

Feb 20, 2019

Court Sides With Zillow, Affirms Zestimate not an Appraisal

The U.S. 7th Circuit Court of Appeals ruled Feb. 12 that Zillow is correctly marketing its Zestimate as an estimate and not an appraisal, GeekWire reported. A group of Illinois homeowners sued Zillow claiming that the Zestimate tool was marketed as being equivalent to an appraisal and was undervaluing their homes.

Feb 20, 2019

Amazon Drops Plans for New Campus in New York City Following Local Criticism

Amazon announced Feb. 14 that it was scrapping plans for a headquarters campus in New York City following backlash from union leaders, activists and lawmakers, Reuters reported. Amazon would have received $3 billion in incentives for opening a site in Long Island City. The e-commerce giant had not made any land acquisitions.

Feb 20, 2019

Google Announces Plans to Invest $13 Billion in the Commercial Real Estate Market

Google announced Feb. 13 that it will invest $13 billion in the commercial real estate market this year as it constructs and expands data centers and offices nationwide. The tech giant said it will open new data centers in Nebraska, Nevada, Ohio and Texas, and will expand existing centers in Oklahoma and South Carolina.

Feb 20, 2019

World’s Highest Office Rents are in Hong Kong, Data Shows

Hong Kong remains the world’s most expensive office market, with rents averaging $252 per square foot, according to the Global Outlook Report from consultant Knight Frank, World Property Journal reported Feb. 14. San Francisco office rents rank sixth worldwide, but are the highest in the U.S., averaging $85 per square foot.

Feb 20, 2019

Commercial, Multifamily Originations Expected to Remain Favorable this Year: MBA

A steady commercial real estate market and the availability of equity and debt are expected to keep commercial and multifamily mortgage originations around $530 billion — similar to originations recorded during the past two years, according to the Commercial/Multifamily Real Estate Finance Forecast released Feb. 14 by the Mortgage Bankers Association.

Feb 20, 2019

Minneapolis-St. Paul Rated Best Multifamily Market, Marcus & Millichap Reports

The twin cities of Minneapolis-St. Paul sit atop a list of the nation’s 25 best multifamily markets, according to the 2019 Multifamily Investment Forecast from real estate company Marcus & Millichap, National Real Estate Investor reported Feb. 8. The forecast considered such things as economy, construction, vacancy rates and rents.

Feb 20, 2019

Maui, Hawaii, is Top Luxury Home Market: Coldwell Banker

Maui, Hawaii, is the nation’s hottest “power market” for the wealthiest homebuyers, according to real estate firm Coldwell Banker, HousingWire reported Feb. 13. Other markets in vogue with high-net-worth buyers and sellers: Palm Beach, Florida; Washington, D.C.; Kauai, Hawaii; and Brooklyn, New York.

Feb 20, 2019

Baton Rouge, Louisiana, Has Most Underwater Homes in the Nation, Data Shows

One in 11 homeowners nationwide is seriously underwater on house payments, with homeowners in Baton Rouge, Louisiana, the worst off — 20.7 percent are seriously underwater, analytics firm ATTOM Data Solutions reported Feb. 8.

Feb 20, 2019

New Mortgage Applications Up 43 Percent in January: Mortgage Bankers Association

Applications for new home purchase mortgages jumped 43 percent between December and January, but remained flat compared with one year ago, the Mortgage Bankers Association reported Feb. 14. MBA said that a healthy job market, wage growth, moderating price gains and lower mortgage rates helped home sales.