ano - Appraiser News Online

Jan 25, 2023

Amazon Might Need 3 Years to Recover From Pandemic Overbuilding: Consulting Firm

It could take Amazon up to three years to recover from its rapid pace of expansion during the pandemic, according to MWPVL International, Business Insider reported Jan. 5. Between 2020-22, Amazon added 314 million square feet of warehouse space; Walmart, for comparison, has a total of 150 million square feet of warehouse space. Amazon says it has not overbuilt, despite reportedly using only 65% of its total capacity.

Jan 25, 2023

Freddie Mac Multifamily Loan Volume for Affordable Housing Jumped 60% in 2022

Freddie Mac’s total multifamily loan production volume reached $73.8 billion last year, with loan purchases for affordable properties hitting $15.3 billion, up nearly 60% from 2021, the government-sponsored enterprise reported Jan. 18. Freddie Mac also made nearly $2 billion in commitments to increase future affordable housing supply.

Jan 25, 2023

Appraisal Institute President Testifies at ASC Hearing On Appraisal Bias

Appraisal Institute President Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, testified at a Jan. 24 Appraisal Subcommittee hearing on appraisal bias. Steinley told the subcommittee that “As the agencies continue development of guidelines and regulations that touch on appraisal topics, we offer the resources of AI, including our Designated Members, to assist with understanding of appraisal standards, appraisal methodology and appraisal practice.”

Jan 25, 2023

Homes Sitting on Market Longer, but Housing Searches on the Rise: Redfin

Homes are selling at their slowest pace since the beginning of the pandemic, but online searches for homes are ticking up as mortgage rates drop, Redfin reported Jan. 13. Redfin’s Homebuyer Demand Index showed a 6% increase in home tours and other homebuying services.

Jan 25, 2023

Nominations for 2024 Appraisal Institute Vice President Due Feb. 7

The Appraisal Institute is seeking the names of AI professionals interested in serving as the organization’s 2024 vice president. The 2024 vice president will succeed to the office of president-elect in 2025, president in 2026 and immediate past president in 2027.

Jan 25, 2023

Office Vacancy Gap Expected to Widen This Year as Firms Seek Newer Properties: JLL

The vacancy gap between older and newer office buildings is widening due to companies seeking new properties that are more sustainable and have higher-quality amenities, JLL reported Jan. 16. The occupancy rate for new properties in the U.S. has held steady at around 16% while vacancies in older buildings rose from 13.5% to 19%.

Jan 25, 2023

Apartment Demand Negative for the First Time Since ’09: Data

Net demand for apartments went negative in 2022 — the first time since 2009 — due to lower consumer confidence and higher inflation, according to data from RealPage, MBA NewsLink reported Jan. 17. Rental demand was also weakened by historically low renter turnover, a smaller percentage of people behind on rent and no flight to affordability.

Jan 25, 2023

Residential and Commercial Activity Both Decline, Fed Beige Book Shows

Both residential sales and construction continued to fall across Federal Reserve districts during the past month, the Federal Reserve reported Jan. 18 in its latest Beige Book. Commercial activity weakened slightly, with the greatest drop reported in the office sector.

Jan 25, 2023

Falling Mortgage Rates are Boosting Homebuying, Freddie Mac Reports

Mortgage rates continue to fall, dropping last week to their lowest point since September, Freddie Mac reported Jan. 19 in its Primary Mortgage Market Survey. Both homebuyer and homebuilder sentiment are benefitting from the declining rates, but the inventory of available homes remains sparse.

Jan 25, 2023

Portsmouth, Virginia, is Tops For First-time Buyers: Report

Portsmouth, Virginia, topped the list of the best markets for first-time homebuyers for 2023 thanks to its strong jobs market, short commute times, affordability and available housing inventory, Realtor.com reported Jan. 18. DeForest, Wisconsin, and Windsor Locks, Connecticut, were second and third on the list, respectively.