ano - Appraiser News Online

Mar 22, 2023

Opportunity to Purchase Assets at Reduced Cost Could be Fleeting: CBRE Survey

With cap rates and interest rates expected to peak later this year, the opportunity to buy real estate assets at lower prices likely won’t last long, according to CBRE’s H2 2022 Cap Rate survey, GlobeSt.com reported March 14. CBRE expects federal fund rates to surpass 5% this year and drop to about 2% by 2025.

Mar 22, 2023

Single-family Homebuilding Remains Slow, Multifamily Picks Up: NAHB

Single-family home production remained slow in February, down 31.6% from one year ago, the National Association of Home Builders reported March 16. The multifamily sector is performing much stronger, showing 24% growth year-over-year.

Mar 22, 2023

Mortgage Rates Fall After Weeks of Steady Growth, Freddie Mac Reports

Mortgage rates fell during the past week, the first drop in five weeks amid turbulence in the financial markets, Freddie Mac reported March 16 in its Primary Mortgage Market Survey. The downward pressure on rates should benefit borrowers in the short-term.

Mar 22, 2023

New England, New York Have Hottest Housing Markets: Data

Manchester, New Hampshire, and Rochester, New York, tied for the top spot on Realtor.com’s list of the country’s hottest housing markets in February based on demand and the number of days homes stayed on the market, the organization reported March 14. The average listing price in the country’s top 20 markets was $442,000, 6.5% higher than the national average.

Mar 22, 2023

CRE Values and Volume Expected to See Significant Drop, Banking Firm Predicts

Commercial real estate property values could see a decline of 10-20% and volume could drop 30-40% in the current real estate cycle, according to KBW, GlobeSt.com reported March 13. The office market likely will fare the worst, where values could drop 30% or more. Some of the most at-risk markets are San Francisco; New York; and Washington, D.C.

Mar 22, 2023

FHFA Delays Fee for Buyers with Higher Debt-to-income Ratios

The Federal Housing Finance Agency on March 15 announced that it will delay by three months the implementation of the DTI ratio-based fee, which is a new upfront fee for Fannie Mae and Freddie Mac borrowers with higher debt-to-income ratios. The fee has been controversial amongst some industry groups that say it could hurt middleclass buyers and increase overall costs.

Mar 22, 2023

Defaults in the Office Property Sector on the Rise, Future is Rocky: Trepp

Stress in the office property sector caused by lower demand and higher interest rates is leading to a growing number of loan defaults, according to Trepp, the Urban Land Institute reported March 13. The delinquency rate for commercial mortgage–backed securities for office properties jumped 55 basis points in February, and Trepp is monitoring around 20 maturing loans at risk of default.

Mar 22, 2023

North Jersey Unseats Miami as Most Competitive Rental Market: RentCafé Index

The rental market in North Jersey, which includes places like Jersey City and Newark, is the most competitive in the U.S., surpassing previous leader Miami largely due to its relatively low cost of living, RentCafé reported March 14 in its Rental Competitivity Index. Other top rental markets: Miami-Dade County in Florida and Harrisburg, Pennsylvania.

Mar 22, 2023

Industrial Sector Shows Signs of Softening, Stabilizing: Moody’s

The industrial sector is starting to show signs of softening, despite elevated manufacturing and consumer goods production, according to a report from Moody’s Analytics, GlobeSt.com reported March 13. The report does not signal a sense of urgency, but notes that the sector is moving away from a period of significant growth and toward stabilization.

Mar 22, 2023

Coworking Spaces are Growing in Popularity, Expanding Reach, Report Shows

Coworking spaces are growing in popularity throughout the country but are especially strong in Manhattan; Los Angeles: Washington, D.C.; and Boston and expanding their reach in Houston and Denver, CoworkingCafé reported March 8. Nationally, there are the 5,612 coworking locations, accounting for around 113.7 million square feet — about 1.67% of total office space.