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Attorneys general from 20 states have accused mortgage servicers employed by Federal Housing Administration-approved lenders of failing to properly implement loan modification options, including options to reduce principal and interest, that the agency introduced in July, according to a Dec. 21 letter sent to the Department of Housing and Urban Development, HousingWire reported Jan. 5.
Nationwide home listing prices jumped 10% in December compared with the same point a year ago, led by Las Vegas (up 32.4%) and Austin, Texas, (up 28.8%), Realtor.com reported Jan. 6 in its Monthly Housing Report. The increase was partly driven by buyers looking to lock in deals ahead of projected mortgage rate increases.
Vermont led the U.S. in inbound migration last year as Americans sought homes in lower-density areas, according to the 45th Annual National Movers Study released Jan. 3 by United Van Lines. South Dakota and South Carolina rounded out the top three for inbound moves, while New Jersey led in outbound moves for the fourth consecutive year.
The Appraisal Institute regrets the passing of the following Designated Members, as reported to the organization in December.
Mortgage rates during the first week of 2022 rose to their highest level since May 2020, making them more than half a percent higher than a year ago, Freddie Mac reported Jan. 6 in its Primary Mortgage Market Survey. Rates are expected to continue rising in line with higher inflation and economic growth.
Cap rates in the single-tenant net lease sector increased slightly during the fourth quarter to 5.88% for retail and 6.77% for industrial, while net lease office remained unchanged at 6.80%, according to the Q4 2021 Net Lease Market Report released Jan. 6 by The Boulder Group. A limited supply of properties primarily drove the increase.
The nation’s 12 largest office markets showed stability toward the end of 2021, with normal levels of leasing activity despite uncertainty about COVID-19, according to CBRE’s Pulse of U.S. Office Demand survey, MBA NewsLink reported Jan. 4. The most active markets were Boston; Dallas-Fort Worth; Los Angeles; Manhattan; and Washington, D.C.
Home prices in November were up 18.1% year-over-year and are forecast to rise another 2.8% through December 2022, CoreLogic reported Jan. 4 in its Home Price Insights report. However, rising inflation could lead to higher mortgage rates, which could dampen the housing market.
The Appraisal Institute designated 11 members in December, with 2 receiving an MAI designation, 1 receiving an SRA designation, 7 receiving an AI-GRS designation and 1 receiving an AI-RRS designation.
Demand for vacation homes in December was 77% higher than pre-pandemic levels as people continue to work remotely and are able to take advantage of low interest rates, Redfin reported Jan. 6. While December demand was high, it was lower than the demand recorded in November and last January.
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