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The North Carolina Supreme Court in an opinion filed March 2 held that real estate brokers may legally testify regarding the fair market value of real property in condemnation cases. The case involved the state's condemnation of approximately two acres of commercial property for a highway construction project.
The Appraisal Institute led nearly three dozen valuation organizations in supporting revisions to a bipartisan Senate bill that passed March 14. The measure, which now goes to the House, rolled back many post-financial-crisis banking rules found in the Dodd-Frank Act.
The Appraisal Institute on March 13 announced its partnership with the Residential Energy Services Network to launch an appraiser portal that allows AI professionals to access data for properties with Home Energy Rating System Index scores.
The Consumer Financial Protection Bureau announced March 14 that it is seeking feedback on its current rules and inquiring whether they need to be amended or if new rulemaking is required. The comment period opened March 19 and will remain open for 90 days.
Inflation is expected to continue rising, but maybe not enough for the Federal Reserve to implement four rates hikes this year, as previously planned, MarketWatch reported March 13. The Consumer Price Index, which is close to a six-year high, could be the deciding factor.
The gap is growing between estimated cap rates on commercial mortgage-back securities and the amount being underwritten, with an average spread of 401 basis points at the end of last year, according to ratings agencies Moody’s Investors Service, Morningstar and S&P Global Ratings, National Real Estate Investor reported March 14.
Investment in grocery-anchored retail centers increased 5 percent last year as overall retail transactions declined, according to the Grocery Tracker report from commercial real estate services firm JLL, MBA NewsLink reported March 15. It was one of the only retail sectors to experience growth, with smaller-sized stores growing in popularity.
Apartment occupancy in the U.S. is nearing 95 percent, even as developers continue opening new multifamily properties, according to property management software firm RealPage, National Real Estate Investor reported March 13.
Multifamily rent growth dropped from 5.5 percent at the end of 2016 to 2.3 percent at the end of last year, according to commercial real estate analytics firm Yardi Matrix, MBA NewsLink reported March 15. The report blamed the decrease on increased supply and higher rents.
Mortgage rates during the past week dropped for the first time this year, reversing a nine-week climb as a Consumer Price Index report showed slowing inflation, Freddie Mac reported March 15 in its weekly Primary Mortgage Market Survey.
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