ano - Appraiser News Online

Oct 21, 2020

Banks Reduce FHA Loans as Delinquencies Skyrocket: Report

A record 15.7% of FHA borrowers were behind on their mortgages as of mid-2020, according to the Mortgage Bankers Association, and that has caused some lenders to tighten credit standards and restrict loan availability, Bankrate.com reported Oct. 14. During the same period, only 6.7% of borrowers with conventional loans were late with their payments.

Oct 21, 2020

Mall Conversions Reduce Property Values: Barclays

Hundreds of the nation’s roughly 1,100 malls are expected to close in the next few years, but converting the properties for other uses, such as fulfillment centers, apartments, schools or medical offices, could reduce their property values anywhere from 60% to 90%, according to a report from financial firm Barclays, CNBC reported Oct. 15.

Oct 21, 2020

Retail Sector Continues to Struggle Even as US Economy Improves: Wells Fargo

The vacancy rate in the retail sector jumped to 4.8% during the second quarter, marking its highest level since 2016, and asking rents fell for the first time since 2013, down 0.3% from the previous quarter, according to the Retail After the Pandemic report released Oct. 13 by Wells Fargo Securities, MBA NewsLink reported.

Oct 21, 2020

Coffee Gets Burned as COVID-19 Increases Café Closures for First Time in 9 Years: Data

Independent coffee shops are becoming another casualty of the COVID-19 pandemic, with closures up for the first time in nine years, according to research firm Euromonitor International, National Real Estate Investor reported Oct. 13. The U.S. will have 25,307 cafés specializing in coffee or tea by the end of the year, down 7.3% from 2019.

Oct 21, 2020

COVID-19 Divides CRE Buyers, Sellers on Price: CBRE

More than 60% of commercial real estate buyers are seeking discounts from pre-pandemic prices, but just 9% of sellers are willing to offer such discounts, according to a survey conducted by real estate firm CBRE, World Property Journal reported Oct. 14. Among those looking for deals, about 75% are interested in office and retail properties.

Oct 21, 2020

CRE Asking Rents Increase in September; Office and Retail Sectors Improving: Report

Commercial real estate is showing signs of recovery, with asking rents in September up 3.5% across asset classes and price per-square-foot up 7%, real estate firm CREXi reported Oct. 12 in its National Commercial Real Estate Report. Driving the increase were office and retail sectors, with asking rents up 4.1% and 4.2%, respectively.

Oct 21, 2020

Apartment Rents Drop in Tech Hubs, Rise in Fast-growing Secondary Markets: Data

Apartments rents in many of the nation’s 100 largest metros showed year-over-year declines in September across studio, one-bedroom and two-bedroom units, Realtor.com reported Oct. 13. Rents declined the most in large tech hubs like San Francisco, Manhattan, Boston and Seattle. Rents increased the most in fast-growing cities, like Rochester, New York, and Colorado Springs, Colorado.

Oct 21, 2020

Data Shows Foreclosure Filings at All-time Low During Q3

Foreclosure filings fell 12% between the second and third quarters, and are down 81% from the same point a year ago, analytics firm ATTOM Data Solutions reported Oct. 15 in its Q3 Foreclosure Market Report. Filings are now at their lowest level since the quarterly report began tracking such data in 2008.

Oct 21, 2020

Luxury Home Sales Skyrocket, Affordable Properties Decline, Redfin Data Reveals

Sales of luxury homes during the third quarter increased 41.5% over the some point last year, which is the biggest jump since 2013, real estate marketplace Redfin reported Oct. 12. However, sales of affordable properties (the bottom 5% of the market by price) dropped 4.2%, which indicates the coronavirus pandemic is disproportionally affecting lower-income Americans.

Oct 21, 2020

Mortgage Rates Drop for 10th Time This Year, Reach New Low, Freddie Mac Reports

Mortgage rates fell further during the past week, dropping to a new low for the 10th time this year, Freddie Mac reported Oct. 15 in its Primary Mortgage Market Survey. Rates are now at their lowest level in the survey’s history, which dates to 1971.