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The Appraisal Institute Board of Directors voted to adopt two 45-Day Notice items during its Aug. 4-5 meeting in Las Vegas. The 45-Day Notice items address removal of officers, directors, and committee members, and regional elections and voting. The Board also adopted the proposed Regional Election Policy as set forth in the Exposure Draft distributed to Designated Members, Candidates, Practicing Affiliates and Affiliates on June 20.
The Department of Veterans Affairs announced July 27 that it will allow desktop and exterior-only appraisals for some transactions in response to high demand for appraisal services and limited availability of appraisers in certain areas. The change took effect July 27, and is expected to reduce delays and address a longstanding shortage of VA appraisers.
Institutional investors are expected to continue focusing on single-family rental properties during the next few years, having already committed $60 billion during the past year, Yardi Matrix reported Aug. 1. The number of institution-owned single-family rentals in the U.S. stands at around 700,000.
The multifamily sector is positioned to perform well for the remainder of the year, Freddie Mac reported Aug. 2 in its Midyear Multifamily Outlook. Every market has experienced rent growth of at least 10% since January 2021, while roughly two-thirds of the markets saw rent growth of 20% or more, led by multifamily properties in Florida and the Sun Belt.
The rate of homeownership rose to 65.8% during the second quarter, matching its highest rate since 2020, according to Census Bureau data, MBA NewsLink reported Aug. 4. Homeownership was highest in the Midwest at 70.1% and lowest in the West at 60.9%.
The Appraisal Institute designated 12 members in July, with 2 receiving an MAI designation, 2 receiving an SRA designation, 7 receiving an AI-GRS designation and 1 receiving an AI-RRS designation.
Paula K. Konikoff, JD, MAI, AI-GRS, was elected 2023 Appraisal Institute vice president by its Board of Directors during the Board’s Aug. 4-5 meeting in Las Vegas.
Port Arthur, Texas, topped the list of the nation’s most affordable beach towns, with homes there averaging just $65 per square foot, Property Shark reported Aug. 4. The South boasts the largest number of affordable beach towns, claiming nine of the top 10 spots on the list; Bowers, Delaware, is the outlier.
The increase in remote work caused a 32% decline in office values in 2020, and the loss could reach 28% in the long run — translating to a $500 billion loss, according to the paper, “Work From Home and the Office Real Estate Apocalypse,” from researchers at New York University and Columbia University, GlobeSt.com reported Aug. 1.
The cost of debt, rising corporate bond yields, rising construction costs, high energy prices and slowing demand are among the top issues forecast to affect commercial real estate through the end of the year, according to LaSalle’s Mid-Year Update, GlobeSt.com reported Aug. 3.
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