Choose your path
Federal banking regulators on Aug. 20 approved a final rule to increase the residential appraisal threshold from $250,000 to $400,000, effective after publication in the Federal Register, which should happen within days.
The Federal Housing Administration on Aug. 14 published a final regulation establishing new condominium approval rules, notably allowing some individual condo units to be eligible for FHA mortgage insurance even if the condo project is not FHA approved. The regulations, which take effect Oct. 15, also permit more mixed-use projects to qualify for FHA insurance.
The U.S office market experienced significant growth during the second quarter, with vacancy dropping to an 18-year low of 12.2%, according to real estate services firm CBRE, National Real Estate Investor reported Aug. 14. The market absorbed 17.1 million square feet, bringing the year-to-date total to 66.5 million square feet.
The U.S. hotel pipeline is growing steadily, with 1,573 properties under construction last month, accounting for 205,992 new rooms, according to hospitality analytics firm STR, MBA NewsLink reported Aug. 15. The number of rooms in the final phase of development is up 8.3% from last July, with the majority in upper-midscale and upscale properties.
Builder confidence in the newly built single-family home market is growing, but the industry continues to struggle with rising construction costs, a shortage of workers and a lack of buildable lots, according to the National Association of Home Builders/Wells Fargo Housing Market Index released Aug. 15.
The single-family rental market is expected to remain positive for the second half of the year, thanks to demand from consumers who aren’t ready to purchase a home or are unable to do so, according to the Single-Family Rental Investment Trends report from lender Arbor Realty Trust and analytics firm Chandan Economics, MBA NewsLink reported Aug. 13.
The housing market is “anemic” and “lackluster,” but inflation is below the Fed’s target and the job market is strong, the Federal Reserve Bank of New York stated in an Aug. 12 report, HousingWire reported. As evidence, the Fed cited flat single-family home starts in June and a drop in the sales of existing homes.
There are more than 1.5 million vacant homes and condos in the U.S., representing 1.6% of all residential properties, analytics firm ATTOM Data Solutions reported Aug. 13 in its Vacant Property and Zombie Foreclosure Report. More than 304,000 homes were in foreclosure at the start of the third quarter, with about 3.2% categorized as “zombie” foreclosures.
Only 12% of adults are thinking about buying a house within the next year — down from 14% last year, the National Association of Home Builders reported Aug. 13. This is the third consecutive year-over-year decrease in the share of adults thinking about buying a home, with many stymied by lack of affordable properties.
Miami saw a greater increase in housing costs than any other major metro, up 8.2% over the course of just 12 months, according to rental property site Rent.com, CNBC reported Aug. 13. Housing costs also increased significantly in St. Louis (7.8%) and Denver (7.1%). The Minneapolis-St. Paul metro saw the largest decrease — down 6.7%.
Pop up content here.