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The U.S. Court of Appeals for the Fifth Circuit ruled July 16 that the Federal Housing Finance Agency's leadership structure is unconstitutional, HousingWire reported. The court found that the FHFA is too “isolated,” and ruled that its director’s possible removal only for cause violates the U.S. Constitution’s separation of powers.
The Trump administration on July 10 said the Federal Housing Administration will scale back its use of the False Claims Act so that banks that previously shied away from offering FHA loans due to concerns about violations and settlements are more certain about offering those types of loans, HousingWire reported.
Illinois Gov. Bruce Rauner on July 13 signed Public Act 100-0604 (enacted as SB 2617), legislation that amends Appraisal Management Company Registration Act requirements for AMC registration and oversight. It also authorizes the Illinois Department of Financial and Professional Regulation to participate in a multistate appraiser licensing and renewal system.
Cap rates for net lease properties during the second quarter reached 6.2 percent, up 10 basis points from the first quarter and the biggest increase since 2011, according to commercial real estate firm Boulder Group, National Real Estate Investor reported July 12.
Nationwide rents hit a new high in June, averaging more than $1,400 for the first time, according to a report from commercial real estate firm Yardi Matrix, HousingWire reported July 9. That’s a 0.9 percent increase from May and a 2.9 percent increase from the same point last year.
Investment in parking space is out of balance with current and expected future demand, according to the study "Quantified Parking: Comprehensive Parking Inventories for Five Major U.S. Cities," released July 12 by the Mortgage Bankers Association. The study examined parking inventory in New York; Philadelphia; Seattle; Des Moines, Iowa; and Jackson, Wyoming.
Increasing digital connectivity and the resulting flexibility for remote work have increased demand for luxury homes in traditionally second-home markets, such as Golden Isles, Georgia, and Hilton Head, South Carolina, Forbes reported July 6. Demand has also grown in Bozeman, Montana, and Portsmouth, New Hampshire.
U.S. foreclosure filings in the first six months of the year are down 15 percent from the same point last year and 78 percent from the first half of 2010, when foreclosures were at their peak, analytics firm Attom Data Solutions reported July 12 in its Midyear 2018 U.S. Foreclosure Market Report.
Americans reportedly are becoming less confident in the housing market, citing concerns with job security, wage growth and rising home prices, Fannie Mae reported July 9 in its Home Purchase Sentiment Index. The number of consumers who expect mortgage rates to go down during the next 12 months fell 4 percent.
Mortgage rates inched up during the past week — the first increase since early June — as global trade tensions are making investors cautious and keeping borrowing costs down, Freddie Mac reported July 12 in its Primary Mortgage Market Survey.
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