ano - Appraiser News Online

Mar 03, 2021

Major Risk of Bankruptcies, CRE Price Drops, Fed Reports

There exists a significant risk for more businesses to go bankrupt and commercial real estate prices to drop as a result of the ongoing coronavirus pandemic, according to the Monetary Policy Report released Feb. 19 by the Federal Reserve. CRE prices appear especially susceptible to sharp declines if distressed sales increase or if demand continues to drop.

Mar 03, 2021

Office Vacancy Rates Expected to Keep Rising: Moody’s

The national vacancy rate for the office sector reached 17.7% at the end of 2020, and while it’s in a “holding pattern” right now, vacancies are expected to rise even after the economy starts growing at a consistent rate, according to data firm Moody’s Analytics REIS, MBA NewsLink reported Feb. 23. The sector is expected to remain under pressure for a while.

Mar 03, 2021

Investors Eye Senior Housing as COVID-19 Vaccines are Distributed, Beds Filled: Report

Investors are eyeing senior living communities now that COVID-19 vaccines are being distributed and more beds are getting filled as restrictions designed to protect residents from infection are lifted, according to real estate services firm Newmark, WealthManagement.com reported Feb. 24. There likely will be fewer distressed sales than expected, however, as the sector has remained profitable.

Mar 03, 2021

FHFA Extends COVID-19 Forbearance Deadline, Foreclosure, REO Eviction Moratoriums

The Federal Housing Finance Agency announced Feb. 25 that it is extending until June 30 the moratoriums on single-family foreclosures and real estate-owned evictions due to the ongoing coronavirus pandemic. The agency also announced that borrowers with a mortgage backed by Fannie Mae or Freddie Mac can apply for another three-month extension of COVID-19 forbearance.

Mar 03, 2021

Risk of Flood Damage to Homes to Reach $32B by 2051: Report

Extreme weather and rising sea levels could cause $20 billion in damage to U.S. homes this year, and damages could grow to $32 billion by 2051, according to research released Feb. 22 by nonprofit First Street Foundation, Reuters reported. The states at the greatest risk are Florida, California, South Carolina and Texas, which have a combined 4.3 million properties at risk of substantial damage.

Mar 03, 2021

Existing Home Sales Climb in January, Inventory Falls to Historic Low, NAR Data Shows

Sales of existing homes increased 0.6% between December and January, and were 23.7% higher than at the same point a year ago, the National Association of Realtors reported Feb. 19. Inventory fell to a record low of 1.04 million units, a 25.7% decline from the same point a year ago.

Mar 03, 2021

Stockton-Lodi, California, Tops List of Hottest Housing Markets in January: Realtor.com

California’s Stockton-Lodi metro area topped the list of the nation’s hottest housing markets in January, with half of all homes there selling in less than 37 days — 39 days faster than the national average, Realtor.com reported Feb. 25. Rapid City, South Dakota, and Burlington, North Carolina, took the second and third spots on the list, respectively.

Mar 03, 2021

Mortgage Delinquencies Below 6% for First Time in a Year: Data

The rate of mortgage delinquencies was 5.9% in January, falling below 6% for the first time since March 2020, according to analytics firm Black Knight, HousingWire reported Feb. 24. However, loans considered seriously delinquent are still five times higher than pre-pandemic levels, and an estimated 1.8 million more are expected to become delinquent once moratoriums are lifted.

Mar 03, 2021

Mortgage Rates Rise Slightly, Homebuyers Still Facing Headwinds, Freddie Mac Reports

A strengthening economy pushed mortgage rates slightly higher during the past week, but rates remain near historic lows, Freddie Mac reported Feb. 25 in its Primary Mortgage Market Survey. While low rates are a boost for homebuyers, rising home prices and low inventory continue to make the market extremely competitive.

Mar 03, 2021

Appraisal Institute Awards Education Scholarships to 14 Aspiring Appraisers

The Appraisal Institute in collaboration with Fannie Mae and the National Urban League announced on Feb. 18 the inaugural group of aspiring real estate appraisers who received scholarships through the Appraiser Diversity Initiative. Fourteen students each received $1,250 in scholarships for three qualifying education courses.