ano - Appraiser News Online

Aug 03, 2022

Federal Reserve Planning More Rate Increases to Curb Inflation

Federal Reserve Chair Jerome Powell on July 27 raised the benchmark U.S. interest rate 75 basis points to a range of 2.25% to 2.5%, and noted that the Fed will continue tightening monetary policy, including additional interest rate hikes, to help curb inflation, Bloomberg reported.

Aug 03, 2022

Treasury Seeks to Increase Home Affordability, Decrease Long-term Housing Costs

The U.S. Treasury Department announced July 27 new guidance for state, local and tribal governments to use American Rescue Plan Funds to increase affordable housing and help reduce long-term costs. Treasury has previously encouraged governments to use some of the $350 billion available under the State and Local Fiscal Recovery Funds for affordable housing, and this new effort builds on that program.

Aug 03, 2022

New Home Sales Drop Amid Rising Costs and Materials Shortages, According to NAHB

The sales of newly built single-family homes fell 8.1% in June — dropping to their lowest level since April 2020 — and are down 13.4% year-to-year, the National Association of Home Builders reported July 26. The drop is being attributed to materials shortages, rising construction costs and higher interest rates.

Aug 03, 2022

Riverside, California, Among Housing Markets Most Susceptible to Downturn: Redfin

Housing markets that were considered hotspots during the pandemic, particularly Riverside, California; Boise, Idaho; and Cape Coral, Florida, are some of the most susceptible to housing downturns, Redfin reported July 26. Market vulnerability was based on such indicators as home-price volatility, average debt-to-income ratio and home-price growth.

Aug 03, 2022

High Mortgage Rates Causing Housing Market to Fluctuate: Freddie Mac

Mortgage rates dropped slightly during the past week and are expected to remain in flux due to growing recession risk and waning consumer confidence, Freddie Mac reported July 28 in its Primary Mortgage Market Survey. Home sales are expected to slow until the market adjusts to a higher rate environment.

Aug 03, 2022

US Needs 4 Million More Apartments by 2035, Research Shows

Nearly 4.3 million new apartments will be needed across the U.S. by 2035 to meet housing demand, according to research released July 28 by the National Multifamily Housing Council and the National Apartment Association. Currently, there is a shortage of around 600,000 units, and the number of affordable apartments — those with rents less than $1,000 per month — has declined by 4.7 million between 2015-20.

Aug 03, 2022

Economy is Slowing, Housing Starts and Home Sales Both Decline, Data Reveals

The Conference Board Leading Economic Index, which assesses the 3-6-month economic outlook, dropped 0.8% in June, the fourth consecutive monthly decline, Fannie Mae reported July 22. Existing home sales were down 5.4% in June, the lowest point in two years, and housing starts dropped 2% to the lowest level since last October. Consumer pessimism, labor conditions and stock prices drove the decline.

Aug 03, 2022

Pending Home Sales Down Nearly 9% in June, NAR Reports

Pending home sales fell 8.6% between May and June, dropping in all regions as high prices and rising mortgage rates are giving buyers pause, the National Association of Realtors reported July 27. While contract signings fell by double digits in the East, Midwest and South, they were down even more in the West, dropping by nearly a third.

Aug 03, 2022

Student Housing Continues to Break Records: Yardi Matrix 

The student housing sector continues to break records, with a pre-lease rate of 87.2% in June, which is 10.1% higher than at the same point last year and 7.7% higher than pre-pandemic levels, Yardi Matrix reported July 27. Transaction activity also increased despite rising interest rates, which shows significant confidence in the sector.  

Aug 03, 2022

Florida, Pennsylvania Boast Nation’s Hottest Apartment Markets: RentCafé

Miami-Dade County in Florida is the nation’s hottest residential rental market, and the state itself has some of the most in-demand cities, based on the number of days units sat vacant, the percentage of occupied units, competition among renters and the percentage of renters who renewed their leases, RentCafé reported July 25. Harrisburg, Pennsylvania, is the nation’s second hottest rental market.