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The Federal Housing Administration announced Jan. 28 it is postponing changes to its Electronic Appraisal Delivery system Appraisal Logging Screen due to a lapse in appropriations. FHA also is delaying the Appraisal Case Transfer screen in FHA Connection and the start date for business-to-government appraisal logging and transfer connections to an undetermined future date.
Last year was a “volatile” one for commercial construction, with completions declining for all sectors expect for office, analytics firm Reis stated in its “Construction First Glance” report, MBA NewsLink reported Jan. 31. Reis noted that market participants are watching economic conditions and job growth for signs of market uncertainty.
Zillow awarded $1 million to a team of data scientists and engineers from the United States, Canada and Morocco for winning a contest to create an algorithm that outperformed its proprietary Zestimate, HousingWire reported Jan. 30. Zillow said it will adopt parts of the winning algorithm, which bested the Zestimate by about 13 percent.
Cities where homeowners stay in their houses for shorter stints saw property prices appreciate 30 percent, compared with 12 percent in cities where residents remain in homes longer, according to online mortgage marketplace LendingTree, HousingWire reported Jan. 29.
The Appraisal Institute opens registration Feb. 12 for its 2019 Leadership Development and Advisory Council conference, which will take place May 15-17 at the Washington Marriott at Metro Center. AI also announced it is offering sponsorship opportunities for LDAC. All money raised will be used to sponsor one of the numerous activities at the conference.
The Appraisal Institute regrets the passing of the following Designated Members, as reported to Appraiser News Online in January.
The Appraisal Institute on Feb. 4 was one of six organizations signing a comment letter that “strongly opposed” a proposal from the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency to raise the residential appraisal threshold from $250,000 to $400,000.
Federal Reserve Chair Jerome Powell on Jan. 30 said the Fed would be patient before making any future interest rate increases because of uncertainty over the nation’s economy, Reuters reported. The Fed also dropped promises of further gradual rate hikes.
The industrial sector ended 2018 on a positive note, with absorption exceeding new supply by 6.3 million square feet and a vacancy rate of 4.3 percent — its lowest level since 2002, according to real estate services firm CBRE, MBA NewsLink reported Jan. 31.
Home sellers saw an average profit of $61,000 last year, a 32.6 percent return on investment, and the highest rate of return in 12 years, analytics firm ATTOM Data Solutions reported Jan. 31. The highest ROI was reported in West Coast cities, led by San Jose, California, where sellers averaged a 108.8 percent profit.
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