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The Appraisal Institute is seeking the names of AI professionals interested in serving as the organization’s 2020 vice president. The 2020 vice president will succeed to the office of president-elect in 2021, president in 2022 and immediate past president in 2023.
Pittsburgh is the nation’s most affordable large housing market, with an average home price of $143,000, according to the think tank American Enterprise Institute, which released on Dec. 14 a survey of home prices and incomes in the 50 largest metros. The least affordable market is San Jose, California.
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency announced Dec. 4 that they are seeking comment on a proposal to raise the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000.
Multifamily housing and commercial real estate in large urban areas are the primary beneficiaries of capital raised through Opportunity Zone incentive programs aimed at boosting investment in needy areas, according to the National Council of State Housing Agencies, MarketWatch reported Dec. 3.
Volatile financial markets, increased supply (or glut?) and rising interest rates are the primary issues expected to influence the multifamily market next year, according to real estate firm Investors Management Group, Kiplinger reported Dec. 5. The firm said the market is signaling dynamic changes ahead.
Nearly 75 percent of Americans believe that a lack of affordable housing is a national concern and, 68 percent said they feel it’s currently a problem in their state, according to results of a survey conducted on behalf of the National Association of Home Builders and released Dec. 4.
Florida and Texas are top relocation destinations, while Alaska is the state residents most want to leave, according to a state migration study released Dec. 5 by online mortgage marketplace LendingTree. The study, which involved more than 2 million purchase mortgage loan requests, revealed that southern states were most popular overall.
A volatile stock market caused mortgage rates to drop during the past week, a change in direction after several weeks of steady performance, Freddie Mac reported Dec. 6 in its Primary Mortgage Market Survey.
Goldman Sachs sees only a 30 percent chance of a recession by 2020, the opposite of what other economists have been predicting, HousingWire reported Dec. 4. Goldman Sachs noted the biggest concerns focus on tariffs, labor inflation and pressure on margins and higher rates.
Commercial real estate activity was modest to moderate in most Federal Reserve districts, while residential activity was reported to be mostly flat or declining — although the majority of districts reported increased home prices, according to the Fed Beige Book released Dec. 5.
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