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Mortgage rates rose slightly during the past week after several weeks of moderation — but they remain lower than at the same point a year ago, Freddie Mac reported March 7 in its Primary Mortgage Market Survey.
Minneapolis has the highest homeownership rate for low-income families, with 57.7 percent of household incomes in the lowest percentile owning homes, online real estate marketplace Redfin reported March 4. Pittsburgh and St. Louis were in second and third place, respectively.
Three-quarters of economists responding to a survey from the National Association for Business Economics believe that a recession will take place by the end of 2021, HousingWire reported Feb. 26. The economists said they generally favor current economic policy, but expect diminishing returns on existing deregulation and tax initiatives.
The lodging sector is in its 10th year of growth, but slowing economic expansion and rising inflation, along with competition from Airbnb and similar services will weigh on hotel margins and revenue-per-room through 2020, according to a report from financial services firm S&P Global Ratings, MBA NewsLink reported Feb. 28.
Homes in Farmington, New Mexico, are expected to see the greatest depreciation in value this year, with an expected drop of 2.6 percent, according to analytics firm VeroForecast, HousingWire reported Feb. 27. Three Illinois cities took the second through fourth spots, with homes in Danville, Decatur and Peoria expected to see annual depreciation.
The inventory of for-sale homes continues to increase, growing by 6 percent year-over-year in February and accounting for about 73,000 additional listings, Realtor.com reported Feb. 27. Housing inventory in the 50 largest metros grew by 11 percent in February, marking the fifth consecutive month of growth.
Mortgage rates were steady during the past week following three consecutive weeks of decline, Freddie Mac reported Feb. 28 in its Primary Mortgage Market Survey. Mortgage applications rose 5.3 percent, indicating that the spring homebuying season could be strong.
The Appraisal Institute regrets the passing of the following Designated Members, as reported to Appraiser News Online in February.
The United States Court of Appeals for the 5th Circuit dismissed on Feb. 28 the Louisiana Real Estate Appraisers Board’s petition for review of a Federal Trade Commission decision that disallowed the LREAB from asserting its state-action immunity defense in ongoing administrative proceedings. The court ruled that it did not have jurisdiction to consider the petition.
Cap rates for hotels, offices and multifamily properties are steady and expected to remain so through the first half of the year due to strong economic growth, abundant capital and a favorable supply and demand environment, according to real estate firm CBRE, MBA NewsLink reported Feb. 28.
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