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The Appraisal Institute designated 29 members in February, including 12 who received their MAI designations, seven who received their SRA designations, nine who received their AI-GRS designations and one who received his AI-RRS designation.
The Appraisal Institute and Freddie Mac on March 5 announced a partnership targeted to help real estate appraisers when valuing manufactured housing. The partnership will provide practical appraisal training to all appraisers, as well as specifically targeted training and case studies to address manufactured housing valuation assignments for Freddie Mac’s CHOICEHome.
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.
California will require solar panels on all new homes starting next year, and the mandate could increase property prices by $8,000 to $10,000 and hurt affordable housing, according to the California Energy Commission, CNBC reported Feb. 17. However, homeowners are expected to recoup costs through lower utility bills.
Multifamily housing starts are expected to moderate somewhat this year, eventually stabilizing at a level that is considered “normal,” the National Association of Home Builders announced Feb. 20 at its annual conference in Las Vegas. The NAHB said it expects annual starts to be around 379,000 units, down 2 percent from last year.
The spring homebuying season looks favorable thanks to slowing house price appreciation, decelerating interest rate increases, strong employment and continued wage growth, Fannie Mae’s Economic and Strategic Research Group reported Feb. 21. The February forecast said only one rate hike is expected this year.
Sales of existing homes fell in January, the third consecutive month to experience a drop, and now are at their lowest point since November 2015, the National Association of Realtors reported Feb 21. Of the four major U.S. regions, only the Northeast saw an uptick in sales last month.
Foreclosure filings were up 8 percent in January, but remained 19 percent lower than at the same point last year, analytics firm ATTOM Data Solutions reported Feb. 15. However, some metro areas saw significant increases, including Orlando, Florida, which saw a 72 percent year-over-year increase in foreclosure filings.
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