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Tacoma, Washington, was named the nation’s hottest housing market, with home prices rising 6% over the past year and inventory of available homes dropping 12.5%, according to online real estate marketplace Redfin, HousingWire reported May 28. More than 50% of recently sold Tacoma homes were under contract within two weeks.
Mortgage rates during the past week dropped to their lowest level since January 2018, which should help sales of both new and existing homes, Freddie Mac reported May 30 in its Primary Mortgage Market Survey.
The Appraisal Institute regrets the passing of the following Designated Members, as reported to Appraiser News Online in May.
The size of new single-family homes averaged 2,584 square feet during the first quarter of 2019, up from 2,576 square feet during the fourth quarter — a move that runs counter to the recent trend of shrinking home sizes, the National Association of Home Builders reported May 21.
Pending home sales dropped 1.5% in April, marking the 16th consecutive month of year-over-year declines, the National Association of Realtors reported May 30. The Midwest was the only region to see growth in pending home sales, which were up 1.3% for the month.
The Appraisal Institute designated 20 members in May, including nine who received their MAI designations, two who received their SRA designations, seven who received their AI-GRS designations and two who received their AI-RRS designations.
Regulatory compliance standards are discouraging lenders from working with various government housing agencies, Brian Montgomery, Federal Housing Administration commissioner, told attendees May 23 at a Mortgage Bankers Association conference, MBA NewsLink reported. Montgomery said the agencies are seeking to create a friendlier environment to encourage more lending.
The nation’s mortgage industry probably will still have to deal with a “zombie” version of the London Interbank Offered Rate even after the benchmark is phased out in 2021, Reuters reported May 21. The trade group Alternative Reference Rates Committee has introduced guidelines, backed by the Federal Reserve, for participants to use another reference rate.
The retail sector remains flat, with vacancy rates remaining above 10%, where they are expected to remain through 2022, according to the Spring 2019 U.S. Retail Market Outlook report from commercial real estate marketplace Ten-X, MBA NewsLink reported May 23. The report noted that investors are looking for redevelopment and repositioning opportunities.
Thanks to strong local economies and job growth, demand for apartments is growing in a number of southeastern cities, including Charlotte, North Carolina; Nashville, Tennessee; and Atlanta, according to property management data firm RealPage, National Real Estate Investor reported May 21.
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