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Foreclosures were up 21 percent in October compared with September, but are 4 percent lower than at the same point last year, analytics firm ATTOM Data Solutions reported Nov. 27. Thirty-eight metro areas saw increased annual foreclosure rates, with Houston up 198 percent and Tampa-St. Petersburg, Florida, up 67 percent.
The Appraisal Institute designated 42 members in November, including 18 who received their MAI designations, six who received their SRA designations, 16 who received their AI-GRS designations and two who received their AI-RRS designations.
Rising interest rates and home prices are expected to overshadow inventory increases next year, making the housing market more challenging for hopeful homebuyers, according to a Realtor.com forecast, HousingWire reported Nov. 28. Realtor.com reported that a buyer’s market is still at least five years off.
Mortgage rates were stable during the past week, amid slowing auto and home sales and a general softening of the economy, Freddie Mac reported Nov. 29 in its Primary Mortgage Market Survey. However, purchase mortgage applications increased, which indicates there are buyers in the market.
The Appraisal Institute regrets the passing of the following Designated Members, as reported to Appraiser News Online in November.
The Federal Deposit Insurance Corporation voted Nov. 20 to propose that community banks with a minimum leverage capital ratio of 9 percent automatically be deemed in compliance with mandated Basel III capital requirements of between 8 and 10 percent, ABA Banking Journal reported. FDIC also proposed exempting those institutions from complicated Basel III calculations.
Interest in green loans issued by Fannie Mae and Freddie Mac is expected to increase among multifamily developers, despite tougher new standards, National Real Estate Investor reported Nov. 20. Borrowers must pledge to reduce energy and water consumption by 25 percent at their properties in order to qualify for the loans.
Title insurance companies must now provide additional information on all-cash real estate deals valued at $300,000 or higher, according to new rules from the Treasury Department’s Financial Crimes Enforcement Network, HousingWire reported Nov. 19. The new rules stem from an investigation of foreign buyers who used shell companies to launder money.
A third of all homes for sale in October experienced at least one price reduction, the highest number of reductions in eight years, according to real estate broker Redfin, MBA NewsLink reported Nov. 21. However, purchase prices continue to rise, and are up 4.5 percent from the same point a year ago.
Mortgage rates experienced their largest weekly drop in more than three years, giving prospective homebuyers a reason to enter the market before rates increase again, Freddie Mac reported Nov. 21 in its Primary Mortgage Market Survey.
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