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The housing sector likely will slow next year as it fails to get a boost from the strong labor market, Fannie Mae reported Nov. 20 in its November Economic and Housing Outlook. The report noted that homebuyers remain discouraged by rising mortgage rates, elevated home prices and a shortage of inventory.
Sales of existing homes rose in October, increasing for the first time in six months, the National Association of Realtors reported Nov. 21. Existing home sales were up 1.4 percent from September, but still are 5.1 percent lower than at the same point last year.
The Appraisal Institute announced Nov. 28 that its elected officers and others represented the organization at high-profile events in November.
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.
The Appraisal Institute Board of Directors approved the proposed 2019 committee appointments and the proposed appointments of 2019 representatives to other organizations made by President-Elect Stephen S. Wagner, MAI, SRA, AI-GRS, during its Nov. 15-16 meeting in Chicago.
The Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve on Nov. 20 released a proposal to increase the threshold at which residential home loans require an appraisal to $400,000 from $250,000.
Cap rates have mostly declined since 2000, but market indicators suggest the era is ending and likely leading to moderate cap rate expansion, according to real estate advisor RCLCO, MBA NewsLink reported Nov. 15.
Five large multifamily real estate investment trusts have invested $108 million in a venture capital fund that will be used to help finance disruptive real estate technology in the multifamily space, HousingWire reported Nov. 14. The investors in Real Estate Technology Ventures own or manage about one million rental units.
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