ano - Appraiser News Online

Jul 08, 2020

Data Confirms Q2 CRE Downturn Due to Coronavirus

Commercial real estate executives confirmed a downturn in market conditions during the second quarter because of COVID-19-related job losses and business shutdowns, according to The Real Estate Roundtable’s 2020 Q2 Economic Sentiment Index released June 30. The index showed an expectation that the market will improve by next year, dependent on jobs and business data.

Jul 08, 2020

COVID-19, Economy Top Real Estate Concerns: Report

The COVID-19 pandemic, economic renewal and capital market risk are among the biggest concerns affecting the real estate industry through next year, according to the Counselors of Real Estate, which released its list of the top 10 issues on June 25. Also on the list: public and private debt and affordable housing.

Jul 08, 2020

Millions of Properties at Greater Flood Risk Than Previously Estimated, Data Reveals

The number of U.S. properties in danger of flooding this year is 70% higher than government data suggests, according to a study released June 29 by the nonprofit research group First Street Foundation. The data shows around 14.6 million properties are at risk of flooding, compared with Federal Emergency Management Agency data showing 8.7 million properties at risk.

Jul 08, 2020

Foot Traffic at Indoor and Outdoor Shopping Malls Still Down but Recovering: Study

Shoppers are returning to malls as states ease lockdown restrictions, with foot traffic in June down 41.7% at indoor malls and 33.5% at outdoor malls compared with a year earlier, analytics firm Placer.ai reported in a study released July 1. Those figures are up from early May when foot traffic was down 74.6% at indoor malls and 74.5% at outdoor malls compared with a year earlier.

Jul 08, 2020

Rent Growth Slows, Drops in Many Pricey Markets: Index

Rents are decreasing in many parts of the country, with San Francisco; Orlando, Florida; New York City; and San Jose, California, seeing the largest drops, according to rental listing site Apartment List, MarketWatch reported June 29. Nationwide, rents this year are up only 0.2%, which is the lowest year-over-year growth rate in the past five years.

Jul 08, 2020

Median Home Prices Flat or Falling in 17 States Amid Economic Downturn: Data

Median home prices were stagnant or down in 17 states between April and May, a sign that the coronavirus pandemic has slowed the country’s eight-year housing boom, analytics firm ATTOM Data Solutions reported July 1. Charlotte, North Carolina, reported the greatest decline, with the median home price down 10%.

Jul 08, 2020

Prices for Affordable Homes Grew Fastest as COVID-19 Gripped the Country: Redfin

Prices for affordable homes began climbing soon after the World Health Organization declared COVID-19 a pandemic, while prices for expensive homes barely budged, real estate site Redfin reported June 26. Affordable home prices climbed 5.5% year-over-year during the 12 weeks ending May 31, while prices of expensive homes increased 2%.

Jul 08, 2020

Mortgage Data From 5,500 Lenders Released by FFIEC

The Federal Financial Institutions Examinations Council on June 24 announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered under the Home Mortgage Disclosure Act. HMDA institutions include savings associations, banks, mortgage companies and credit unions, and the number of those reporting dropped 3% year-over-year.

Jul 08, 2020

Quicken Loans Ranked as Top Mortgage Originator of 2019, HMDA Figures Show

Quicken Loans was the top mortgage originator of 2019, with 541,000 total originations according to the Consumer Financial Protection Bureau’s annual report of Home Mortgage Disclosure Act data released June 25, HousingWire reported. Rounding out the top five: United Wholesale Mortgage, Wells Fargo, JPMorgan Chase and Fairway Independent Mortgage.

Jul 08, 2020

Mortgage Rates Hit All-time Low as Economic Recovery Slows, Freddie Mac Reports

Mortgage rates during the past week fell to a new low as declines in consumer spending and purchase activity suggest a slowdown in the nation’s economic recovery, Freddie Mac reported July 2 in its Primary Mortgage Market Survey. Freddie noted that rates could possibly dip below 3% later this year.

Jul 08, 2020

Appraisal Institute Professional Appointed to North Carolina Appraisal Board

North Carolina House Speaker Tim Moore on July 1 appointed Jack C. (Cal) Morgan III, MAI, SRA, AI-GRS, to the state’s Appraisal Board. His term runs to June 30, 2021. Morgan is the owner of JC Morgan Company in Wilmington, North Carolina, where he also serves as chair of the city’s Zoning Board of Adjustment. He previously served on the state’s Property Tax Commission.

Jul 08, 2020

Appraisal Institute Recognizes 2 Individuals as ‘Volunteers of Distinction’ for Q2

The Appraisal Institute on July 8 announced the recognition of two individuals as “Volunteers of Distinction” for the second quarter.