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Officials in North Dakota are seeking a temporary appraisal waiver for residential loans up to $500,000, citing a shortage of qualified appraisers, Mortgage Daily reported Aug. 6. The joint request came from Gov. Doug Burgum, the Department of Financial Institutions and the North Dakota Bankers Association.
Appraisers are no longer required to use form 1004MC, effective immediately, Fannie Mae announced Aug. 7 when releasing its updated Selling Guide. The change was anticipated and is expected to simplify reporting for appraisers and review for lenders. Appraisers still are responsible for analyzing and accurately reporting market conditions.
While the multifamily market currently is strong, a downturn is expected over the next three years, making this a good time for both investors and sellers — depending on the city, according to online marketplace Ten-X, HousingWire reported Aug. 6. Houston is the top city for investors, while Miami is the top city for sellers.
The delinquency rate for commercial mortgage-backed securities is at a new low and might fall below 3 percent by the end of the year thanks to the resolution of distressed legacy loans and a healthy level of new issuance, according to analytics firm Trepp, National Real Estate Investor reported Aug 8.
Overall commercial real estate pricing indexes were steady in July, with some sectors fairing very well, including industrial properties, manufactured homes and student housing, while others declined significantly, including shopping centers and malls, according to analytics firm Real Capital Analytics, MBA NewsLink reported Aug. 9.
Demand for small-cap commercial real estate remained positive during the second quarter, but showed signs of erosion, according to analytics firm Boxwood Means, MBA NewsLink reported Aug. 9. The 37.4 million square feet of occupancy gains for first half 2018 is the worst mid-year performance since 2011.
More than half of real estate appraisers say they have found that properties with solar panels also have energy-efficient upgrades or are built to a high-energy efficiency standard, such as Energy Star or LEED, according to a joint Appraisal Institute, Lawrence Berkeley National Laboratory and Sandia National Laboratory survey, AI announced Aug. 15.
The median price of existing single-family homes during the second quarter reached a record high of $269,000, a 5.3 percent increase from the same point last year, the National Association of Realtors reported Aug. 8. The three most expensive markets were in California: San Jose, San Francisco and Anaheim/Santa Ana.
Fewer consumers believe now is a good time to buy or sell a home, citing high home prices and concerns about job security, Fannie Mae reported Aug. 7 in its Home Purchase Sentiment Index. This is the second consecutive index drop.
The housing market in Cumberland, Maryland, is forecast to depreciate more than any other market over the next 12 months, according to analytics firm VeroForecast, HousingWire reported Aug. 8. The forecast is based on slow population growth, population declines or proximity to a slow-growth metro.
Mortgage rates inched back during the past week, providing a little relief for homebuyers, Freddie Mac reported Aug. 9 in its Primary Mortgage Market Survey. However, rates are 3.9 percent higher than at the same point last year.
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