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The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency announced Dec. 4 that they are seeking comment on a proposal to raise the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000.
Goldman Sachs sees only a 30 percent chance of a recession by 2020, the opposite of what other economists have been predicting, HousingWire reported Dec. 4. Goldman Sachs noted the biggest concerns focus on tariffs, labor inflation and pressure on margins and higher rates.
Multifamily housing and commercial real estate in large urban areas are the primary beneficiaries of capital raised through Opportunity Zone incentive programs aimed at boosting investment in needy areas, according to the National Council of State Housing Agencies, MarketWatch reported Dec. 3.
Commercial real estate activity was modest to moderate in most Federal Reserve districts, while residential activity was reported to be mostly flat or declining — although the majority of districts reported increased home prices, according to the Fed Beige Book released Dec. 5.
Volatile financial markets, increased supply (or glut?) and rising interest rates are the primary issues expected to influence the multifamily market next year, according to real estate firm Investors Management Group, Kiplinger reported Dec. 5. The firm said the market is signaling dynamic changes ahead.
New apartments in the U.S. average 941 square feet — 5 percent smaller than a decade ago, online apartment site RentCafé reported Nov. 30, citing data from analytics firm Yardi Matrix. Seattle has the tiniest apartments, averaging 711 square feet, while Tallahassee, Florida, has the largest, averaging 1,038 square feet.
Nearly 75 percent of Americans believe that a lack of affordable housing is a national concern and, 68 percent said they feel it’s currently a problem in their state, according to results of a survey conducted on behalf of the National Association of Home Builders and released Dec. 4.
The housing market should see modest inventory gains next year, but rising mortgage rates could pose a challenge to potential homeowners, Realtor.com reported Nov. 27 in its 2019 National Housing Forecast. Other findings suggest potentially large inventory gains in high-priced markets and a surge in millennial homeowners.
Florida and Texas are top relocation destinations, while Alaska is the state residents most want to leave, according to a state migration study released Dec. 5 by online mortgage marketplace LendingTree. The study, which involved more than 2 million purchase mortgage loan requests, revealed that southern states were most popular overall.
Applications for home equity conversion mortgages, known as reverse mortgages, dropped 17.4 percent in November, reaching a level not seen since 2004, according to data released Dec. 4 by analytics firm Reverse Market Insight, HousingWire reported. Program changes implemented in October reduced the number of individuals eligible for the loans.
A volatile stock market caused mortgage rates to drop during the past week, a change in direction after several weeks of steady performance, Freddie Mac reported Dec. 6 in its Primary Mortgage Market Survey.
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