ano - Appraiser News Online

Nov 30, 2022

Investor Home Purchases See Biggest Drop Since Great Recession, Redfin Reports

Home purchases made by investors dropped 30.2% year-over-year during the third quarter, the sharpest decline since the Great Recession, save for the start of the pandemic, Redfin reported Nov. 22. Investors spent $42.4 billion on properties, down from $57.6 billion last year.

Nov 30, 2022

45-Day Notice on Proposed Amendments to Officer Nominations and Elections

The Appraisal Institute Board of Directors on Nov. 22 sent to 45-Day Notice proposed amendments to Appraisal Institute Bylaws governing the nomination and election of officers (AI log-in required).

Nov 30, 2022

Home Values Higher Near ALDI Grocery Stores: Report

Living near an ALDI grocery store can increase home values, ATTOM reported Nov. 22 in its Grocery Store Wars report. Homes near an ALDI saw an average price appreciation of 58% over five years while homes near a Trader Joe’s saw an average appreciation of 49% and those near a Whole Foods saw an average appreciation of 45%.

Nov 30, 2022

FHA Rescinds Mandatory Use Date for FHA Catalyst Electronic Appraisal Delivery Module

The Federal Housing Administration in its Nov. 22 Mortgagee Letter 2022-19 rescinded the Mandatory Use Date for the FHA Catalyst: Electronic Appraisal Delivery Module. This action rescinds the mandatory use date for mortgagees to submit appraisals for single-family Title II mortgage endorsements through the FHA Catalyst: EAD Module, which is being discontinued. Starting Oct. 14, 2023, appraisals must be submitted through FHA’s non-Catalyst, legacy EAD portal.

Nov 30, 2022

Net Negative Demand for Multifamily in Q3: Newmark 

The absorption rate for multifamily properties dropped during the third quarter, with a net negative demand of 82,035 units, Newmark reported Nov. 21. While multifamily remains the most popular property type and accounted for 41.7% of all U.S. commercial real estate year-to-date, sales volume during the third quarter declined 17.2% year-over-year.

Nov 30, 2022

More Than 50% of Business Leaders Plan to Invest in Office Space, E&Y Survey Reveals  

Fifty-eight percent of C-suite executives said they plan to invest in commercial real estate despite the current economic environment, while 64% expressed interest in suburban office space, according to an Ernst & Young survey, GlobeSt.com reported Nov. 18. Only 33% of respondents said they plan to downsize their CRE investment. 

Nov 30, 2022

Existing Home Sales Dropped 6% in October, Marking 9th Consecutive Dip, NAR Reveals

Sales of existing homes in October were down for the ninth consecutive month, dropping 5.9% from September and 28.4% from the same point a year ago, the National Association of Realtors reported Nov. 18. The drop was primarily blamed on increasing mortgage rates.

Nov 30, 2022

Mortgage Rates Drop, but Unpredictability Confuses Potential Buyers: Freddie Mac

Mortgage rates were down preceding the Thanksgiving holiday, Freddie Mac reported Nov. 23 in its Primary Mortgage Market Survey. Freddie noted that the volatility is making it difficult for potential homebuyers to know when to enter the market, and that confusion is reflected in data showing existing home sales slowed across all price points.

Nov 30, 2022

Homes in Atherton, California, ZIP Code are Priciest: Data

The 94027 ZIP code for Atherton, California, is the nation’s most expensive, with the median home sales price approaching $8 million, PropertyShark reported Nov. 23. Homes prices rose in 86% of the most expensive ZIP codes, with 14 communities surpassing the $4 million median price point. California has 90 of the most expensive ZIP codes followed by New York with 17.

Nov 30, 2022

FHFA Conforming Loan Limits Exceed $1M for the First Time

The Federal Housing Finance Agency on Nov. 29 announced that the 2023 conforming loan limit value for mortgages acquired by Fannie Mae and Freddie Mac will be $726,200 for one-unit properties in most of the U.S., up $79,000 from this year. In more expensive areas, such as parts of California and New York, the loan limit will be $1,089,300 — a new high.

Nov 30, 2022

US Economy Likely to See Recession Begin and End in 2023: Fannie Mae

The U.S. economy is likely to enter a modest recession during the first quarter of 2023, with housing expected to lead the decline, Fannie Mae’s Economic and Strategic Research Group reported Nov. 21. However, overall housing demographics are favorable, so the recession is expected to be brief.

Nov 30, 2022

Apartment Rents Decline; New York City Still Nation’s Most Expensive: Zumper 

Rent prices continue to gradually decline in most of the U.S., with the median price for a one-bedroom unit remaining flat and the median price for a two-bedroom unit dropping 0.4%, Zumper reported Nov. 22 in its National Rent Report. New York City rents are most expensive, with a median of $3,790 for a one-bedroom unit.