Choose your path
Fannie Mae and Freddie Mac can be freed from government oversight even if Congress doesn’t pass a housing-financial overhaul involving the government-sponsored enterprises, the Federal Housing Finance Agency Director, Mark Calabria, told Bloomberg May 8. He noted that Congress will get at least an entire session to act.
Rural areas, which comprise 42 percent of the nation’s counties, suffered significant population and job losses due to the Great Recession and likely won’t recover, leaving their housing and commercial bases to struggle, according to Commerce Department data, CityLab reported May 7. Communities in the Northeast and the Midwest were hardest hit.
The U.S. office sector proved resilient during the first quarter, absorbing around 14 million square feet — even after the delivery of 6.8 million square feet of newly constructed space, according to real estate firm JLL, National Real Estate Investor reported May 9. An additional 110.4 million square feet of office space is under construction.
Values for industrial and office properties are forecast to rise about 3% over 12 months, while values for retail properties are forecast to drop around 4.5%, according to the Royal Institution of Chartered Surveyors’ 2019 Q1 U.S. Commercial Property Monitor report, Commercial Property Executive reported May 7.
The housing market for those aged 55 and older is thriving as baby boomers seek out new properties for their retirement years, according to the National Association of Home Builders’ Housing Market Index, HousingWire reported May 6. Builder confidence was at its highest level since the index began a decade ago.
Idaho Falls, Idaho, is expected to see home prices grow 10.2% in the next year, a faster rate than any other market, according to analytics firm Veros Real Estate Solutions, HousingWire reported May 7. Odessa, Texas, and Boise City-Nampa, Idaho, rounded out the top three on the list.
Sixty-seven percent of Americans said they believe that homeownership is better than renting, but lackluster home sales and concerns about affordability leave many to see renting as a viable alternative, according to a LendingTree survey released May 6. Thirteen percent of owners said they want to revert back to renters.
The number of underwater homes rose to 5.2 million during the first quarter, an increase of 17,000 properties compared to the same point one year ago, analytics firm ATTOM Data Solutions reported May 7. Underwater homes represented 9.1% of all U.S. homes with a mortgage, compared to 8.8% a year ago.
Mortgage rates dipped slightly during the past week as investors grow wary of ongoing trade disputes, Freddie Mac reported May 9 in its Primary Mortgage Market Survey. However, continued wage growth and a strong job market should help hold rates steady.
Pledger M. (Jody) Bishop III, MAI, SRA, AI-GRS, of Charleston, South Carolina, was nominated for 2020 Appraisal Institute vice president by the AI National Nominating Committee at its May 8 meeting in Chicago.
Pop up content here.