Appraisal Institute News

May 31, 2023 08:30 AM

Home Values Decline in April, Redfin Reports

The median home price fell 4.1% year-over-year in April to $408,031, reflecting a loss of $17,603, the largest drop in dollar value on record, Redfin reported May 22. Pandemic boomtowns experienced the steepest declines, especially Oakland, California, where home values dropped 16.1% from the same point a year ago, and Austin, Texas, where prices dropped 15.3%.

May 31, 2023 08:30 AM

All Major Property Types Post Annual Declines: RCA Index

In April, all major property types posted annual declines — the first time that’s happened in a single month since September 2010, according to the RCA CPPI National All-Property Index, GlobeSt.com reported May 30. The apartment sector saw the largest monthly and annual declines among major property types, down 1.5% and 12.1%, respectively.

May 31, 2023 08:30 AM

Economic Uncertainty Remains High for Commercial Real Estate: JPMorgan Chase  

Commercial real estate will face increased uncertainty for the rest of the year, according to JPMorgan Chase’s Midyear Commercial Real Estate Outlook, MBA NewsLink reported May 24. While most sectors have been resilient the first half of the year, questions loom about the office sector and rising interest rates, which have increased 10 times between March 2022 and May 2023.

May 24, 2023 08:30 AM

AI PAREA Program Receives Approval from the AQB

The Appraisal Institute announced May 18 that its Practical Applications of Real Estate Appraisal program for the licensed residential path received approval from the Appraiser Qualifications Board. Appraisal Institute President Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, said the program will create many opportunities for aspiring appraisers who might not currently have a pathway into the profession.

May 24, 2023 08:30 AM

FHFA Seeks Input on Single-family Pricing Framework

The Federal Housing Finance Agency on May 15 issued a Request for Input on the single-family pricing network for Fannie Mae and Freddie Mac and on the processes necessary to set single-family upfront guarantee fees for them. Comments are due by Aug. 14.

May 24, 2023 08:30 AM

Inflation Remains High but Shows Signs of Easing, Fannie Mae Reports

Concerns about inflation are easing, with data showing current annual rates trending as expected at around 2% to 5.5%, and small businesses no longer cite inflation as their biggest worry, Fannie Mae reported May 12. However, lenders are still tightening credit standards for both residential and commercial real estate loans.

May 17, 2023 08:30 AM

Retail Fundamentals on the Decline Due to Inflation, Banking Issues: JLL

Retail fundamentals have started to pull back as a result of continued inflation and banking troubles, JLL reported May 9. Major retailer bankruptcy announcements have increased, with nine already declared this year compared to 10 total in 2022. Net absorption totaled 9.1 million square feet for the quarter — a notable decline from the 20.1 million square feet in Q4. 

May 17, 2023 08:30 AM

FHFA Rescinds Upfront Fees for Mortgages Based on DTI Ratio

The Federal Housing Finance Agency announced May 10 that it has rescinded the upfront fees based on borrower debt-to-income ratio for loans purchased by Fannie Mae and Freddie Mac. The agency changed its original plan based on stakeholder feedback.

May 17, 2023 08:30 AM

Washington State Drops Single-family Zoning

Washington Gov. Jay Inslee on May 8 signed HB 1110, legislation that lifts zoning restrictions on duplexes and fourplexes — referred to as “middle housing” — in areas zoned for single-family properties. The law is intended to alleviate housing supply issues. The state’s Department of Commerce will provide guidance for implementing the new requirements and developing a model middle housing ordinance.

May 10, 2023 08:30 AM

Appraisal Standards Board Adopts New Edition of USPAP

The Appraisal Standards Board on May 5 voted to adopt the Fifth Exposure Draft of proposed changes to the Uniform Standards of Professional Appraisal Practice. The new edition will be available this fall and take effect Jan. 1, 2024. Unlike previous editions, it will not have an end date.