Appraisal Institute News

Jul 08, 2020 12:30 PM

Data Confirms Q2 CRE Downturn Due to Coronavirus

Commercial real estate executives confirmed a downturn in market conditions during the second quarter because of COVID-19-related job losses and business shutdowns, according to The Real Estate Roundtable’s 2020 Q2 Economic Sentiment Index released June 30. The index showed an expectation that the market will improve by next year, dependent on jobs and business data.

COVID-19, Economy Top Real Estate Concerns: Report

The COVID-19 pandemic, economic renewal and capital market risk are among the biggest concerns affecting the real estate industry through next year, according to the Counselors of Real Estate, which released its list of the top 10 issues on June 25. Also on the list: public and private debt and affordable housing.

Jul 08, 2020 12:30 PM

Millions of Properties at Greater Flood Risk Than Previously Estimated, Data Reveals

The number of U.S. properties in danger of flooding this year is 70% higher than government data suggests, according to a study released June 29 by the nonprofit research group First Street Foundation. The data shows around 14.6 million properties are at risk of flooding, compared with Federal Emergency Management Agency data showing 8.7 million properties at risk.

Jun 24, 2020 12:30 PM

Economy and Housing are Recovering: Freddie Mac

An increase in homebuyer demand and a decrease in mortgage rates is expected to propel the housing sector forward this year, but the overall outlook is still uncertain due to concerns about the coronavirus and the nation’s fiscal policies, Freddie Mac reported June 16 in its Quarterly Forecast. Improvements in home price growth, sales and loan originations are expected next year.

Jun 24, 2020 12:30 PM

CFOs Target More Real Estate Cuts This Year: Survey

Real estate expenses likely will be further reduced during the second half of the year because remote working appears to be here to stay, according to a survey of chief financial officers conducted by research firm Gartner, Forbes reported June 15. Real estate budgets already have been cut about 8% this year, and an additional 8% is anticipated.

Jun 24, 2020 12:30 AM

SBA Releases 2 New PPP Loan Forgiveness Applications for Qualified Borrowers

The U.S. Small Business Administration and the Department of the Treasury on June 17 issued two new Paycheck Protection Program loan forgiveness applications, a full version and an EZ version that requires less documentation for borrowers who meet certain conditions. Both versions give borrowers the option of using the original eight-week covered period or the extended 24-week period.

Jun 17, 2020 12:30 PM

Federal Reserve Plans to Keep Buying Assets and Hold Benchmark Rate Steady Until 2023

The Federal Reserve said it plans to continue purchasing Treasuries and mortgage-backed securities at its current weekly pace of around $22 billion in order to stimulate the economy, MarketWatch reported June 10. The Fed also said that it expects to maintain its benchmark interest rate until 2023.

Jun 17, 2020 12:30 PM

States Could See Double-digit Property Value Drops: Report

Alaska, Nevada, New Mexico, Oklahoma and Wyoming likely will be hardest-hit due to the coronavirus pandemic and could see double-digit drops in commercial property valuations, according to a report from data firm Reonomy, National Real Estate Investor reported June 8. The economies in those states are heavily dependent on the struggling travel, entertainment or energy sectors.

FHFA Extends Appraisal Loan Processing Flexibilities

The Federal Housing Finance Agency announced June 11 that it is extending until at least July 31 several loan origination flexibilities offered by Fannie Mae and Freddie Mac to assist borrowers during the ongoing COVID-19 pandemic. Alternative appraisals on purchase and rate term refinance loans are among the extended items.

Jun 10, 2020 12:30 PM

7.4M Properties at Risk to Summer Storm Surge: CoreLogic

More than 7 million single-family homes and 250,000 multifamily residences along the Atlantic Seaboard and the Gulf Coast are at risk for storm damage this year, according to the Storm Surge Report from analytics firm CoreLogic, MBA NewsLink reported June 3. The reconstruction cost value could top $1.7 trillion for single-family homes and $95 billion for multifamily properties.