Appraisal Institute News

Feb 23, 2022 08:30 AM

Tertiary Markets Lure Investors Due to High Yields and Growth Opportunities: Data

Tertiary markets are becoming hot as investors discover better yields and growth opportunities, with sales reaching $147 billion in 2021, up 56% from the $94.2 billion in transactions recorded in pre-pandemic 2019, WeathManagement.com reported Feb. 14. Tertiary markets are those outside the top 40 metropolitan statistical areas, and include Columbus, Ohio; Jacksonville, Florida; and Louisville, Kentucky.

Feb 16, 2022 08:30 AM

Women, Millennials Driving Black Homeownership: Realtor.com

Black homebuyers accounted for 9.1% of sales between October 2020 and September 2021, and while that’s up slightly from a decade ago, the growth rate is similar to non-Black homeowners, which suggests the homeownership gap hasn’t narrowed, Realtor.com reported Feb. 9. Black women are purchasing more homes than Black men, while millennials are the primary driver of Black homeownership.

Nov 03, 2021 12:30 PM

Broader Real Estate Sector to Recover, Hotels to Disappoint, ULI Forecast Predicts

Many U.S. real estate sectors are expected to recover to pre-pandemic levels by 2023, but the hotel sector likely will continue struggling, the Urban Land Institute revealed Oct. 27 in its Fall 2021 Real Estate Economic Forecast. The forecast noted that commercial real estate is in a strong position to build its way out of the pandemic and take the economy with it.

Nov 03, 2021 12:30 PM

Living with Ghosts OK if Home Price is Right: Realtor.com

Almost one-third of consumers said they would be willing to live with a “friendly” ghost if that roommate concession enabled them to afford their dream home, an Oct. 26 Realtor.com survey revealed. Twenty percent of consumers said they would live in a home where a murder occurred, and another 17% said they would live in a haunted house.

Nov 03, 2021 12:30 PM

Historic Low Cap Rates in Drug Store Sector, Data Reveals

Cap rates in the single-tenant drug store sector dropped 59 basis points during the third quarter to 5.8%, reaching a historic low, The Boulder Group reported Nov. 1 in its Q3 2021 Net Lease Drug Store report. Record-low cap rates for CVS (5.15%) and Walgreens (5.4%) primarily caused the decline.

May 26, 2021 12:30 PM

House Passes Legislation Addressing FHA Appraisals

The House on May 18 passed HR 3008, the Homebuyer Assistance Act, legislation reintroduced by Reps. Brad Sherman, D-Calif., and Van Taylor, R-Texas, that would amend the National Housing Act and allow state-licensed appraisers to perform appraisals for mortgages insured by the Federal Housing Administration. The legislation would require compliance with existing appraiser education requirements.

May 26, 2021 12:30 PM

FHFA Submits Proposed Plan for Underserved Markets

The Federal Housing Finance Agency on May 19 published its proposed 2022-24 Underserved Markets Plan that outlines how Fannie Mae and Freddie Mac will serve the manufactured housing, affordable housing preservation and rural housing markets through increased liquidity of mortgage investments, MReport reported. The Duty to Serve also aims to facilitate a secondary market for low-income financing.

May 26, 2021 12:30 PM

IRS Rejects Developer-led Attempts to Expand 8,700 Opportunity Zone Boundaries

Despite developer efforts to have boundaries expanded for nearly 8,700 opportunity zones, the IRS said the zones are established and not subject to change, The Real Deal reported May 17. Both developers and investors sought to expand the areas where opportunity zone investments — and tax breaks — could be claimed after Census Bureau maps were updated.

May 19, 2021 12:30 PM

IRS to Resolve "Significant Number" of Easement Claims

The IRS is expected to resolve a “significant number” of court challenges regarding tax deductions for conservation easements, with settlement offers involving the payment of taxes, interest and penalties, Bloomberg reported May 11. The IRS is cracking down on allegedly exaggerated easement deductions, investigating 28,000 taxpayers and challenging $21 billion in deductions from 2016 through 2018.

May 19, 2021 12:30 PM

OCC Launches Review of its own Regulations

The Office of the Comptroller of the Currency, which regulates the nation’s banks, is launching a review of its own regulatory standards, Michael J. Hsu, acting Comptroller of the Currency, announced May 10. As part of the review, the OCC is looking into capital, leverage, and liquidity regulations; the “disproportionate impact” of the pandemic on rural and minority communities; and risks associated with climate change.