Appraisal Institute News

Oct 12, 2022 08:30 AM

Property Damage from Hurricane Ian Could Reach $47 Billion, CoreLogic Reveals

Wind and storm surge damage from Hurricane Ian is expected to total between $28 billion and $47 billion, making it the costliest Florida storm since Hurricane Andrew, CoreLogic reported Sept. 29. Wind damage for both commercial and residential properties is expected to total between $22 billion and $32 billion while storm surge damage could total $6 billion to $15 billion.

Oct 12, 2022 08:30 AM

Most States Prepared to Handle a Recession: Moody’s Study

A record 43 states have the necessary funds to weather a recession without resorting to significant spending cuts or tax increases, according to a study published Sept. 29 by Moody’s Analytics. The states in the worst revenue position are Illinois, Alaska, Arizona, Mississippi and New Hampshire.

Oct 12, 2022 08:30 AM

Single-tenant Cap Rates Up in Q3: The Boulder Group

Cap rates in the single-tenant net lease sector were up slightly in all sectors during the third quarter, the first time in two years with consecutive quarterly increases, The Boulder Group reported Oct. 6 in its Q3 2022 Net Lease Market report. Retail reached 5.86%, office hit 6.8% and industrial came in at 6.61%.

Sep 28, 2022 08:30 AM

Fannie Mae Data Shows Modest Recession Likely in 2023

The economy is expected to grow during the second half of the year, but high inflation, tightening monetary policy and reduced housing activity likely will result in a modest recession next year, Fannie Mae’s Economic and Strategic Research Group reported Sept. 21. The forecast was lowered for both single-family home sales and multifamily starts due largely to higher mortgage rates.

Sep 28, 2022 08:30 AM

CFPB Seeks Public Input on New Refinance Mortgage Products

The Consumer Financial Protection Bureau announced Sept. 22. that it is seeking input on potential new products with a particular focus on improving mortgage refinancing for homeowners with smaller loan balances. Refinancing volume has dropped dramatically, down almost 70% from last year as interest rates have risen.

Sep 28, 2022 08:30 AM

Institutional Investors Lower Expectations on Real Estate Holdings, Survey Shows

Institutional investors said they anticipate lowering-than-expected returns on real estate holdings, according to a Pension Real Estate Association survey, MBA NewsLink reported Sept. 19. Investors said they now anticipate an 8.8% return across all property types for the year whereas six months ago they expected a 9.5% return. Next year they’re predicting only a 4.4% return.  

Sep 21, 2022 08:30 AM

House Passes ‘Concerning’ VA Appraisal Legislation

The House on Sept. 14 passed HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022, legislation that proposes to overhaul the Department of Veterans Affairs' appraisal requirements, including when an appraisal is necessary, how appraisals are conducted and who is eligible to conduct an appraisal. The Appraisal Institute opposes this legislation.

Sep 21, 2022 08:30 AM

Single-tenant Net Lease Sector to Face Trouble: Colliers

The single-tenant net lease sector had a strong first half of the year, with a record $40.1 billion in investment sales, but volume dropped 35% during the second quarter, and is down 17% from the same point a year ago, GlobeSt.com reported Sept. 15. The number of deals also declined, down 42% year-over-year primarily due to rising interest rates.

Sep 21, 2022 08:30 AM

Apartment Construction Hits 50-year High: New York Takes Top Position, Report Shows 

Multifamily construction is at a historic 50-year high, with 420,000 new units expected to be completed this year, RentCafé.com reported Sept. 8. The New York metro area is projected to take the lead with 28,153 new apartment units, beating Dallas-Fort Worth for the first time since 2018.   

Sep 14, 2022 08:30 AM

Hotel Sector Outlook Raised for Second Half of 2022, According to CBRE  

CBRE has revised its forecast for hotel performance for the second half of the year, anticipating growth in revenue per available room, MBA NewsLink reported Sept. 7. While room demand has slowed, the sector outperformed expectations during the second quarter despite an economic contraction and the highest inflation in more than 40 years.