Appraisal Institute News

Jan 11, 2023 08:00 AM

FHFA Must Step Up Efforts to Combat Appraisal Bias: Report

A report from the Federal Housing Finance Agency’s Office of the Inspector General found that the FHFA isn’t doing enough to stop appraisal bias, HousingWire reported Dec. 23. The report suggested changes the FHFA should make, including alerting state regulators and licensing authorities when cases of appraisal bias are discovered and when complaints are filed about appraisals.

Jan 11, 2023 08:00 AM

Biden Signs Bill Revising Valuation Process for VA Mortgages

President Biden on Dec. 27 signed HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022, which streamlines the valuation process for U.S. Department of Veterans Affairs mortgage loans by allowing desktop appraisals and appraisal waivers in some situations. Critics have complained that the VA homebuying process can be unnecessarily slow due to appraisals having to be handled in-house.

Dec 19, 2022 08:00 AM

Craig Steinley to Become President of Appraisal Institute on Jan. 1

Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, of Rapid City, South Dakota, will begin his one-year term as president of the Appraisal Institute on Jan. 1. The Appraisal Institute is the nation’s largest professional association of real estate appraisers with over 16,000 professionals in almost 50 countries. Steinley’s one-year term as president will be followed by one year as immediate past president in 2024. He also will serve as chair of the National Nominating Committee in 2024.

Dec 14, 2022 11:30 AM

Some Conservation Easement Transactions Abusive: IRS

The IRS and Treasury Department on Dec. 6 proposed regulations listing certain syndicated conservation easement transactions as abusive tax transactions that must be reported to the IRS. The announcement said, in part, that investors typically acquire an interest in a partnership that owns land and then claim an inflated charitable contribution deduction based on a grossly overvalued appraisal.

Dec 14, 2022 08:30 AM

Medical Office Sector Resilient Amid Slowdown: Colliers

Medical office buildings remain investor favorites despite the sector seeing lower transaction volume, according to Colliers, GlobeSt.com reported Dec. 6. Investors are eyeing outpatient surgery centers and behavioral health facilities, and are targeting cities in Sun Belt states where the need for hospital beds, medical office space and other ancillary healthcare real estate is growing.

Dec 14, 2022 08:30 AM

Housing Forecast Shows Slowing Sales, Lower Prices: Redfin

The housing market is expected to remain sluggish next year, likely dropping to its slowest sales pace since 2011, Redfin reported Dec. 6 in its 2023 Housing Outlook. The outlook forecasts a 16% decline in existing home sales, a 4% drop in the median home price and mortgage rates that gradually decline to around 5.8%.

Pending Home Sales Fall for 5th Consecutive Month: NAR

Pending home sales fell 4.6% between September and October, dropping for the fifth consecutive month, the National Association of Realtors reported Nov. 30. Sales activity fell in three of the nation’s four major regions, rising only in the Midwest.

Dec 07, 2022 08:00 AM

Salt Lake City Tops for Multifamily Investors: CBRE  

Salt Lake City and California’s Orange County and Inland Empire are becoming favorite markets for multifamily investors seeking less competition and better returns than what’s available in the hot Sun Belt markets, CBRE reported Nov. 30. While year-to-date multifamily investment is up 22% through the third quarter, activity has slowed.

Dec 07, 2022 08:00 AM

Housing Costs Up, Competition Down in 2023: Realtor.com

Home prices are expected to moderate next year, increasing only about 5% while mortgage rates could reach 7.4%, two actions that may result in fewer buyers for a growing inventory of for-sale properties, Realtor.com reported Nov. 30 in its 2023 Housing Forecast. Additionally, rents are likely to go up 6.3%, outpacing home prices.

Nov 17, 2022 08:00 AM

Appraisal Institute Announces Resignation of CEO Jim Amorin

The Appraisal Institute announced today that CEO Jim Amorin, MAI, SRA, AI-GRS, will resign effective Feb. 14, 2023. He will conclude five years of service as the organization’s CEO and is moving on to pursue other opportunities.