Appraisal Institute News

Sep 12, 2023 08:00 AM

Appraisal Institute Launches AI PAREA Program: Registration Open

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, announced today that the organization’s Practical Applications of Real Estate Appraisal program (AI PAREA) for the licensed residential path has launched broadly, and registration is now open.

Aug 16, 2023 11:00 AM

Cindy Chance Named New Appraisal Institute CEO

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today announced that Cindy Chance has been named Chief Executive Officer.

Jun 21, 2023 08:30 AM

Agencies Want to Update Reconsideration of Value Process

Five federal agencies announced June 8 that they’re seeking public comments on proposed guidance to modify the reconsideration of value process for residential appraisals. The guidance addresses appraisal independence and responsiveness to consumers. Comments are due by Aug. 8.

Jun 21, 2023 08:30 AM

Fed Cites Progress on Curbing Inflation, Wants Better Results

Inflation is cooling, but not fast enough for the Federal Reserve and it remains well above the central bank’s 2% target, Fed Chair Jerome Powell said June 14, The Associated Press reported. Powell noted that actions necessary to slow inflation, from lower apartment rents to slower-growing wages, are taking place so the Fed chose to forgo another increase in its benchmark interest rate.

Jun 14, 2023 08:30 AM

Agencies Seek Comments on AVM Quality Control Standards

Six federal agencies announced June 1 that they’re seeking public comments on the proposed rule to implement quality control standards for automated valuation models. The standards would be used by mortgage originators and secondary market issuers. Comments are due by Aug. 1.

Jun 14, 2023 08:30 AM

CRE Refinancing Gets Harder, Lodging Properties at Greatest Risk: Trepp Analysis

As commercial real estate values continue to slide, the ability to refinance loans is becoming more difficult, according to an analysis by Trepp, GlobeSt.com reported June 8. Trepp analyzed the risk to maturing loans and discovered that up to 44% could be in trouble. The most at-risk property type was lodging, followed by retail and office properties.

Jun 14, 2023 08:30 AM

Arizona Blocks Phoenix Housing Permits Over Water Issues

Arizona will no longer issue building permits for new homes that rely on well water in portions of the Greater Phoenix area, which has the fastest growing population in the U.S., GlobeSt.com reported June 5. State officials said it would not revoke permits that already were issued.

Jun 07, 2023 08:00 AM

CRE Transaction Volume, Prices Expected to Drop, According to ULI Forecast

Commercial real estate transaction volume is expected to drop to $425 billion this year, down from $730 billion last year, the Urban Land Institute reported May 25 in its Spring 2023 Real Estate Economic Forecast. Price declines of 8% are anticipated across all property types — the most since 2010 — but inflation is expected to ease this year.

Jun 07, 2023 08:00 AM

Legislators Seek to Double Capital Gains Exclusion for Sellers

Rep. Jimmy Panetta, D-Calf., and Mike Kelly, R-Pa., introduced the More Homes on the Market Act, legislation that would double the amount of capital gains exclusions on home sales, MarketWatch reported May 27. Sellers would be able to exclude either $500,000 (single filers) or $1 million (joint filers), and index the amount to inflation. The current allowable deduction amounts have been unchanged since 1997.

Jun 07, 2023 08:00 AM

White House Unveils New Tactics to Address Appraisal Bias

The Biden administration announced June 1 that new PAVE Action Plan tactics would be implemented to address appraisal bias, including six agencies issuing a proposed rule establishing quality control standards for automated valuation models. Other actions include promoting consistency in the reconsideration of value process, updating the Uniform Appraisal Dataset and publishing a dashboard about state requirements to enter the valuation profession.

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AI News

Appraisal Institute Launches AI PAREA Program: Registration Open

Cindy Chance Named New Appraisal Institute CEO

Agencies Want to Update Reconsideration of Value Process

Fed Cites Progress on Curbing Inflation, Wants Better Results

Agencies Seek Comments on AVM Quality Control Standards

CRE Refinancing Gets Harder, Lodging Properties at Greatest Risk: Trepp Analysis

Arizona Blocks Phoenix Housing Permits Over Water Issues

CRE Transaction Volume, Prices Expected to Drop, According to ULI Forecast

Legislators Seek to Double Capital Gains Exclusion for Sellers

White House Unveils New Tactics to Address Appraisal Bias