Choose your path
Freddie Mac announced June 28 that consumers who purchase a condo or refinance an existing condo mortgage might be eligible for its automated collateral evaluation appraisal waiver. The ACE program, which launched in 2017 for single-family homes, gives eligible borrowers the opportunity to forgo a traditional appraisal.
Pennsylvania Gov. Tom Wolf on June 29 signed HB 863, legislation that allows the state’s real estate brokers, associate brokers and salespeople to provide broker price opinions. The law takes effect Aug. 28 and places significant restrictions on those allowed to perform BPOs and limits the situations under which they may be performed.
Fraud and misrepresentation in mortgage loan applications dropped 2.4 percent between April and May, and was down 3.6 percent from the same point last year, according to the Loan Application Defect Index released July 2 by settlement services firm First American Financial Corp., MBA NewsLink reported.
The Circuit Court of Cook County, Illinois (Chancery Division) on June 20 ruled that attorneys who referenced comparable property valuations and market values based on an income approach as part of tax appeal proceedings were simply engaged in the traditional practice of law and not in appraisal practice.
It's getting easier to secure construction loans for commercial real estate as banks are starting to compete for new customers, according to commercial real estate firm CBRE, National Real Estate Investor reported June 19. However, loan amounts are relatively small compared to total development project costs.
Seattle is the top metro for commercial real estate investment while New York is the worst, according to the Metro Investment Rankings Index from real estate advisory firm Situs, MBA NewsLink reported June 21. The index surveyed investors about the price/value of CRE assets for different markets and property types.
The Federal Reserve on June 13 increased interest rates a quarter of a percentage point, indicating it would tolerate inflation above 2 percent and was dropping crisis-era guidance, Reuters reported. Low unemployment and inflation were key factors in the decision.
Ohio Gov. John Kasich on June 14 signed Substitute House Bill 213, legislation that establishes the state's appraisal management company licensing and oversight program and makes minor changes to the state's existing appraiser licensing and certification law.
The U.S. Department of the Treasury and the IRS announced June 13 that they have selected Opportunity Zones in all 50 states and the District of Columbia; the Opportunity Zones program provides federal tax incentives to spur investment in distressed communities. Nearly 35 million people live in the selected zones.
More than half the nation's largest housing markets were overvalued in April, meaning home prices have topped long-term, sustainable levels, according to analytics firm CoreLogic, CNBC reported June 5.
Pop up content here.