Appraisal Institute News

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.

May 31, 2023 08:30 AM

Home Values Decline in April, Redfin Reports

The median home price fell 4.1% year-over-year in April to $408,031, reflecting a loss of $17,603, the largest drop in dollar value on record, Redfin reported May 22. Pandemic boomtowns experienced the steepest declines, especially Oakland, California, where home values dropped 16.1% from the same point a year ago, and Austin, Texas, where prices dropped 15.3%.

May 31, 2023 08:30 AM

All Major Property Types Post Annual Declines: RCA Index

In April, all major property types posted annual declines — the first time that’s happened in a single month since September 2010, according to the RCA CPPI National All-Property Index, GlobeSt.com reported May 30. The apartment sector saw the largest monthly and annual declines among major property types, down 1.5% and 12.1%, respectively.

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AI News

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

Home Values Decline in April, Redfin Reports

All Major Property Types Post Annual Declines: RCA Index