Appraisal Institute News

Aug 17, 2022 08:30 AM

Appraisal Foundation Extends 2020-21 USPAP Through 2023

The Appraisal Foundation’s Appraisal Standards Board announced Aug. 11 that the current edition of the Uniform Standards of Professional Appraisal Practice will be extended for an additional year. The 2020-2021 USPAP will now be effective until Dec. 31, 2023.

Aug 03, 2022 08:30 AM

Economy is Slowing, Housing Starts and Home Sales Both Decline, Data Reveals

The Conference Board Leading Economic Index, which assesses the 3-6-month economic outlook, dropped 0.8% in June, the fourth consecutive monthly decline, Fannie Mae reported July 22. Existing home sales were down 5.4% in June, the lowest point in two years, and housing starts dropped 2% to the lowest level since last October. Consumer pessimism, labor conditions and stock prices drove the decline.

Aug 03, 2022 08:30 AM

Federal Reserve Planning More Rate Increases to Curb Inflation

Federal Reserve Chair Jerome Powell on July 27 raised the benchmark U.S. interest rate 75 basis points to a range of 2.25% to 2.5%, and noted that the Fed will continue tightening monetary policy, including additional interest rate hikes, to help curb inflation, Bloomberg reported.

Aug 03, 2022 08:30 AM

US Needs 4 Million More Apartments by 2035, Research Shows

Nearly 4.3 million new apartments will be needed across the U.S. by 2035 to meet housing demand, according to research released July 28 by the National Multifamily Housing Council and the National Apartment Association. Currently, there is a shortage of around 600,000 units, and the number of affordable apartments — those with rents less than $1,000 per month — has declined by 4.7 million between 2015-20.

Jul 20, 2022 08:30 AM

Residential Sector Cools, Bay Area Sees Biggest Chill: Redfin

Housing markets in Northern California are cooling faster than any other area in the U.S., with the San Francisco Bay Area seeing the greatest drop in demand — led by San Jose where housing supply has increased by 10% year over year, Redfin reported July 8. Buyers are also giving a cold shoulder to the Sacramento and Oakland markets.

Jul 20, 2022 08:30 AM

Appraiser Provisions Part of Legislation Approved by House

The House of Representatives on July 14 passed the National Defense Authorization Act, which approved $840 billion in defense spending for 2023. The 329-101 vote came after hundreds of amendments were considered, including a couple that focused on valuation issues.

Jul 20, 2022 08:30 AM

FHA Expands Appraisal Validity Period for Certain Mortgages

The Federal Housing Administration announced July 12 that it would expand from 120 days to 180 days the validity period for Single Family Title II forward and Home Equity Conversion Mortgage transactions, Reverse Mortgage Daily reported. FHA is making the change to streamline the administrative process and reduce costs.

Jun 22, 2022 12:30 PM

Commercial Real Estate Investment During First Quarter Sets Record, JLL Reports   

Investment in commercial real estate is off to a strong start with a record $292 billion during the first quarter, according to JLL, MBA NewsLink reported June 15. Office sector investment was $81 billion, the most in 15 years, while hotel investment reached $16 billion, a 127% increase from the same point a year ago.

Jun 22, 2022 12:30 PM

‘Little Evidence’ Housing Bubble is About to Burst: Moody’s

There is little evidence that a housing bubble is about to burst, according to Moody’s Analytics, GlobeSt.com reported June 13. Higher mortgage rates coupled with expensive housing should slow demand and cause prices to moderate. Moody’s also noted a lack of extreme speculation and overbuilding, two issues that contributed to the housing bubble in the mid-2000s.

Jun 22, 2022 12:30 PM

Inflation Causing Global Drop in Property Values: Report

Inflation and rising interest rates have caused real estate values to drop 5-10% year-over-year in some areas of the U.S. and Europe, according to the global chief investment officer of Hines, Bloomberg reported June 13. The market for office space has been hardest hit in the U.S., with the demand for rental housing also starting to wane.

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AI News

Appraisal Foundation Extends 2020-21 USPAP Through 2023

Economy is Slowing, Housing Starts and Home Sales Both Decline, Data Reveals

Federal Reserve Planning More Rate Increases to Curb Inflation

US Needs 4 Million More Apartments by 2035, Research Shows

Residential Sector Cools, Bay Area Sees Biggest Chill: Redfin

Appraiser Provisions Part of Legislation Approved by House

FHA Expands Appraisal Validity Period for Certain Mortgages

Commercial Real Estate Investment During First Quarter Sets Record, JLL Reports

‘Little Evidence’ Housing Bubble is About to Burst: Moody’s

Inflation Causing Global Drop in Property Values: Report