Appraisal Institute News

Apr 06, 2022 08:30 AM

Retail Foot Traffic Falls Amid Spike in Gas Prices, Report Shows

Visits to retail stores dropped 4.3% during the week of March 7, as high gas prices led consumers to change their spending habits, according to a report from Placer.ai, Bisnow reported March 30. Foot traffic increased slightly during the week of March 14, but the overall downward trend continued.

Apr 06, 2022 08:30 AM

The Appraisal Institute Has Rejoined TAF as a Sponsor

The Appraisal Foundation announced March 31 that the Appraisal Institute has rejoined TAF as a Sponsor. Appraisal Institute President Jody Bishop, MAI, SRA, AI-GRS, said, “The Appraisal Institute is very pleased to rejoin TAF as a Sponsor during this exciting and challenging time for the valuation profession. Returning as a Sponsor allows our organization to immediately strengthen its ongoing collaboration with TAF in recent years and to amplify our joint efforts with other key stakeholders now.

Mar 31, 2022 08:30 AM

Appraisal Institute Reinstated as Sponsor of The Appraisal Foundation

The Appraisal Foundation today announced the Board of Trustees voted to reinstate the Appraisal Institute as an Appraisal Sponsor of The Appraisal Foundation.

Mar 30, 2022 08:30 AM

Powell Says Federal Reserve Ready to be More Aggressive with Rate Hikes When Needed

Federal Reserve Chair Jerome Powell said that the central bank must move quickly and perhaps more aggressively to increase rates to combat rising prices, when needed, Reuters reported March 21. Financial experts anticipate the Fed will raise rates by a half-percentage point at one or more of its six remaining meetings this year.

Mar 30, 2022 08:30 AM

AI Offers White House Input on Task Force Action Plan

Following the release of the Property Appraisal and Valuation Equity Task Force Action Plan on appraisal bias, the Appraisal Institute on March 23 sent a letter to the White House stating that it looks forward to working with the Task Force to implement several of their regulatory initiatives and reiterating that the majority of appraisers strive to uphold high standards and maintain independence and objectivity in their work.

Mar 30, 2022 08:30 AM

White House Issues Action Plan on Bias in Appraisals

The Property Appraisal and Valuation Equity Task Force on March 23 published an Action Plan to address concerns about lower appraisals for properties owned by individuals of color. The Appraisal Institute provided input to the Task Force, whose Action Plan covers appraisal standards, diversity within the valuation profession and reporting requirements for violations of federal law.

Industrial Property Transactions See Price Growth for 5 Consecutive Quarters: Report

At least $3.6 billion in industrial property transactions closed in January as more than 400 properties changed hands — an unusual amount of activity for the start of the year, according to CommercialEdge, MBA NewsLink reported March 15. The average sales price for industrial properties has increased for five consecutive quarters, reaching $135 per foot in January, up from $119 during the fourth quarter.

Conflict in Ukraine Likely to Effect US Housing: Fannie Mae

The conflict in Ukraine could result in significant risks to the U.S. housing market, Fannie Mae’s Economic and Strategic Research Group reported March 17. The 30-year fixed rate is expected to rise to 3.8% this year and 3.9% next year. Meanwhile, housing sales are expected to decline 4.1% this year.

Mar 23, 2022 08:30 AM

Freddie Mac Phasing Out Automated Appraisal Waivers

Freddie Mac announced March 16 that it is phasing out automated collateral evaluation appraisal waivers for cash-out refinance mortgages and certain no-cash-out refinances. Effective July 17, ACE+ PDR will be utilized, allowing the aforementioned refinancing to be completed without appraisals. The new offering requires the on-site collection of property information by trained data collectors using Freddie Mac’s proprietary dataset.

Mar 09, 2022 08:30 AM

Washington, D.C., Property Tops List of Largest Delinquent Office Loans, Trepp Reports

The delinquency rate for office properties has not climbed above 3% for the past year, although it increased slightly in December to 2.53% before dropping to 2% in January, Trepp reported Feb. 23. However, some properties are in significant distress, with the $155 million Portals I office complex in Washington, D.C., atop the list of the largest delinquent CMBS loans.

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AI News

Retail Foot Traffic Falls Amid Spike in Gas Prices, Report Shows

The Appraisal Institute Has Rejoined TAF as a Sponsor

Appraisal Institute Reinstated as Sponsor of The Appraisal Foundation

Powell Says Federal Reserve Ready to be More Aggressive with Rate Hikes When Needed

AI Offers White House Input on Task Force Action Plan

White House Issues Action Plan on Bias in Appraisals

Industrial Property Transactions See Price Growth for 5 Consecutive Quarters: Report

Conflict in Ukraine Likely to Effect US Housing: Fannie Mae

Freddie Mac Phasing Out Automated Appraisal Waivers

Washington, D.C., Property Tops List of Largest Delinquent Office Loans, Trepp Reports