Appraisal Institute News

May 10, 2023 08:30 AM

Arizona Enacts Statute of Repose; Florida Close to Doing So

Efforts to limit real estate appraiser liability are advancing in the states as Arizona Gov. Katie Hobbs signed HB 2230 on April 18 and the Florida legislature sent HB 213 to Gov. Ron DeSantis to sign on May 2. Both bills limit the length of time during which a civil action can be initiated against an appraiser.

Apr 19, 2023 08:30 AM

Next 90 Days Critical for Multifamily, Will Set Expectations for 2023: CoStar

The spring leasing period is critical for multifamily, and performance over the next 90 days should set the tone for how the sector performs this year, according to CoStar Group, GlobeSt.com reported April 11. Multifamily conditions appear to be improving, but a record number of units under construction coupled with tightening financial conditions could delay a recovery.

Apr 19, 2023 08:30 AM

FHFA to Host Second ASC Hearing on Appraisal Bias

The Federal Housing Finance Agency will host on May 19 a second Appraisal Subcommittee hearing on appraisal bias in cooperation with ASC member agencies. The hearing will focus on the appraisal regulatory structure, including standards, qualification criteria, practices and entry into the profession.

Apr 19, 2023 08:30 AM

AI Letter to FHFA Critical of Value Acceptance Program

The Appraisal Institute on April 13 sent a letter to Federal Housing Finance Agency Director Sandra Thompson that was critical of Fannie Mae’s “value acceptance” program. AI expressed its concerns about the program's potential effect on the valuation profession.

Apr 12, 2023 08:30 AM

Single-tenant Net Lease Cap Rates Rise: The Boulder Group

Cap rates in the single-tenant net lease sector increased during the first quarter, marking four consecutive quarters of growth, The Boulder Group reported April 6 in its Q1 2023 Net Lease Market report. Industrial cap rates rose to 6.77% while retail and office cap rates reached their highest level since the third quarter 2020 at 6.05% and 7%, respectively.

Apr 12, 2023 08:30 AM

CRE Values to Drop as Banks Dump Failed Assets: Report

Following the failure of Silicon Valley Bank, $72 billion of commercial mortgage-backed securities sold at a discount of $16.5 billion, and more fire sales of older CMBS are expected, according to a MarketWatch report, GlobeSt.com reported April 3. Those quick sales could speed up a markdown of commercial real estate valuations by banks.

Apr 12, 2023 08:30 AM

Baby Boomers Now Largest Generation of Homebuyers: NAR

Baby boomers make up 39% of homebuyers — up from 29% last year — and now account for the largest generation of buyers, the National Association of Realtors reported March 28. Millennials had been the largest group of homebuyers since 2014, but their percentage dropped from 43% to 28% last year. Gen Z accounts for 4% of buyers.

Mar 29, 2023 08:30 AM

GSE: Climate Risk Should Factor into Mortgage Underwriting

Fannie Mae has hired climate risk modeling firms to assess risk to its balance sheet since it backs more than 40% of all residential mortgages, according to Tim Judge, Fannie Mae’s chief climate officer, CNBC reported March 20. Judge said climate risk should be incorporated into mortgage underwriting, but only after understanding potential property damage and how it could affect property values.

Mar 29, 2023 08:30 AM

Existing-home Sales Jump 14.5% in February: NAR

Sales of existing homes spiked 14.5% in February following 12 consecutive months of declines, the National Association of Realtors reported March 21. Home prices fell slightly, with the median price dropping 0.2% from the previous year to $363,000.

Mar 29, 2023 08:30 AM

Fannie Revises Policy for Appraising Some Manufactured Homes

Appraisers generating an opinion of value for MH Advantage manufactured homes must use other MH Advantage properties as comparables in their report rather than other manufactured homes, and if no such comparables are available, they should instead include two site-built comparables, according to revised policy included in Fannie Mae’s March Appraiser Update.

appraisalinstitute.org

AI News

Arizona Enacts Statute of Repose; Florida Close to Doing So

Next 90 Days Critical for Multifamily, Will Set Expectations for 2023: CoStar

FHFA to Host Second ASC Hearing on Appraisal Bias

AI Letter to FHFA Critical of Value Acceptance Program

Single-tenant Net Lease Cap Rates Rise: The Boulder Group

CRE Values to Drop as Banks Dump Failed Assets: Report

Baby Boomers Now Largest Generation of Homebuyers: NAR

GSE: Climate Risk Should Factor into Mortgage Underwriting

Existing-home Sales Jump 14.5% in February: NAR

Fannie Revises Policy for Appraising Some Manufactured Homes