Appraisal Institute News

Feb 23, 2022 08:30 AM

The Rich Spent $40 Billion on Luxury Homes in 2021: Report

Sales of ultra-luxury real estate totaled around $40 billion in 2021, with more than 2,300 transactions for properties valued at $10 million or more, a 112% increase from the year before, according to a report from Compass, Inc., WealthManagement.com reported Feb. 11. Los Angeles led the way, followed by Manhattan and Palm Beach, Florida.

Feb 18, 2022 08:30 AM

Get Ahead of Important Home Renovation Projects in 2022, Appraisal Institute Says

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today encouraged homeowners to focus on energy-efficient, safety-oriented and work-accessible improvement projects when seeking to potentially improve their property’s value.

Feb 16, 2022 08:30 AM

Foreclosure Activity Highest Since COVID Outbreak: Data

Residential foreclosures rose to their highest level in nearly two years, up 29% between December and January and 139% from one year ago, ATTOM reported Feb. 10. The increase in foreclosures follows a typical lull during the holiday season, but were still higher than usual due to the expiration of the foreclosure moratorium.

Feb 16, 2022 08:30 AM

FHFA Seeks Input on Fiscal Year 2022-26 Strategic Plan, Feedback Due in March

The Federal Housing Finance Agency announced Feb. 9 that it is seeking input on its Draft Strategic Plan, which details the agency’s 2022-26 fiscal year priorities for Fannie Mae, Freddie Mac and the Federal Home Loan Bank System. Affordable and sustainable housing are among the items under review. Input is due by March 11.

Feb 09, 2022 08:30 AM

USPAP Needs Clarity Regarding Bias, Federal Law: Agencies

Multiple agencies, including the National Credit Union Administration, the Federal Housing Finance Agency and the Federal Reserve Board, sent a letter to The Appraisal Foundation Feb. 4 saying there aren’t “clear warnings about the requirements of federal law in the standards it sets, and in the training it provides for appraisers” with regard to alleged bias. The agencies requested changes to the 2023 edition of the Uniform Standards of Professional Appraisal Practice.

Feb 09, 2022 08:30 AM

Fannie Mae Settles Suit Over Homes in Minority Neighborhoods

Fannie Mae reached a $53 million settlement with the National Fair Housing Alliance and 20 other organizations on Feb. 7, resolving allegations that it treated homes it owned in majority-Black and Latino communities unfavorably. Fannie Mae was accused of maintaining foreclosed homes in predominantly white neighborhoods while allowing those in predominantly Black and Latino neighborhoods to fall into disrepair.

Feb 09, 2022 08:30 AM

Biden Administration Creates Coalition to Improve Building Performance Standards

The Biden administration announced Jan. 21 that it launched the Building Performance Standards Coalition, which is comprised of state and local governments and labor and industry leaders to deliver healthier and more affordable buildings. The coalition builds on the administration’s effort to retrofit four million buildings and two million homes for energy efficiency during the president’s first term.

Feb 08, 2022 08:30 AM

Increase Your Chances of Successful Property Tax Appeals, Says Appraisal Institute

Highly qualified appraisers are able to assist homeowners with appeals of property taxes, which can be among a homeowner’s largest annual expenses. Working with an Appraisal Institute Designated Member can benefit homeowners who choose to appeal their property tax assessments, the nation’s largest professional association of real estate appraisers said today.

Feb 02, 2022 08:30 AM

Report Finds No Undervaluation of Black-owned Homes in Refis

A review of 1.8 million appraisals from 2019 and 2020 found that Black-owned properties were not undervalued during refinance transactions, Fannie Mae reported Jan. 20 in its Appraising the Appraisal report. Homes owned by white borrowers were more frequently overvalued than homes owned by Black borrowers, and six Southeastern states accounted for nearly 50% of overvalued properties.

Feb 02, 2022 08:30 AM

Lower-income Households of Color Struggle With Rent: Study

The nation’s overall vacancy rate for rental housing dropped to 5.8% in 2021, and asking rents jumped 13.8% during the third quarter, according to America’s Housing 2022 report from the Harvard Joint Center for Housing Studies, MBA NewsLink reported Jan. 23. Increased rents and lack of inventory has particularly affected lower-income households, especially those of color.

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AI News

The Rich Spent $40 Billion on Luxury Homes in 2021: Report

Get Ahead of Important Home Renovation Projects in 2022, Appraisal Institute Says

Foreclosure Activity Highest Since COVID Outbreak: Data

FHFA Seeks Input on Fiscal Year 2022-26 Strategic Plan, Feedback Due in March

USPAP Needs Clarity Regarding Bias, Federal Law: Agencies

Fannie Mae Settles Suit Over Homes in Minority Neighborhoods

Biden Administration Creates Coalition to Improve Building Performance Standards

Increase Your Chances of Successful Property Tax Appeals, Says Appraisal Institute

Report Finds No Undervaluation of Black-owned Homes in Refis

Lower-income Households of Color Struggle With Rent: Study