Appraisal Institute News

Mar 15, 2023 08:30 AM

Pace of Interest Rate Hikes May Increase: Fed

Federal Reserve Chair Jerome Powell told the Senate Banking Committee March 7 that policymakers may have to accelerate the pace of interest rate increases to help keep inflation in check, CNBC reported. Powell noted that getting inflation down to 2% is going to take time and likely will be challenging.

Mar 15, 2023 08:30 AM

Washington State Seeks to Drop Single-family Zoning

The Washington state House of Representatives passed a bill March 6 that would legalize duplexes and fourplexes in virtually every city in Washington, the Seattle Times reported. If enacted, the legislation, which aims to alleviate housing supply issues, likely would end local zoning rules that only allow single-family properties.

Mar 08, 2023 08:00 AM

Appraisers Can Help Take Guesswork Out of Property Tax Appeals

As many U.S. homeowners begin receiving their property tax bills, the Appraisal Institute today offered suggestions to potentially make the tax appeal process easier, such as working with one of the organization’s Designated Members to learn about the local appeals process and to discuss options.

Mar 08, 2023 08:00 AM

CRE Prices Fall at Fastest Rate Since 2010; Multifamily Sees Biggest Drop: Report 

Commercial property prices in January fell at an annual rate not seen since late 2010 — down 6.9% year-over-year, according to an MSCI report, GlobeSt.com reported Feb. 24. A spike in mortgage costs last year undermined the completion of deals and pushed prices lower; multifamily prices took the biggest percentage loss, down 4.6% from the previous year.  

Mar 08, 2023 08:00 AM

US Supreme Court Takes Case that Could Shutter CFPB

The Supreme Court agreed to hear a case that might threaten the existence of the Consumer Financial Protection Bureau and potentially the Federal Reserve and other agencies, National Public Radio reported Feb. 27. The 5th Circuit Court of Appeals ruled last fall that CFPB’s funding is unconstitutional because the agency receives its funding from the Fed, which is funded by bank fees.

Mar 08, 2023 08:00 AM

Fannie Mae: Appraisals No Longer the ‘Default Requirement’

Fannie Mae on March 1 updated its Selling Guide to include a range of options for property valuations as the government-sponsored enterprise moves away from suggesting that an appraisal is a “default requirement.” Fannie notes that home valuation options include value acceptance, value acceptance plus property data and hybrid appraisals.

Mar 01, 2023 08:30 AM

Hotels Deemed 'Hottest Asset Class’ for 2023, According to JLL Report 

Hotel investors are enjoying record sales for quality assets in highly desirable markets, and growing momentum is making these properties the “hottest asset class,” according to a report from JLL Hotels & Hospitality Group, GlobeSt.com reported Feb. 23. Investors are reportedly buying hotels at cap rates lower than the cost of debt because growth trends are so strong.

Mar 01, 2023 08:30 AM

Existing-home Sales Fall for 12th Consecutive Month: NAR

The sales of existing homes fell 0.7% month-over-month in January, marking the 12th consecutive month of declines, the National Association of Realtors reported Feb. 21. Results varied throughout the country, with home sales increasing in the South and West but decreasing in the East and Midwest.

Mar 01, 2023 08:30 AM

Economy Surprisingly Strong but Weaker Conditions Loom: Data

The overall economy is performing better than expected this year and the housing market is doing well, but weakening conditions are anticipated, Fannie Mae’s Economic and Strategic Research Group reported Feb. 21. They noted that the economy could fall into a modest recession during the second quarter.

Feb 08, 2023 08:30 AM

Federal Reserve Bumps Interest Rates a Quarter Point, Anticipates Further Increases

The Federal Reserve on Feb. 1 raised interest rates another quarter point to a target range of 4.5%-4.75%, the highest since October 2007, CNBC reported. This is the eighth increase since March 2022 as the Fed works to keep inflation in check.

appraisalinstitute.org

AI News

Pace of Interest Rate Hikes May Increase: Fed

Washington State Seeks to Drop Single-family Zoning

Appraisers Can Help Take Guesswork Out of Property Tax Appeals

CRE Prices Fall at Fastest Rate Since 2010; Multifamily Sees Biggest Drop: Report

US Supreme Court Takes Case that Could Shutter CFPB

Fannie Mae: Appraisals No Longer the ‘Default Requirement’

Hotels Deemed 'Hottest Asset Class’ for 2023, According to JLL Report

Existing-home Sales Fall for 12th Consecutive Month: NAR

Economy Surprisingly Strong but Weaker Conditions Loom: Data

Federal Reserve Bumps Interest Rates a Quarter Point, Anticipates Further Increases