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Sep 28, 2022 08:30 AM

Fannie Mae Data Shows Modest Recession Likely in 2023

The economy is expected to grow during the second half of the year, but high inflation, tightening monetary policy and reduced housing activity likely will result in a modest recession next year, Fannie Mae’s Economic and Strategic Research Group reported Sept. 21. The forecast was lowered for both single-family home sales and multifamily starts due largely to higher mortgage rates.

 
Sep 28, 2022 08:30 AM

CFPB Seeks Public Input on New Refinance Mortgage Products

The Consumer Financial Protection Bureau announced Sept. 22. that it is seeking input on potential new products with a particular focus on improving mortgage refinancing for homeowners with smaller loan balances. Refinancing volume has dropped dramatically, down almost 70% from last year as interest rates have risen.

 
Sep 28, 2022 08:30 AM

Institutional Investors Lower Expectations on Real Estate Holdings, Survey Shows

Institutional investors said they anticipate lowering-than-expected returns on real estate holdings, according to a Pension Real Estate Association survey, MBA NewsLink reported Sept. 19. Investors said they now anticipate an 8.8% return across all property types for the year whereas six months ago they expected a 9.5% return. Next year they’re predicting only a 4.4% return.  

 
Sep 21, 2022 08:30 AM

House Passes ‘Concerning’ VA Appraisal Legislation

The House on Sept. 14 passed HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022, legislation that proposes to overhaul the Department of Veterans Affairs' appraisal requirements, including when an appraisal is necessary, how appraisals are conducted and who is eligible to conduct an appraisal. The Appraisal Institute opposes this legislation.

 
Sep 21, 2022 08:30 AM

Single-tenant Net Lease Sector to Face Trouble: Colliers

The single-tenant net lease sector had a strong first half of the year, with a record $40.1 billion in investment sales, but volume dropped 35% during the second quarter, and is down 17% from the same point a year ago, GlobeSt.com reported Sept. 15. The number of deals also declined, down 42% year-over-year primarily due to rising interest rates.

 
Sep 21, 2022 08:30 AM

Apartment Construction Hits 50-year High: New York Takes Top Position, Report Shows 

Multifamily construction is at a historic 50-year high, with 420,000 new units expected to be completed this year, RentCafé.com reported Sept. 8. The New York metro area is projected to take the lead with 28,153 new apartment units, beating Dallas-Fort Worth for the first time since 2018.   

 
Sep 14, 2022 08:30 AM

Hotel Sector Outlook Raised for Second Half of 2022, According to CBRE  

CBRE has revised its forecast for hotel performance for the second half of the year, anticipating growth in revenue per available room, MBA NewsLink reported Sept. 7. While room demand has slowed, the sector outperformed expectations during the second quarter despite an economic contraction and the highest inflation in more than 40 years.

 
Sep 14, 2022 08:30 AM

Home Sales Worse than Expected: Goldman Sachs

Sales of new and existing homes dropped more than previously reported, down almost 30% from their October 2020 high — and the downward trend likely will continue, according to a report published Sept. 1 by Goldman Sachs, The Hill reported. The report cited reduced affordability, diminished pandemic tailwinds and a drop in purchase plans as primary factors for the decline.

 
Sep 14, 2022 08:30 AM

Office Market Likely Changed Forever: MBA White Paper

Labor market conditions will play a big role in the demand for office space and how that space is used and valued, the Mortgage Bankers Association reported Sept. 8 in its white paper, “A Framework for Considering Office Demand in a Post-pandemic World.” The white paper presents lease demand and valuation scenarios for two office-use models: a hybrid work schedule and a greater return to the office.​

 
Sep 07, 2022 08:30 AM

Office Sector Down, Not Out as Firms Seek Changes, Short Leases: Cushman & Wakefield

While the office sector has experienced negative absorption for eight of the past nine quarters, there are some bright spots, especially the life sciences sector, according to the Office MarketBeat report from Cushman & Wakefield, MBA NewsLink reported Aug. 30. The report also revealed that many firms anticipate making “significant changes” to their office space and will seek shorter leases.

 
Sep 07, 2022 08:30 AM

Construction Costs to See Largest Gain in 15 Years: CBRE

Construction costs are expected to end the year 14.1% higher due to labor shortages, inflation, supply chain disruptions and other ongoing pressures, according to CBRE’s U.S. Construction Cost Trends report, MBA NewsLink reported Aug. 30. The projections outpace the historical average increase of 2-4% per year, and is the largest since CBRE began projecting costs in 2007. 

 
Sep 07, 2022 08:30 AM

CRE Expected to Avoid Worst Case Scenario: Trepp Survey

Commercial real estate and the broader financial markets are expected to encounter adverse market conditions but avoid a worst-case scenario, according to the Trepp 2022 CRE Sentiment Survey, GlobeSt.com reported Aug. 31. An increase in CRE and CMBS delinquencies is anticipated during the next six months, as is a drop in net effective rents, with the office sector seeing the biggest fall.

 
Aug 31, 2022 08:30 AM

Economic Concerns, Housing Shortage Stressing Low-income Households: ULI

Economic uncertainty, increasing inflation and lower housing production are putting millions in the U.S. at risk of not being able to afford a home, the Urban Land Institute’s Terwilliger Center for Housing reported Aug. 17 in its 2022 Home Attainability Index. The data also revealed that in most regions of the country, few housing units are affordable to low-wage workers.

 
Aug 31, 2022 08:30 AM

Housing Activity to Drop Through 2023: Fannie Mae

Home sales are expected to decline 16.2% this year, and mortgage originations are projected to total $2.47 trillion for 2022 — down from $4.47 trillion last year — and then drop to $2.29 trillion in 2023, Fannie Mae’s Economic and Strategic Research Group reported Aug. 22. The downgraded forecast is based on both outsized home prices and rapidly expanding mortgage rates.

 
Aug 31, 2022 08:30 AM

FHFA to Create Committee on Affordable, Equitable Housing

The Federal Housing Finance Agency announced Aug. 23 its intent to create a Federal Advisory Committee on Affordable, Equitable and Sustainable Housing that will provide advice on regulatory and policy changes. The committee also will provide input on barriers to access to housing.

 
Aug 24, 2022 08:30 AM

Cap Rates Equalizing Nationwide: Moody’s Analytics

Cap rates in major U.S. markets are becoming increasingly similar, even in cities such as New York and San Francisco, which usually trail other major metros, according to Moody’s Analytics, GlobeSt.com reported Aug. 16. The average cap rate spread for Dallas; Atlanta; Austin, Texas; Nashville, Tennessee; and Miami have narrowed to less than 100 basis points.

 
Aug 24, 2022 08:30 AM

Both Sales, Prices of Existing Homes Drop in July: NAR

Sales of existing homes fell for the sixth consecutive month in July, down 5.9% from June and 20.2% from the same point a year ago, the National Association of Realtors reported Aug. 18. Median sales prices were 5.9% higher than one year ago, but $10,000 lower than the record high of $413,800 in June. ​

 
Aug 24, 2022 08:30 AM

Industrial Sector Slowing to Pre-pandemic Levels: NAIOP

The industrial sector is showing signs of cooling due to such factors as lower pressure on global supply chains, increasing inventory carrying costs, a cooling economy and a decrease in e-commerce expansion, NAIOP reported Aug. 16 in its newest Industrial Space Demand Forecast. Net absorption of industrial space is expected to decline until it returns to pre-pandemic levels.

 
Aug 17, 2022 08:30 AM

Stagflation Could Cause Lower CRE Valuations, Elevated Cap Rates: Fitch Ratings

Stagflation likely will result in reduced valuations for commercial real estate and increased cap rates, according to analysts from Fitch Ratings, GlobeSt.com reported Aug. 11. High inflation, weak economic growth and changes to nominal net operating income were cited as the main drivers.

 
Aug 17, 2022 08:30 AM

FHFA to Require GSE Servicers to Keep Fair Lending Data

The Federal Housing Finance Agency will require servicers to maintain data on borrowers’ age, race, ethnicity, gender and preferred language for all federally backed loans starting March 1, 2023, HousingWire reported Aug. 11. The mandate will remain in effect throughout the life of the loan, even if the servicing rights change companies.

 
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 11, 2022 08:30 AM

Hybrid Appraisals Can Offer New Opportunities for Appraisers: The Appraisal Journal

Appraisers should be prepared with the knowledge necessary to meet the demand for bifurcated or hybrid appraisals, according to an article published this week in The Appraisal Journal.

 
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 26, 2022 08:30 AM

Rapid Growth and Influx of New Residents Pushes Austin Affordability to the Limit: Valuation Magazine

The Mountain West states are seeing a surge of new residents — and home prices are skyrocketing. Find out how some of the most popular areas are handling the influx and the challenges to their economies and lifestyles in the second quarter 2022 issue of Valuation magazine.

 
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.

 
Jul 07, 2022 08:30 AM

New Appraisal Institute Book Shares Advice for Appraisers in Real Estate Arbitration

Arbitration is increasingly seen as an efficient and cost-effective alternative to litigation, and valuation professionals are often called on to serve as arbitrators, expert witnesses and consultants in arbitration matters, according to a book published by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.

 
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.

 
Jun 01, 2022 12:30 PM

Pending Home Sales at Slowest Pace in Nearly a Decade: NAR

Pending home sales fell 3.9% in April, marking the sixth consecutive monthly decline and 11 months of year-over-year declines, the National Association of Realtors reported May 26. The Midwest was the only region to see a monthly increase in April. Overall, pending contracts are at their slowest pace in nearly a decade.

 
Jun 01, 2022 12:30 PM

Interest Rate Hikes Could Go Further than Expected: Fed

The Federal Reserve is ready to proceed with multiple 50-basis-point interest rate hikes, and may transition its policy from “neutral” to “restrictive,” CNBC reported May 25. The Fed’s actions are intended to address ongoing inflation concerns.

 
Jun 01, 2022 12:30 PM

Proposed VA Bill to Allow Some Desktop Appraisals, Waivers

Legislation introduced last month in the Senate would change the Department of Veterans Affairs’ valuation requirements to permit desktop appraisals and, in some cases, appraisal waivers, HousingWire reported May 23. Currently, all VA appraisals must be handled in-house, a process that has garnered complaints about taking too long and being too expensive.

 
May 25, 2022 08:30 AM

Growing Leisure and Business Travel Boosts Hospitality Recovery, Data Reveals  

The hospitality sector continues its recovery, with more than three-quarters of U.S. hotel markets reporting higher revenue per available room (RevPAR) than was reported in May 2019, before the pandemic put a halt to most travel, STR reported May 23. Leisure travel accounts for most of the gains, but business travel is increasing and boosting the performance of hotels in central business districts. ​

 
May 25, 2022 08:30 AM

MISMO Seeks Input on Commercial Appraisal Dataset Standards

MISMO is inviting the public to comment on Phase 2 of its proposed Commercial Appraisal Dataset Standards, MBA NewsLink reported May 17. The current standards would add retail-, industrial- and office-related data points. Comments are due by July 12.

 
May 25, 2022 08:30 AM

White House Addresses Rising Housing Costs, Supply Issues

The Biden administration on May 16 released its Housing Supply Action Plan to increase the supply of quality housing by closing the supply shortfall in five years, starting with the creation and preservation of hundreds of thousands of affordable units during the next three years. Rental and down payment assistance also are part of the plan.

 
May 24, 2022 08:30 AM

New Appraisal Institute Book Explores Solutions to Complex Land Valuation Issues

Appraisers encounter many situations in which the value of land must be estimated, and some of these situations can present complex challenges, according to a book published by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.

 
May 04, 2022 12:30 PM

CRE Sector Looks Healthy; Potential Recession to Have Limited Effect: ULI Forecast

Regional markets and the build-to-rent sector are expected to drive commercial real estate growth this year, the Urban Land Institute reported April 22 in its Spring 2022 Real Estate Economic Forecast. Both prices and transaction volume are expected to moderate this year, but remain strong. And while the prospects of a recession have increased, the impact on real estate should be limited.

 
May 04, 2022 12:30 PM

FHFA Duty to Serve Plans Focus on Affordable Housing

The Federal Housing Finance Agency on April 27 published its 2022-24 Underserved Markets Plan for Fannie Mae and Freddie Mac, and the focus is on manufactured housing, affordable housing preservation and rural housing. In May 2021, the FHFA determined that Fannie and Freddie’s plans did not meet the DTS Non-Objection standard, but this proposal addresses those issues.

 
May 04, 2022 12:30 PM

Small-cap CRE Prices Jump but Aren’t Overinflated: Data

Small-cap commercial real estate prices have increased at an unprecedented pace, but are not considered overinflated, according to Boxwood Means, MBA NewsLink reported April 26. The Boxwood National Small Commercial Price Index posted double-digit annual price growth for eight consecutive months as of January, the longest streak since 2006.

 
Apr 27, 2022 08:30 PM

Foreclosure Activity at Post-pandemic High in Q1: Data

Foreclosure filings during the first quarter jumped, rising 39% from the previous quarter and 132% from the same point last year, ATTOM reported April 21 in its Q1 2022 U.S. Foreclosure Market Report. Despite the increase, foreclosure filings remain 57% below where they were during the first quarter 2020.

 
Apr 27, 2022 08:30 AM

Self-storage Sector in Strong Position Heading into Leasing Season: Yardi Matrix

The self-storage sector heads into the prime spring leasing season in a strong position, Yardi Matrix reported April 21 in its newest National Self Storage report. The overall national street rate for self-storage remains unchanged from July 2021 at $145, which means the sector maintained high rents through the winter months and many consumers renewed their leases.

 
Apr 27, 2022 08:30 AM

Housing, Economic Output to Slow, Fannie Mae Forecasts

The Federal Reserve is expected to tighten monetary policy through 2023, which could further soften economic output, Fannie Mae’s Economic and Strategic Research Group reported April 19. The projected downturn is not expected to mirror the severity of the Great Recession due to higher mortgage credit quality and a stronger real estate and mortgage finance system, among other things.

 
Apr 13, 2022 08:30 AM

Home Prices Not Aligned with Economic Indicators: Report

Home prices are out of step with economic fundamentals such as the price-to-rent ratio and price-to-income ratio, according to the Denver Fed, GlobeSt.com reported April 4. The fear of missing out is spurring homebuyers and investors to purchase now, which contributes to inflated home prices and a future correction — but likely not a bust.

 
Apr 13, 2022 08:30 AM

Single-tenant Net Lease Cap Rates at Historic Lows: Data

Cap rates in the single-tenant net lease sector reached historic lows in all three asset classes during the first quarter, The Boulder Group reported April 7 in its Q1 2022 Net Lease Market Report. Cap rates compressed for the retail, office and industrial categories by 13, 10 and 17 basis points, respectively.​

 
Apr 13, 2022 08:30 AM

Senior Housing in Full Recovery Amid Renewed Interest: JLL

The senior housing sector is experiencing strong demand and greater interest among investors, putting it in full recovery mode, JLL’s Valuation Advisory Group Senior Housing Investor Survey and Outlook shows, MBA NewsLink reported April 5. An influx of retiring baby boomers and a housing supply shortage are behind the recovery.

 
Apr 06, 2022 08:30 AM

LEED Multifamily Properties Require Higher Rents, Cushman & Wakefield Says

LEED-certified multifamily properties are seeing higher rents than non-LEED properties, specifically in the aftermath of the pandemic, according to an analysis from Cushman & Wakefield, GlobeSt.com reported March 31. In fourth-quarter 2021, LEED rent premiums averaged 3.1%. Across core property sectors, LEED assets are surpassing their non-LEED counterparts, demanding a 21.4% higher average market sales price per square foot over the past three years.

 
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.

 
Mar 09, 2022 08:30 AM

FHFA Allots Record $1.1B for Affordable Housing Programs

The Federal Housing Finance Agency announced Feb. 28 that the Housing Trust Fund and the Capital Magnet Fund will receive $1.138 billion for use toward affordable housing programs administered by Fannie Mae and Freddie Mac. The amount is the most ever allotted to Fannie and Freddie. The Housing Trust Fund will receive $740 million and the Capital Magnet Fund will receive $398 million.

 
Mar 09, 2022 08:30 AM

Single-tenant Auto Sector Sees Annual Cap Rate Drop: Data

Cap rates for the single-tenant net lease auto sector dropped 49 basis points between the fourth quarter 2020 and fourth quarter 2021, The Boulder Group reported March 3 in its Q4 Net Lease Auto report. Overall market conditions in the sector led to the decline. Over the course of last year, the net lease retail sector experienced a 12 basis point decline.

 
Mar 02, 2022 08:30 AM

Office Tenants Want New Construction: Cushman & Wakefield

Newly constructed office buildings are commanding rent premiums of around 64% over existing Class A properties and 20% over trophy office assets, Cushman & Wakefield reported Feb. 22. Tenants are reportedly seeking energy-efficient projects with state-of-the-art systems and buildings that offer “elevated experiences.” Around 48.5 million square feet of new space is forecast to be delivered this year. ​

 
Mar 02, 2022 08:30 AM

Lenders Renewing Interest in Retail Properties — Even Enclosed Malls, Report Shows

Following several years of heavy lending on multifamily and industrial properties, lenders are now turning their attention to retail properties, WealthManagement.com reported Feb. 22. Loan originations for retail properties increased 73% last year, second only to industrial, which saw originations up 140%. While interest is mainly focused on proven retail sectors and properties, even enclosed malls are getting a second look.

 
Mar 02, 2022 08:30 AM

CFPB Seeks to Prevent Algorithmic Bias in AVMs

The Consumer Financial Protection Bureau on Feb. 23 outlined several options it's considering to ensure that the computer models used to help determine home values are accurate. CFPB wants to protect against data manipulation, avoid conflicts of interest and institute random sample testing of automated valuation models.

 
Feb 23, 2022 08:30 AM

Non-bank Mortgage Servicers to See Greater Scrutiny: Fitch

The servicing practices of U.S. mortgage companies are expected to come under more regulatory scrutiny this year as pandemic-related government forbearance programs end and consumers move to other loss mitigation programs or default, according to Fitch, MBA NewsLink reported Feb. 8. Fitch anticipates that greater customer complaints will drive the closer evaluation.

 
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.

 
Feb 02, 2022 08:30 AM

Market Sentiment Concerning CRE Slips, Optimism Remains Strong, Survey Reveals

While market sentiment concerning commercial real estate dropped toward the end of 2021, it remains strong, according to real estate executives who participated in RCLCO’s newest Real Estate Market Sentiment survey, MBA NewsLink reported Jan. 26. More than half the respondents said they expect conditions to become moderately or significantly better during the next 12 months.

 
Jan 28, 2022 08:30 AM

Appraisal Institute Leadership to Tackle Challenges with Strategic Mindset: Valuation Magazine

The Appraisal Institute’s 2022 executive team is tackling critical issues facing the valuation profession — and they’re doing so with optimism and excitement.

 
Jan 26, 2022 08:30 AM

Report Explores USPAP, AQC Inclusiveness and Objectivity

The National Fair Housing Alliance, under contract by the Appraisal Subcommittee and the Council on Licensure, Enforcement and Regulation, on Jan. 19 released its report on whether the Uniform Standards of Professional Appraisal Practice and Appraiser Qualifications Criteria support or promote fairness, equity, objectivity and diversity in both appraisals and the training and credentialing of appraisers. The findings and recommendations are far reaching, and some will require legislative action.​

 
Jan 26, 2022 08:30 AM

Fannie Mae to Allow Desktop Appraisals Starting March 19

Starting March 19, Fannie Mae will allow desktop appraisals for select properties based on property tax records and past sales, HousingWire reported Jan. 19. To be eligible, a loan must be a purchase transaction on a single-unit principal residence with a loan-to-value ratio not to exceed 90%.

 
Jan 26, 2022 08:30 AM

Office Sector Now Reporting More Expansion than Contractions: CBRE

Companies are expanding their current offices or relocating to a better space within their market rather than renewing an expiring lease, according to CBRE’s new office leasing report, MBA NewsLink reported Jan. 17. Office expansions are up 24% in the six major markets featured in the report and relocations are up 33%; contractions, meanwhile, are down 5%.

 
Jan 20, 2022 08:00 AM

New Appraisal Institute Dictionary Updated to Advance Appraisers’ Knowledge

“The Dictionary of Real Estate Appraisal,” seventh edition, published this week by the Appraisal Institute, is a landmark text that reflects the depth and breadth of appraisal knowledge. Each entry, definition and reference has been painstakingly researched and designed to express an expert understanding of issues that currently impact the profession.

 
Jan 19, 2022 08:30 AM

Inflation at 40-year High, Rates Could Rise: Labor Report

Consumer prices increased 0.5% in December causing inflation to reach its highest level in nearly four decades and creating an expectation that the Federal Reserve will raise interest rates as soon as March, according to a Labor Department report released Jan. 12, Reuters reported. Rents showed some of the largest increases, up 0.4% for the month and 4.1% for the year.

 
Jan 19, 2022 08:30 AM

Smaller Beats Bigger in Small-cap CRE Space: Data

Smaller markets outperformed larger ones in the small-cap commercial real estate space, with price growth in smaller markets up 13.2% for the year compared with 12.3% price growth in larger markets, according to Boxwood Means, MBA NewsLink reported Jan. 12. Top secondary market include Wilmington, Delaware; Hartford, Connecticut; and Springfield, Massachusetts.

 
Jan 19, 2022 08:30 AM

CRE Price Growth Up Last Year; 2022 Could See Double-digit Increases, Index Shows

Commercial property prices increased 24% in 2021, with significant price increases in nearly every sector, and especially strong showings in the multifamily and industrial sectors, according to the Green Street commercial property price index, MBA NewsLink reported Jan. 11. Property price growth for 2022 is not expected to match last year’s but could still achieve double-digit increases.

 
Jan 13, 2022 08:30 AM

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

Cap rates in the single-tenant net lease sector increased slightly during the fourth quarter to 5.88% for retail and 6.77% for industrial, while net lease office remained unchanged at 6.80%, according to the Q4 2021 Net Lease Market Report released Jan. 6 by The Boulder Group. A limited supply of properties primarily drove the increase.

 
Jan 13, 2022 08:30 AM

State Attorneys General Target FHA Loan Violations

Attorneys general from 20 states have accused mortgage servicers employed by Federal Housing Administration-approved lenders of failing to properly implement loan modification options, including options to reduce principal and interest, that the agency introduced in July, according to a Dec. 21 letter sent to the Department of Housing and Urban Development, HousingWire reported Jan. 5.

 
Jan 13, 2022 08:30 AM

Nation’s Large Office Markets Stable and Active, Boston Tops for Leasing: CBRE

The nation’s 12 largest office markets showed stability toward the end of 2021, with normal levels of leasing activity despite uncertainty about COVID-19, according to CBRE’s Pulse of U.S. Office Demand survey, MBA NewsLink reported Jan. 4. The most active markets were Boston; Dallas-Fort Worth; Los Angeles; Manhattan; and Washington, D.C.

 
Jan 07, 2022 08:30 AM

Restaurant Valuation Requires Diligent Highest and Best Use Analysis: The Appraisal Journal

Appraisers who value restaurant properties should fully understand the opportunities and risks inherent in restaurant operations and how these factors affect real property value, according to an article published this week in The Appraisal Journal.

 
Dec 28, 2021 08:00 AM

Pledger M. (Jody) Bishop III to Become President of Appraisal Institute on Jan. 1

Pledger M. (Jody) Bishop III, MAI, SRA, AI-GRS, of Mt. Pleasant, South Carolina, will begin his one-year term as president of the Appraisal Institute on Jan. 1.

 
Dec 22, 2021 08:30 AM

Residential Sector Sets 10 Records in 2021, Redfin Reports

Housing was hot in 2021, breaking 10 records, including highest median sale price, lowest inventory of for-sale properties and strongest demand for second homes, Redfin reported Dec. 13. The pandemic changed the residential sector, creating a seismic shift in how people live and work and why and where they purchased homes.

 
Dec 22, 2021 08:30 AM

Residential Appraisals Shouldn’t Reference Neighborhood Demographics: FHFA

The Federal Housing Finance Agency on Dec. 14 reported that its analysis of millions of property valuations found many residential appraisal reports that contained improper references to a neighborhood’s racial demographics. Examples include the percentages of an area's racial and ethnic makeup; the languages spoken in an area; and amenities specifically geared to a race, ethnic, or religious group.​

 
Dec 22, 2021 08:29 AM

Lenders Expect ‘Normal’ Housing Market in 2022: Fannie Mae

Sixty-five percent of mortgage lenders said they expect profit margins will drop during the next quarter, up from 46% who said so last quarter, Fannie Mae reported Dec. 15 in its Q4 2021 Mortgage Lender Sentiment Survey. The shifting expectations suggest that the housing market may return to a more 'normal' state after a couple of boom years.

 
Dec 15, 2021 12:30 PM

White House Mulls Restrictions on All-cash Property Sales

The U.S. Department of the Treasury will start to develop regulations that could expand reporting requirements for all-cash real estate purchases, Bloomberg reported Dec. 6. The effort aims to reduce global corruption, and could mandate that title insurance companies turn over information about cash purchases made through shell companies.

 
Dec 15, 2021 12:30 PM

Drop in Office Space Demand No Cause for Concern: Report

New demand for office space fell in October, the second consecutive monthly drop, according to the VTS Office Demand Index, MBA NewsLink reported Dec.7. However, the report noted that the decline isn’t indicative of labor market softness, and office demand remains nearly 70% above its level from one year ago.

 
Dec 15, 2021 12:30 PM

Commercial Property Price Growth Rises at Extraordinary Rate: Real Capital Analytics

Commercial real estate prices grew at their fastest annual rate in years this fall amid intense investor demand, according to Real Capital Analytics, MBA NewsLink reported Dec. 7. Investors acquired nearly $525 billion in CRE assets through October, a 70% increase from the year prior.

 
Dec 08, 2021 12:30 PM

Agencies Raise Appraisal Exemption Threshold

The Consumer Financial Protection Bureau, the Federal Reserve Board and the Office of the Comptroller of the Currency announced Dec. 1 that the 2022 threshold for exempting mortgage loans from special appraisal requirements will be $28,500, up from $27,300 this year. The increase takes effect Jan. 1.​

 
Dec 08, 2021 12:30 PM

Value of Farm Properties Up Sharply in Q3: Report

The value of non-irrigated cropland jumped by at least 12% during the third quarter, and the increase was consistent across most states, according to the Federal Reserve Survey of Agricultural Credit Conditions released Nov. 23. Interest rates on farm loans remain historically low and agricultural credit conditions saw further improvement.

 
Dec 08, 2021 12:30 PM

Cap Rates for Medical Sector Squeezed, Overall Net Lease Down: The Boulder Group

Cap rates for the single-tenant, net lease medical sector compressed 55 basis points during the third quarter to 5.95% when compared to the same point a year ago, The Boulder Group reported Dec. 2 in its Q3 Net Lease Medical Report. The overall net lease market, comprised of retail, office and industrial, was down 23 basis points year-to-year.

 
Dec 01, 2021 08:30 AM

VA Increasing Appraisal Fees, Turnaround Times

The Department of Veterans Affairs announced Nov. 19 that it will raise appraisal fees and extend turnaround times in certain markets in response to “unprecedented demand,” HousingWire reported. The fee increases, which take effect Dec. 1, will vary by state and county; for example, $25 in Minnesota and $400 in select parts of California.

 
Dec 01, 2021 08:30 AM

FHFA Conforming Loan Limits for 2022 Approach $1M

The Federal Housing Finance Agency on Nov. 30 announced that the conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2022 will be $647,200 for single-family homes and increase to $970,800 for homes in higher-cost areas. Loan limits are adjusted annually to reflect changes in the average U.S. home price.

 
Dec 01, 2021 08:30 AM

Strong Demand and Plummeting Vacancy Cause Multifamily Rents to Spike: Report

The multifamily sector was strong during the third quarter, with growing demand and low vacancy rates pushing rents 13.9% higher than at the same point a year ago, according to a report from Walker & Dunlop, Benzinga reported Nov. 24. New completions are 20% below the average pace of the past four years, and new construction costs are up 11%.

 
Nov 17, 2021 08:30 AM

AI Board of Directors Approves Strategic Priorities for 2022

The Appraisal Institute Board of Directors at its Nov. 11-12 meeting in Chicago approved the Strategic Plan strategies that will guide the organization’s efforts in 2022, and beyond.

 
Nov 17, 2021 08:30 AM

Many Homeowners Plan to Sell Soon, Skip Appraisals: Report

Nearly two thirds of prospective home sellers say they plan to enter the market within the next six months, signaling hope for would-be buyers who have struggled with limited inventory, Realtor.com reported Nov. 11. Most sellers anticipate competitive bidding wars for their homes, including offers above-asking and foregoing contingencies such as appraisals and inspections.

 
Nov 17, 2021 08:30 AM

Appraisal Institute Receives $500,000 Pathway to Success Grant from TAF

The Appraisal Foundation’s Board of Trustees announced Nov. 16 that it awarded the Pathway to Success Grant to the Appraisal Institute for the development of a Practical Applications of Real Estate Appraisal program. The competitive grant application was reviewed, scored and recommended for approval by a team representing Foundation trustees, sponsoring organizations and the Appraiser Qualifications Board.

 
Nov 10, 2021 08:30 PM

Housing Market at Peak, Correction May be Coming: Analyst

Wall Street analyst, Ivy Zelman, who correctly predicted the 2007 housing crash, views the historic increase in home values during the pandemic as a potential precursor to a correction, not necessarily a crash, WealthManagement.com reported Nov. 3. Her biggest concern: the investors who drove up prices beyond the reach of many buyers may now start unloading their holdings, overloading the market with supply.

 
Nov 10, 2021 08:30 AM

High Inflation ‘Transitory,’ Jobs Recovery Expected, MBS Purchases Slowed: Fed

The Federal Reserve believes the current high rate of inflation — about twice the 2% target — is “transitory” and that price pressures will ease and help with jobs recovery, Reuters reported Nov. 3. The Fed also announced a reduction in its monthly purchases of Treasuries and mortgage-backed securities at a pace of $15 billion per month, with a plan to end purchases in mid-2022.

 
Nov 10, 2021 08:30 AM

Small-cap Commercial Real Estate Booms, Data Shows

The nation’s economic rebound has vastly improved conditions for small businesses, boosting small-cap commercial leasing and investment markets, according to the Boxwood Means Q3 Small-Cap Commercial Real Estate Trends report, MBA NewsLink reported Nov. 3. The demand for space is surging, with net absorption across the industrial, office and retail sectors positive for four consecutive quarters.

 
Oct 20, 2021 12:30 PM

Report: 20% of Commercial Properties, 25% of Critical Infrastructure Face Flood Risk

About 20% of U.S. commercial properties and 14% of residential properties are at risk of flooding, according to the 3rd National Risk Assessment: Infrastructure on the Brink report published Oct. 11 by nonprofit First Street Foundation. Additionally, 25% of critical infrastructure and 23% of roads are vulnerable. States with the greatest risk are Louisiana, Florida, Kentucky and West Virginia. ​

 
Oct 20, 2021 12:30 PM

Foreclosures Spike During Q3 as Moratorium is Lifted: Data

Foreclosure activity significantly increased in September as the moratorium was lifted, with 19,609 filings reported for the month, up 24% from August and up 102% from September 2020, ATTOM reported Oct. 14 in its latest Foreclosure Market Report. Lender foreclosures also increased, up 32% quarter-to-quarter. Florida, Illinois and Delaware reported the highest foreclosure rates.

 
Oct 20, 2021 12:30 PM

Desktop Appraisals Are Here to Stay, FHFA Announces

The option to perform desktop appraisals will become permanent, the Federal Housing Finance Agency announced Oct. 19. Starting early next year, appraisals for purchase loans can be remotely conducted using public records, such as listings and tax appraisals. Desktop appraisals were intended as a temporary response to the coronavirus pandemic, allowing appraisers to safely perform their job amid lockdowns and social distancing.

 
Oct 13, 2021 12:30 PM

Wyoming, Idaho at Major Risk of Wildfire: CoreLogic Report

Wyoming and Idaho top the list of states with the greatest risk of economic damage due to wildfire, CoreLogic revealed in its latest Wildfire Report released Sept. 29. Rounding out the top five are New Mexico, Utah and Nevada. The report looked at property-related risk and the availability of reconstruction resources, among other factors.

 
Oct 13, 2021 12:30 PM

Indoor, Outdoor Mall Visits Down in September as Retail Recovery Slows: Index

Indoor and outdoor malls both saw visits drop this fall, a reversal of the steady recovery these properties have experienced this year, according to the Placer.ai Mall Index released Oct. 6. Visits to indoor malls were down 6.5% in September compared with September 2019, while visits to outdoor malls dropped 5.2%. Increasing coronavirus cases and differing return-to-school actions contributed to the decline.

 
Oct 13, 2021 12:30 PM

Single-tenant Net Lease Cap Rates at Record Lows: Data

Cap rates in the single-tenant net lease sector reached a historic low in all three asset classes during the third quarter, The Boulder Group reported Oct. 1 in its Q3 2021 Net Lease Market Report. Cap rates for retail, office and industrial properties dropped to 5.8%, 6.8% and 6.7%, respectively. ​

 
Oct 06, 2021 12:30 PM

New California Appraiser Requirements Focus on Bias

California Gov. Gavin Newsom on Sept. 28 signed into law AB 948, legislation that contains multiple provisions related to appraisal bias. Beginning July 1, 2022, all residential sales contracts must include a statement promising that appraisals are unbiased and not influenced by improper or illegal considerations. Refinance transactions must include the same statement in loan documents provided to borrowers.

 
Oct 06, 2021 12:30 PM

Fannie Mae, Freddie Mac Extend Multifamily Forbearance

The Federal Housing Finance Agency announced Sept. 24 that Fannie Mae and Freddie Mac will extend coronavirus forbearance to owners of qualifying multifamily properties. The previous extension was set to expire Sept. 30 and is subject to existing tenant protections.

 
Oct 06, 2021 12:30 PM

Consumer Confidence Index Down in September Marking 3rd Consecutive Monthly Drop

The Consumer Confidence Index published Sept. 28 by the Conference Board showed a decline in September, following drops in both July and August. The decline was attributed to the spread of the coronavirus Delta variant, which has dampened optimism and caused concerns about the economy and short-term growth prospects.

 
Jul 27, 2021 08:00 AM

Pandemic Continues to Impact Entertainment Real Estate Values: Valuation Magazine

It’s likely to take a year or two for entertainment real estate values to get past the economic shock of the coronavirus pandemic, according to an article in Valuation magazine’s second quarter 2021 issue.​

 
Jul 21, 2021 07:59 AM

Differences in Asset Quality Must be Considered When Valuing Golf Courses: The Appraisal Journal

Valuation professionals should consider the differences in the business intangible property and real property of public golf facilities and of private golf and country clubs, according to an article published this week in The Appraisal Journal.

 
Jun 17, 2021 09:06 AM

Appraisal Institute Encourages Graduates to Consider the Valuation Profession

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, is seeking new faces and encourages recent graduates to consider a career in the valuation profession.

 
Jun 04, 2021 09:30 AM

Appraiser Diversity Initiative Sponsorship Program Seeks Applicants

The Appraisal Institute, in collaboration with Fannie Mae and the National Urban League, today announced it is seeking applicants for their Appraiser Diversity Initiative Sponsorship Program.

 
May 27, 2021 08:00 AM

Appraisal Institute Offers Landscaping Tips for Homeowners

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today encouraged homeowners to hire an appraiser to offer ideas about how to enhance their property’s landscaping and potentially boost their sales price.

 
May 11, 2021 08:00 AM

Complete Smart and Necessary Home Renovation Projects: Appraisal Institute

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today encouraged homeowners to focus on cost-efficient improvement projects when seeking to potentially improve their property’s value during the ongoing coronavirus pandemic.

 
Apr 27, 2021 08:00 AM

Appraisal Institute Continues to Fight Unconscious Bias: Valuation Magazine

Bias, both unconscious and structural, present a wide-ranging, multifaceted challenge to the real estate industry and have deep historical roots, according to an article in Valuation magazine’s first quarter 2021 issue.

 
Apr 22, 2021 08:00 AM

Appraisal Institute Opens Registration for 2021 Annual Conference

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today announced it has opened registration for its 2021 Annual Conference, Aug. 9-10, in Orlando, Florida.

 
Apr 21, 2021 08:00 AM

New Appraisal Institute Text Examines Appraising Automobile Dealerships

Since valuing automobile dealerships requires specialized knowledge of the operation of auto dealerships and the physical features of dealership properties, “A Guide to Appraising Automobile Dealerships,” second edition, includes case studies, real-life examples and guidance from industry experts, according to a book published by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.

 
Mar 04, 2021 08:00 AM

Appraisal Institute Debuts New and Improved Residential Education Offering

The Appraisal Institute on Feb. 22 debuted a new and improved education offering, “Appraising Condos, Co-ops, and PUDs.”

 
Feb 18, 2021 08:00 AM

Appraisal Institute, Fannie Mae, National Urban League Award Scholarships to Strengthen Diversity in Profession

The Appraisal Institute in collaboration with Fannie Mae and the National Urban League today announced the first class of 2021 aspiring real estate appraisers receiving scholarships through the Appraiser Diversity Initiative. The scholarship recipients were Jamilah Abdur Rahman, Philadelphia; Angela Anderson, Portsmouth, Rhode Island; Heather Boyd, Waynesville, North Carolina; Vernon Davis, Jr, New Orleans; Devyn Gonzalez, Dallas; Akil Henderson, White Plains, Maryland; Theresa Kennedy, Atlantic​

 
Jan 20, 2021 08:00 AM

New Appraisal Institute Text Demonstrates Essential Valuation Techniques

Since problem-solving is the foundation of an appraiser's skill set, “The Student Handbook to The Appraisal of Real Estate, 15th Edition,” includes practice problems that allow users of the handbook to test the knowledge they have acquired every step of the way, according to a book published by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.

 
Jan 14, 2021 08:00 AM

Appraiser Diversity Workshop Scheduled

The Appraisal Institute is collaborating with the National Urban League and Fannie Mae to host a free virtual Appraiser Diversity Initiative workshop, “How to Become a Real Estate Appraiser,” Saturday, Jan. 30, noon- 1:15 p.m. EST.

 
Jan 12, 2021 08:00 AM

Appraisal Institute Helps Tackle Unconscious Valuation Bias: Valuation Magazine

The Appraisal Institute is addressing unconscious valuation bias while also expanding opportunities for aspiring appraisers, according to an article in Valuation magazine’s third/fourth quarter 2020 issue.​

 
Dec 30, 2020 08:00 AM

Rodman Schley to Become President of Appraisal Institute on Jan. 1

Rodman Schley, MAI, SRA, of Arvada, Colorado, will begin his one-year term as president of the Appraisal Institute on Jan. 1. The Appraisal Institute is the nation’s largest professional association of real estate appraisers with over 17,000 professionals in almost 50 countries.

 
Oct 22, 2020 08:00 AM

Appraisers Must Identify the Scope of Work, New Book Says

The scope of work concept is fundamental to appraisal, and its proper application ensures that appraisers can provide various services and maintain flexibility in their assignments, which has become increasingly important in our rapidly changing business environment, according to a book published by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.

 
Oct 16, 2020 08:00 AM

Appraisal Organizations Join Forces to Support Training, Ethics to Combat Bias

The Appraisal Institute, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers and the Massachusetts Board of Real Estate Appraisers today announced their collective support for the development of additional training that addresses unconscious bias in valuation, and for each organization to individually review its Code of Ethics and other governing documents to further ensure awareness and compliance among its membership and the valuation profession as a ​

 
Oct 07, 2020 08:00 AM

Assembled Workforce an Important Consideration in Property Valuation: The Appraisal Journal

Separating the value of a trained workforce from the overall value of a going concern requires economic analysis, not just the subtraction of employee salaries, according to an article published this week in The Appraisal Journal.

 
Sep 22, 2020 07:44 AM

Appraisal Institute Honors 17 National Award Winners

Sandra K. Adomatis, SRA, of Punta Gorda, Florida, was honored Monday with the Appraisal Institute’s Lifetime Achievement Award, and James L. Henderson, SRA, of Lakeland, Florida; Charles R. Mills, MAI, SRA, AI-GRS, of Jeffersonville, Indiana; and César Servando Cantú Martínez, MAI, SRA, AI-GRS, of Monterrey, Mexico, were recognized with the Outstanding Service Award during the Appraisal Institute Awards Ceremony, which took place virtually.

 
Sep 02, 2020 08:00 AM

New Appraisal Institute Textbook Addresses Time-tested Valuation Principles for Today’s World

In the midst of a global pandemic and social justice concerns, the Appraisal Institute today published “The Appraisal of Real Estate,” 15th edition. The textbook long has been recognized as the valuation profession’s most comprehensive source of information for appraisers and other real estate professionals.​

 
Aug 07, 2020 07:28 AM

Craig Steinley Elected 2021 Appraisal Institute Vice President

Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, of Rapid City, South Dakota, was elected 2021 vice president of the nation’s largest professional association of real estate appraisers Thursday by its Board of Directors during the Board’s virtual meeting.

 
Jul 30, 2020 01:32 PM

Upzoning Can Impact Appraisals, Places Emphasis on Highest and Best Use Analysis: Valuation Magazine

Many cities see upzoning as an effective way to expand affordable housing, but zoning changes can impact appraisals, so appraisers need to analyze the highest and best use of the property and land, according to an article in Valuation magazine’s second quarter 2020 issue.

 
Jul 21, 2020 09:57 AM

Appraisal Institute Urges Swift Passage of Appraisal Portal Legislation

The nation’s largest professional association of real estate appraisers this month sent a letter urging swift passage of the Portal for Appraisal Licensing Act of 2020 in the 116th Congress, which would amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to establish a portal for appraisal credentialing and AMC registration information, and for other purposes.

 
Jul 14, 2020 08:00 AM

Golf Course HOAs Should Carefully Consider Financial Security Options: The Appraisal Journal

Homeowners associations should carefully consider all available methods for maintaining value in golf course communities, according to an article published this week in The Appraisal Journal.

 
Jun 16, 2020 08:00 AM

Homeowners Can Help Appraisers During COVID-19 Pandemic, Appraisal Institute Says

Despite the coronavirus and safety considerations, homeowners can still work with appraisers to help provide a full picture of their property, the nation’s largest professional association of real estate appraisers said today.

 
May 12, 2020 08:06 AM

Landscaping Can Have Major Impact on Property Values: Appraisal Institute

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today advised homeowners that improving their property’s landscaping can result in a significant return on investment when selling the home.

 
Apr 28, 2020 08:15 AM

Appraisers Can Help Courts, IRS Navigate Conservation Easements, New Book Says

Governmental and judicial entities’ expanded oversight of the real estate appraisal process makes it imperative that those involved in valuing easement-encumbered properties demonstrate their competence to the Internal Revenue Service and the courts, according to a book published today by the Appraisal Institute under a licensing agreement with the Land Trust Alliance.

 
Apr 16, 2020 11:03 AM

Appraisers Must Adapt to iBuyer Models: Valuation Magazine

While the volume of home sales involving iBuyers is still fairly limited, the number of markets they reach is growing and their role in the residential real estate sector could be transformative, according to an article in Valuation magazine’s first quarter 2020 issue.

 
Apr 07, 2020 07:53 AM

Automated Valuation Models Need More Reliability: The Appraisal Journal

Since automated valuation model vendors use varying methodologies, valuation professionals should use caution when relying on AVM data, according to an article published this week in The Appraisal Journal.​

 
Mar 26, 2020 07:56 AM

Real Estate Groups Ask Governors, Mayors for Appraisal ‘Stay at Home’ Exemptions

The nation’s largest professional association of real estate appraisers joined four other real estate organizations March 25 in asking state and local government leaders to include appraisers among “essential services” exempted from stay-at-home or shelter-in-place orders issued during the coronavirus (COVID-19) pandemic.

 
Dec 11, 2019 12:50 PM

FHA Raises Loan Limits Following Fannie, Freddie Action

The Federal Housing Administration on Dec. 5 announced that its loan limit for much of the U.S. will increase about $17,000 to $331,760 for 2020, HousingWire reported. The FHA loan limit is calculated as a percentage of the conforming limit established by Fannie Mae and Freddie Mac, which will increase to $510,400 next year.

 
Dec 11, 2019 12:50 PM

Treasury Council Report Covers Market, Regulatory Progress

The Treasury Department’s Financial Stability Oversight Council released its annual report Dec. 4, which showed significant financial market and regulatory developments and revealed potential threats to U.S. financial security. The report also noted that federal and state regulators are collecting data, identifying risks and strengthening oversight of nonbank financial companies that originate and service residential mortgages.

 
Dec 11, 2019 12:50 PM

Odds of US Recession Decrease, But Slowdown is Likely, Bankrate Survey Reveals

The chances of an economic recession in the U.S. next year are decreasing, but experts said there’s a 35% chance of a downturn before the presidential election and they expect job growth to slow and unemployment to increase, according to Bankrate’s Fourth Quarter Economic Indicator survey released Dec. 4.

 
Nov 20, 2019 08:00 AM

Don’t Wait to Winterize Your Home, Appraisal Institute Advises

CHICAGO (Nov. 20, 2019) – The nation’s largest professional association of real estate appraisers today advised homeowners not to wait for the upcoming cold months to winterize their property.

 
Oct 16, 2019 01:56 PM

FEMA May Buy Millions of Properties in Flood-prone Areas

Only 43,000 properties at high risk of flooding have been sold to the government since 1989, but data released Oct. 9 by the Federal Emergency Management Agency showed that millions more may need to be purchased due to climate change, Bloomberg reported. The data also revealed that FEMA is unprepared for a massive, government-subsidized real estate buyout.

 
Oct 16, 2019 01:54 PM

CoStar to Acquire Hospitality Analytics Firm STR for $450M

CoStar Group announced Oct. 1 that it will acquire global hospitality and benchmarking firm STR for $450 million in cash, allowing CoStar to provide data and analytics on the $3 trillion hotel asset class. The deal is expected to close during the fourth quarter.

 
Oct 16, 2019 01:53 PM

Cap Rates for Commercial Properties Drop in the Second Quarter: The Boulder Group

Cap rates for retail, industrial and office properties in the single-tenant net lease investment sector fell for the second consecutive quarter, according to the Net Lease Market Report released Oct. 8 by investment services firm The Boulder Group, GlobeSt.com reported. The Federal Reserve's interest rate reduction was cited as a key factor for the second-quarter drop.

 
Oct 09, 2019 12:30 PM

Residential Appraisal Threshold Increase Becomes Official

The Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency on Sept. 27 announced the official adoption of a final rule that increases the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. Transactions exempt from the appraisal requirement must instead obtain an evaluation.

 
Oct 09, 2019 12:30 PM

FHFA, Treasury to Allow Fannie, Freddie to Retain Capital

The Federal Housing Finance Agency and the Treasury Department announced Sept. 30 that Fannie Mae and Freddie Mac will be allowed to retain up to $45 billion in capital as they prepare to exit conservatorship, HousingWire reported. The Trump administration previously indicated that it opposed a profit sweep of the government-sponsored enterprises.

 
Oct 09, 2019 12:30 PM

CRE Performs Inconsistently, But Should Thrive Through Year-end, Report Shows

A review of mid-year commercial real estate showed spreads and divergence in property sectors, but performance for the rest of the year should thrive, according to the U.S. Real Estate Summary report released Oct. 1 by UBS Asset Management, Commercial Property Executive reported. The report showed minimal movement in cap rates and a drop in 10-year Treasury rates.

 
Oct 02, 2019 02:39 PM

Banking Committee Leaders Seek Answers on Appraisal Waiver

Rep. Maxine Waters, D-Calif., and Sen. Sherrod Brown, D-Ohio, on Sept. 24 submitted a letter to the Appraisal Subcommittee seeking answers about its July decision to grant a waiver of appraiser certification and licensing to the state of North Dakota. The letter expressed “surprise and concern” about the “unprecedented” waiver.

 
Oct 02, 2019 02:38 PM

Investors Push Down Industrial Cap Rates, CBRE Survey Shows

Investors in search of yield are putting money into industrial properties in secondary and tertiary markets, which is causing cap rate compression there, according to the first half 2019 cap rate survey released Sept. 24 by real estate firm CBRE, National Real Estate Investor reported.

 
Oct 02, 2019 02:35 PM

Rise in Co-working Spaces May Make Next Recession Worse, Boston Fed Reports

The increase in co-working space could be a source of financial instability and make the next recession worse by sparking a run on commercial real estate, Eric Rosengren, president of the Boston Federal Reserve, told an audience at New York University Sept. 20, Reuters reported. Rosengren expressed concern that the financial strength of the co-working model hasn’t been tested.

 
Sep 25, 2019 12:30 PM

Trump Asks Supreme Court for More Authority Over CFPB

The Trump administration on Sept. 17 asked the Supreme Court to take up a pending appeal and rule that the president has constitutional authority to fire the director of the Consumer Financial Protection Bureau, Bloomberg reported. The 2010 law that established the CFPB states the director can only be removed for “inefficiency, neglect of duty, or malfeasance in office.”

 
Sep 25, 2019 12:30 PM

Multifamily Cap Rates Rise in Cities with Rent Control: RCA

More than 80% of markets with rent-control regulation saw an increase in cap rates on multifamily properties during the past year as investors pay less for properties, according to analytics firm Real Capital Analytics, National Real Estate Investor reported Sept. 17. In many markets, investors are spooked by the potential for additional regulation.

 
Sep 25, 2019 12:30 PM

Life Insurance Companies Want to Increase Multifamily Lending, Holdings, MBA Reports

Life insurance companies said they want to increase their multifamily lending volume by approximately $10 billion next year, and ultimately hold between $50 billion and $120 billion in loans backed by multifamily properties over the next five years, the Mortgage Bankers Association reported Sept. 16.​

 
Sep 18, 2019 11:45 AM

NCREIF Issues Agricultural Appraisal Guidelines

The National Council of Real Estate Investment Fiduciaries released its Agricultural Appraisal Guidelines Sept. 11. Developed by members of the NCREIF Farmland Committee with input from organizations such as the Appraisal Institute, the guidelines are intended to provide clearly defined standards for appraisers, but are not intended to replace any current valuation requirements.

 
Sep 18, 2019 11:44 AM

Flex Office Space to Claim Bigger Market Slice: CBRE

The U.S. market for flexible office space is expected to boom during the next 10-plus years, according to a report released Sept. 12 by real estate firm CBRE. By 2030, flex space is expected to account for 13% of overall office space, up from 1.8% today, and total 600 million square feet, up from 71 million square feet.

 
Sep 18, 2019 11:42 AM

New York, Indiana Boast Top Office Construction Markets, According to Yardi Matrix

South Bend, Indiana, and the New York City boroughs of Brooklyn and Queens are top metros for office construction in terms of supply as a percentage of existing stock, according to analytics firm Yardi Matrix, Commercial Property Executive reported Sept. 11. Brooklyn and Queens benefit from proximity to Manhattan while South Bend benefits from an expanding downtown.

 
Aug 29, 2019 08:00 AM

Appraisers Can Help Themselves Mitigate Liability Risk, New Book Says

Appraisers who take on a variety of valuation assignments can manage the risks associated with their work by taking realistic, effective steps, according to a new book published by the Appraisal Institute.​

 
Jul 24, 2019 11:53 AM

AI Condemns NCUA Action Quadrupling Appraisal Threshold

The Appraisal Institute on July 18 condemned as irresponsible and dangerous the National Credit Union Administration’s decision to increase the appraisal threshold for nonresidential real estate loans from $250,000 to $1 million, effectively reducing the number of appraisals required for commercial loans and challenging the safety and soundness of the system.

 
Jul 24, 2019 11:51 AM

FHA Delays Digital Signature Requirement for EAD System

The Federal Housing Administration is delaying its requirement for XML Digital Signatures on all appraisals uploaded to the Electronic Appraisal Delivery System, the agency announced July 11. The requirement was to have taken effect Aug. 5; no new date has been set, and XML Digital Signature Hard Stops remain eligible for automatic overrides.

 
Jul 24, 2019 11:47 AM

White House Plans September Release for Proposed Reforms for Fannie, Freddie

The Trump administration’s plan to overhaul Fannie Mae and Freddie Mac likely will wait until September due to other priorities within the Treasury Department, Reuters reported July 17. The Federal Housing Finance Agency hasn’t set a timeline for releasing the government-sponsored enterprises from conservatorship, which means the issue may not be resolved before the 2020 election.

 
Jul 10, 2019 12:30 PM

Energy Sector Caused Office Market Downturn; Houston Showing Improvement: JLL Report

The 2019 energy outlook report released July 1 by commercial real estate firm JLL indicated that the office sector in North American energy markets like Houston are still feeling the effects of the 2014-17 oil downturn, but the situation is improving, Commercial Property Executive reported. In Houston, the vacancy rate marks a 140 basis-point decline from its mid-2018 peak figure.

 
Mar 23, 2018 11:16 AM

North Carolina Supreme Court Allows Brokers’ Fair Market Value Testimony

The North Carolina Supreme Court in an opinion filed March 2 held that real estate brokers may legally testify regarding the fair market value of real property in condemnation cases. The case involved the state's condemnation of approximately two acres of commercial property for a highway construction project.

 
Mar 23, 2018 11:14 AM

AI Backs Revisions as Senate OKs Banking Reform Bill

The Appraisal Institute led nearly three dozen valuation organizations in supporting revisions to a bipartisan Senate bill that passed March 14. The measure, which now goes to the House, rolled back many post-financial-crisis banking rules found in the Dodd-Frank Act.

 
Mar 23, 2018 11:12 AM

Appraisal Institute Partners with RESNET to Create Appraisal Portal

The Appraisal Institute on March 13 announced its partnership with the Residential Energy Services Network to launch an appraiser portal that allows AI professionals to access data for properties with Home Energy Rating System Index scores.

 

FHFA to Increase Conforming Loan Limits for 2018

The Federal Housing Finance Agency announced Nov. 28 that the maximum conforming loans limits for mortgages purchased by Fannie Mae and Freddie Mac next year will be $453,100 for most single-unit properties, up from $424,100 this year. The limit is based on the average U.S. home price.

 
Aug 10, 2016 12:30 PM

CFPB Publishes 900-page Mortgage Lending Final Rule

The Consumer Financial Protection Bureau on Aug. 4 finalized mortgage servicing regulations to ensure borrowers are treated fairly, HousingWire reported. Included in the 900-page final rule are mandates that certain borrowers receive foreclosure protections more than once during the life of the loan and that foreclosure protections cover those inheriting property.

 
Jul 27, 2016 02:42 PM

Court Revives Freddie Mac Subprime Suit

A federal appeals court on July 20 revived a lawsuit filed by the Ohio attorney general that accuses Freddie Mac of defrauding the state’s $87.3 billion pension fund by failing to disclose risk to subprime mortgages, Reuters reported. A lower court had ruled that disclosure shortfalls didn’t prove monetary loss.

 
Jul 27, 2016 02:39 PM

‘Down-and-Out’ Neighborhoods Make a Rebound

Many so called “rough-and-tumble” neighborhoods have bounced back in recent years, as tight inventory and new construction has helped convince homebuyers to consider such neighborhoods, analytics firm RealtyTrac reported July 20 in its best of the “bad” neighborhoods report.

 
Jul 27, 2016 02:32 PM

White House Unveils Clean Energy Initiative

The White House on July 19 announced the Clean Energy Savings for All Initiative, a joint effort from the Environmental Protection Agency and the departments of Energy, Agriculture, Veteran’s Affairs, Housing and Urban Development and Health and Human Services to increase access to solar energy, promote energy efficiency and ensure homeowner access to solar options.

 
 
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