Industry News

Jun 07, 2023 08:00 AM

CRE Transaction Volume, Prices Expected to Drop, According to ULI Forecast

Commercial real estate transaction volume is expected to drop to $425 billion this year, down from $730 billion last year, the Urban Land Institute reported May 25 in its Spring 2023 Real Estate Economic Forecast. Price declines of 8% are anticipated across all property types — the most since 2010 — but inflation is expected to ease this year.

Jun 07, 2023 08:00 AM

Legislators Seek to Double Capital Gains Exclusion for Sellers

Rep. Jimmy Panetta, D-Calf., and Mike Kelly, R-Pa., introduced the More Homes on the Market Act, legislation that would double the amount of capital gains exclusions on home sales, MarketWatch reported May 27. Sellers would be able to exclude either $500,000 (single filers) or $1 million (joint filers), and index the amount to inflation. The current allowable deduction amounts have been unchanged since 1997.

Jun 07, 2023 08:00 AM

White House Unveils New Tactics to Address Appraisal Bias

The Biden administration announced June 1 that new PAVE Action Plan tactics would be implemented to address appraisal bias, including six agencies issuing a proposed rule establishing quality control standards for automated valuation models. Other actions include promoting consistency in the reconsideration of value process, updating the Uniform Appraisal Dataset and publishing a dashboard about state requirements to enter the valuation profession.

May 31, 2023 08:30 AM

Home Values Decline in April, Redfin Reports

The median home price fell 4.1% year-over-year in April to $408,031, reflecting a loss of $17,603, the largest drop in dollar value on record, Redfin reported May 22. Pandemic boomtowns experienced the steepest declines, especially Oakland, California, where home values dropped 16.1% from the same point a year ago, and Austin, Texas, where prices dropped 15.3%.

May 31, 2023 08:30 AM

All Major Property Types Post Annual Declines: RCA Index

In April, all major property types posted annual declines — the first time that’s happened in a single month since September 2010, according to the RCA CPPI National All-Property Index, GlobeSt.com reported May 30. The apartment sector saw the largest monthly and annual declines among major property types, down 1.5% and 12.1%, respectively.

May 31, 2023 08:30 AM

Economic Uncertainty Remains High for Commercial Real Estate: JPMorgan Chase  

Commercial real estate will face increased uncertainty for the rest of the year, according to JPMorgan Chase’s Midyear Commercial Real Estate Outlook, MBA NewsLink reported May 24. While most sectors have been resilient the first half of the year, questions loom about the office sector and rising interest rates, which have increased 10 times between March 2022 and May 2023.

May 24, 2023 08:30 AM

AI PAREA Program Receives Approval from the AQB

The Appraisal Institute announced May 18 that its Practical Applications of Real Estate Appraisal program for the licensed residential path received approval from the Appraiser Qualifications Board. Appraisal Institute President Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, said the program will create many opportunities for aspiring appraisers who might not currently have a pathway into the profession.

May 24, 2023 08:30 AM

FHFA Seeks Input on Single-family Pricing Framework

The Federal Housing Finance Agency on May 15 issued a Request for Input on the single-family pricing network for Fannie Mae and Freddie Mac and on the processes necessary to set single-family upfront guarantee fees for them. Comments are due by Aug. 14.

May 24, 2023 08:30 AM

Inflation Remains High but Shows Signs of Easing, Fannie Mae Reports

Concerns about inflation are easing, with data showing current annual rates trending as expected at around 2% to 5.5%, and small businesses no longer cite inflation as their biggest worry, Fannie Mae reported May 12. However, lenders are still tightening credit standards for both residential and commercial real estate loans.

May 18, 2023 08:00 AM

Appraisal Institute PAREA Program Receives Approval from Appraiser Qualifications Board

The Appraisal Institute announced today that the Appraiser Qualifications Board has provided approval of AI’s Practical Applications of Real Estate Appraisal program for the licensed residential path.