Industry News

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 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.

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.