Industry News

Feb 23, 2022 08:30 AM

Tertiary Markets Lure Investors Due to High Yields and Growth Opportunities: Data

Tertiary markets are becoming hot as investors discover better yields and growth opportunities, with sales reaching $147 billion in 2021, up 56% from the $94.2 billion in transactions recorded in pre-pandemic 2019, WeathManagement.com reported Feb. 14. Tertiary markets are those outside the top 40 metropolitan statistical areas, and include Columbus, Ohio; Jacksonville, Florida; and Louisville, Kentucky.

Feb 16, 2022 08:30 AM

Women, Millennials Driving Black Homeownership: Realtor.com

Black homebuyers accounted for 9.1% of sales between October 2020 and September 2021, and while that’s up slightly from a decade ago, the growth rate is similar to non-Black homeowners, which suggests the homeownership gap hasn’t narrowed, Realtor.com reported Feb. 9. Black women are purchasing more homes than Black men, while millennials are the primary driver of Black homeownership.

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.