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July 2019

AI President Urges Congress to Pass Key Legislation

Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS, recommended at the House Financial Services Committee's Housing, Community Development and Insurance Subcommittee's June 20 hearing on Capitol Hill that Congress pass HR 2852, which would allow licensed appraisers to perform appraisals for Federal Housing Administration loans.

July 2019

Licensed Alabama Appraisers May Now Perform Evaluations

Alabama enacted legislation, effective May 29, allowing state-licensed appraisers to perform evaluations for federally regulated financial institutions.

July 2019

Louisiana Legislation Allows Appraisers to Start Performing Evaluations on Aug. 1

Louisiana Gov. John Bel Edwards on May 30 signed HB 340, legislation that allows appraisers in the state to provide evaluations for federally insured depository institutions. The law takes effect Aug. 1.

July 2019

FHFA Director Encourages Congress to Take Fannie, Freddie Out of Conservatorship

Fannie Mae and Freddie Mac should be returned to private hands, and doing so could reduce taxpayer risk, promote competition and support homeownership, Federal Housing Finance Agency Director Mark Calabria stated June 11 in a letter accompanying his annual report to Congress, Bloomberg reported. Calabria said the housing finance system needs to be more sustainable.

July 2019

Local Governments Have Worst Homebuilding Regulations: FHFA

Local municipalities need to reduce the number of regulations and the costs associated with them in order to spur homebuilding, Mark Calabria, director of the Federal Housing Finance Agency, told attendees June 3 at a conference in Washington, HousingWire reported. Calabria said the supply of homes under construction is not enough to keep up with demand.

July 2019

Housing Market to Remain Stable Through 2020, Recession Likely in 2021, Study Shows

The housing market should be stable through the end of 2020, but a recession is likely in 2021, according to a study released June 3 by research firms Metrostudy and Zonda, Builder magazine reported. Recent tariffs could impact the results, but a recession isn't expected to be as severe as the one leading up to the housing crisis.

July 2019

Properties Located in Opportunity Zones Show Sales Growth: Real Capital Analytics

Interest in properties located within opportunity zones is rising, which is spurring owners of lower-quality assets to finally sell, according to a study released June 10 by Real Capital Analytics, GlobeSt.com reported. The study noted, however, many of the properties have deferred maintenance and are not selling for top dollar.

July 2019

Jacksonville, North Carolina, Has Most Affordable Beach Homes: Report

Jacksonville, North Carolina, is the most affordable market in which to buy a beach house, MarketWatch reported June 17. Affordability is based on median prices for homes for sale between May 2018 and April 2019. Aberdeen, Washington, and Atlantic City, New Jersey, rounded out the top three spots on the list.

July 2019

Sales of Flipped Homes Reach 9-Year High, Average 38.7% Profit, Data Firm Reports

Home flipping accounted for 7.2% of all homes sold during the first quarter, the highest home-flipping sales rate since the first quarter 2010, analytics firm ATTOM Data Solutions reported June 4. Flipped homes sold for an average gross profit of $60,000, a 38.7% return on investment.

July 2019

Idaho Named Best State for Homeowners for Second Consecutive Year, Report Reveals

A combination of low property taxes and increased home prices helped make Idaho the best state for homeowners for the second consecutive year, according to a report released June 6 by technology company SmartAsset. Utah and South Dakota rounded out the top three homeowner-friendly states.