ru - Residential Update | Appraisal Institute

August 2018

Freddie Mac Now Allows ACE Eligibility for Condo Unit Purchases, Refis

Freddie Mac announced June 28 that consumers purchasing a condo or refinancing a condo mortgage might be eligible for its automated collateral evaluation appraisal waiver. The ACE program, which launched in 2017 for single-family homes, gives eligible borrowers the opportunity to forgo a traditional appraisal.

August 2018

Baby Boomers Could Burst a ‘Generational Housing Bubble:’ Fannie Mae

Baby Boomers comprise 20 percent of all U.S. homeowners, and the impacts of their departure from the housing market could burst a "generational housing bubble" too large for current homeownership demand to meet, according to the Fannie Mae report "The Coming Exodus of Older Homeowners," MBA NewsLink reported July 17

August 2018

Housing Industry Loses Status as Economic Driver, Fed Chair Testifies

The housing industry isn't the economic driver it once was and doesn't have much pull in monetary policy decision making, Federal Reserve Chair Jerome Powell told the House Financial Service Committee July 17 as he delivered the semi-annual monetary policy report, HousingWire reported.

August 2018

Fed Beige Book Reveals Mixed Results in Residential, Commercial Sectors

Some Fed districts reported moderate improvements in the residential real estate sector, but their reports on commercial activity revealed largely stagnant conditions, the Federal Reserve reported July 18 in its newest Beige Book.

August 2018

Construction Material Costs Lead to Drop in Housing Starts, Data Shows

Rising lumber prices contributed to a drop in June housing starts, with single-family down 9.1 percent and multifamily down 19.8 percent, according to the U.S. Department of Housing and Urban Development and the Commerce Department, the National Association of Home Builders reported July 18.

August 2018

Most Million-dollar Homes Found in 3 California Cities, Report Shows

San Jose, California, topped the list of cities with the largest share of million-dollar homes, followed by San Francisco and Los Angeles, online loan marketplace LendingTree reported July 2. Buffalo, New York, ranked last, with only 0.10 percent of its homes in the million-dollar range.

August 2018

Hamptons Enclave Nation’s Most Expensive Place to Live, Data Shows

Sagaponack, New York, with a median home price of $2.8 million, requires individuals to earn nearly $900,000 annually to reside there, making it the nation's most expensive community, according to finance site GoBankingRates, HousingWire reported July 17. Beverly Hills, California, and Alpine, New Jersey, round out the top three.

August 2018

Luxury Markets Emerge in Traditionally Secondary Markets, Report Shows

Increasing digital connectivity and the resulting flexibility for remote work have increased demand for luxury homes in traditionally second-home markets, such as Golden Isles, Georgia, and Hilton Head, South Carolina, Forbes reported July 6. Demand has also grown in Bozeman, Montana, and Portsmouth, New Hampshire.

August 2018

Recovering Home Values Force Median-Income Households Out of the Market

Birmingham, Alabama; Detroit; and Indianapolis have the highest home price inequality in the nation, online marketplace LendingTree reported July 17 in a study on how escalating home prices in many cities have made median-priced homes unaffordable for median-income households.

August 2018

Young Homebuyers Hampered by Costs, Societal Shifts: Freddie Mac

Financial challenges and societal shifts — such as declining marriage and fertility rates — have depressed homeownership levels among young adults since 2000, Freddie Mac reported June 28. Its research noted that historically low mortgage rates and favorable employment conditions should have — but didn't — spur home purchases by young adults.