Originally published on July 12, 2022 by Chris Clow for the Reverse Mortgage Daily.
The Federal Housing Administration (FHA) on Tuesday announced an increase in the appraisal validity period for all Single Family Title II forward and Home Equity Conversion Mortgage (HECM) transactions, increasing the period specifically for the HECM reverse mortgage program from 120 days to 180 days. This is according to the publication of Mortgagee Letter (ML) 2022-11.
Originally published on July 20, 2022, by the Appraisal Institute.
The House of Representatives on July 14 passed the National Defense Authorization Act, which approved $840 billion in defense spending for 2023. The 329-101 vote came after hundreds of amendments were considered, including a couple that focused on valuation issues.
Originally published on July 20, 2022, by Gary Engelhardt for the Research Institute for Housing America.
Around 4 million existing homes will hit the market over the next decade as older generations age out of their homes, according to the report, “Who Will Buy the Baby Boomers’ Homes When They Leave Them” released in July by the Mortgage Bankers Association. However, the inventory increase is expected to have minimal effect on housing supply and no measurable reduction in home prices.
Originally published on July 7, 2022, by Angela Waugaman for FreddieMac.
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 5.30 percent.
Originally published on July 7, 2022, by Michael Tucker for Mortgage Banker's Association.
Real Capital Analytics, New York, reported U.S. commercial property price growth held steady in May, supported by price gains in the industrial and apartment sectors.
Originally published on June 28, 2022 by Adam Russell for the Federal Housing Finance Agency.
The Federal Housing Finance Agency (FHFA) today released its first quarter 2022 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 129,779 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,494,057 since the start of conservatorships in September 2008.
Originally published on July 6, 2022, by Paul Bergeron for Globest.com.
Multifamily construction in the U.S. is at its highest level in 40 years, leaving some markets at risk of oversupply, according to an Apartment.com/CoStar report, GlobeSt.com reported on July 6. The most at-risk markets are Phoenix; Tampa, Florida; and Austin, Texas. Markets approaching the risky category are Raleigh, North Carolina, and Las Vegas.
Where do you live and who do you work for?
I am from and have lived in Gastonia, NC (Gaston County) all of my life. Currently (LOL) I work for Miles Hamrick Appraisal Services, Inc. My firm provides appraisals for commercial and residential properties, and data consulting services for private and public institutions on a wide range of property types.
How long have you been appraising?
I have been in the real estate and appraisal profession since 1986 ~ (38 years~).
Originally published on June 27, 2022 by the Supreme Court.
The Supreme Court on June 27 rejected a case involving the use of floor plans in marketing materials. Multiple real estate firms petitioned the court to review the case, contending the Eighth Circuit incorrectly ruled that using floor plans in marketing materials constituted a copyright violation. In April, the Appraisal Institute joined an Amicus Brief filed with the Supreme Court over concerns that appraisers could be sued for making floor plans of a home. (see p. 9, COLUMBIA HOUSE item).
Originally published on June 17, 2022, by Rohit Chopra for CFPB.
Markets work best when rules are simple, easy to understand, and easy to enforce. The CFPB is seeking to move away from highly complicated rules that have long been a staple of consumer financial regulation and towards simpler and clearer rules. In addition, the CFPB is dramatically increasing the amount of guidance it is providing to the marketplace, in accordance with the same principles.
Originally published on June 22, 2022 by Robin Wachner for CoreLogic.
IRVINE, Calif., June 22, 2022—CoreLogic®, leading global property information, analytics, and data-enabled solutions provider, today released its 2022 Hurricane Report, which analyzes hurricane and storm surge and wind risk exposure for single-family residences (SFRs) and multifamily residences (MFRs) along the U.S. Gulf and Atlantic Coasts.
The 2022 AI Leadership and Development Conference (LDAC) was held May 18-20 this year and NCAI had three that attended: Mike Elwell, Greyson Morgan, and Peter Hitchens. Greyson and Peter were first years and had the benefit of Mike Elwell who attended before the pandemic.
LDACstarted with a presentation from Melody Taylor regarding the recently published Property Appraisal and Valuation Equity Task Force (PAVE) Report. While AI suggests the data should be reviewed more, the overall report helps to educate stakeholders about the appraisal process.
We’d like to welcome our newest members to the Chapter!
Originally published by Lynn Pollack on June 13, 2022, for The GlobeSt.com.
While home prices are responding to higher mortgage rates, there is “little evidence of a housing bubble that is about to burst,” according to a new report from Moody’s Analytics.
The Appraisal Institute Board of Directors on June 20 sent to 45-Day Notice proposed amendments to Appraisal Institute Bylaws and Regulation No. 9, an exposure draft of the proposed regional election policy. (AI log-in required).
Originally published on June 15, 2022, by Michael Tucker for the Mortgage Banker's Association.
STR and Tourism Economics upgraded their recovery timeline for U.S. hotel revenue per available room.
Originally published on June 13, 2022, by Zainab Fattah and Jack Sidders for Bloomberg.
The US and European real estate markets are experiencing a downwards shift in prices as buyers fall away, according to the global chief investment officer of Hines, one of the largest closely held real estate investors in the world.
Originally published on June 8, 2022, by the Federal Housing Finance Agency (FHFA).
The Federal Housing Finance Agency (FHFA) today announced the release of Fannie Mae's and Freddie Mac's (the Enterprises) Equitable Housing Finance Plans for 2022-2024. These plans are designed to complement the initiatives outlined in FHFA's Strategic Plan: Fiscal Years 2022–2026 that promote the Enterprises' safety and soundness and foster housing finance markets that provide equitable access to affordable and sustainable housing.
Originally published on May 23, 2022, by Maria Volkova for HousingWire.
A piece of legislation introduced in the Senate in mid-May could streamline the appraisal process for VA loans. The legislation would modernize the Department of Veteran Affairs‘ appraisal requirements by allowing desktop appraisals, and in some circumstances, waving appraisals altogether. Currently, all VA appraisals must be performed in-house.
Originally published on June 7, 2022, by Jack Rogers for GlobeSt.com.
A joint research team from NYU and Columbia University studying the impact of remote work on office properties says office buildings will lose 28% of their value by 2029 if remote/hybrid work patterns become the norm.
