Originally published on May 17, 2021 by TheRealDeal.com.
Developers who had hoped for potential expansion of Opportunity Zones won’t be getting their way.
The House on May 18 passed HR 3008, the Homebuyer Assistance Act, legislation reintroduced by Reps. Brad Sherman, D-Calif., and Van Taylor, R-Texas, that would amend the National Housing Act and allow state-licensed appraisers to perform appraisals for mortgages insured by the Federal Housing Administration. The legislation would require compliance with existing appraiser education requirements.
A previous version of the bill was introduced in the last Congress and passed the House, but did not receive a vote in the Senate. House Financial Services Committee Chairwoman Maxine Waters is working with Sherman and Taylor to help advance this version of the legislation.
Originally published on May 11, 2021, for Redfin.
SEATTLE, May 11, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — Redfin forecasts a record $2.53 trillion worth of home sales in America in 2021—a 17% year-over-year gain that would mark the largest annual increase in percentage terms since 2013. Redfin (www.redfin.com), the technology-powered real estate brokerage, made the prediction in a new report out today. To put $2.53 trillion into perspective, it's roughly equal to the value of Amazon.com Inc. and Facebook Inc. combined, or the 2020 gross domestic product (GDP) of France.
Thursday, June 10 | 2pm | Zoom Meeting
Kick-off summer with NCAI on June 10! Catch up with friends, make new connections, hear chapter updates about the year, and congratulate our newly designated members!
Originally published on May 13, 2021 for Freddie Mac.
MCLEAN, Va., May 13, 2021 (GLOBE NEWSWIRE) -- 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 2.94 percent.
Originally published on May 7, 2021, by Quintin Simmons for the National Association of Realtors.
WASHINGTON (May 7, 2021) – The U.S. economy experienced one of the swiftest declines in history last year, followed by a quick and relatively significant recovery in the second quarter of 2020. Speakers at today's Commercial Economic Issues and Trends Forum, held as part of the 2021 REALTORS® Legislative Meetings & Trade Expo(link is external), discussed these historic shifts in the nation's economy over the past 12 months while projecting a favorable outlook for the commercial real estate market in the coming year.
Originally published on April 28, 2021, for NAHB.
Soaring lumber prices that have tripled over the past 12 months has caused the price of an average new single-family home to increase by $35,872, according to new analysis by the NAHB Economics team. This lumber price hike has also added nearly $13,000 to the market value of an average new multifamily home, which translates into households paying $119 a month more to rent a new apartment. Further adding to affordability woes, building material prices have by and large been steadily rising since 2020 and were up across the board in March.
Originally published on April 27, 2021 by Isabelle Novak for Redfin
SEATTLE, April 27, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — Prices of urban single-family homes are rising nearly 20% year over year—faster than any other type of home—according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. But this year's hot housing market doesn't discriminate: Urban condo sales are up nearly 30% year over year, more than any other home type.
Originally published on April 28, 2021, by the Federal Housing Finance Agency.
Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today Fannie Mae and Freddie Mac (the Enterprises) will implement a new refinance option for low-income borrowers with Enterprise-backed single-family mortgages. Eligible borrowers will benefit from a reduced interest rate and lower monthly payment. FHFA estimates that borrowers who take advantage of the new refinance option could save an average of between $100 and $250 a month.
Originally published on April 27, 2021, by the Consumer Financial Protection Bureau.
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is taking this action to help ensure access to responsible, affordable mortgage credit, and preserve flexibility for consumers affected by the COVID-19 pandemic and its economic effects.
Originally published on April 22, 2021. by Quintin Simmons for the National Association of Realtors.
WASHINGTON (April 22, 2021) – Existing-home sales fell in March, marking two consecutive months of declines, according to the National Association of Realtors®. The month of March saw record-high home prices and gains. While each of the four major U.S. regions experienced month-over-month drops, all four areas welcomed year-over-year gains in home sales.
Originally published on April 22, 2021, by ATTOM Staff for ATTOM Data Solutions Blog.
IRVINE, Calif. — Apr. 22, 2021 — ATTOM Data Solutions, curator of the nation’s premier property database, today released its first-quarter 2021 Special Coronavirus Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the Coronavirus pandemic that continues to impact the U.S. economy. The report shows that states along the East Coast, as well as Illinois, were most at risk in the first quarter of 2021 – with clusters in the New York City, Chicago and southern Florida areas – while the West continued to face less risk.
Originally published on April 21, 2021, by Tom Acitelli for Commercial Observer.
Real estate investors looking for a safe place to park money coming out of COVID might consider the humble car wash. The sudsy byproduct of the automotive age has, in just a few short years, become an unusually durable commercial real estate asset.
Originally published on April 21, 2021, by the Federal Housing Finance Agency.
Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend some temporary loan origination flexibilities until May 31, 2021. All temporary flexibilities were originally set to expire on April 30, 2021.
Originally published on April 14, 2021, by Isabelle Novak for Redfin.
SEATTLE, April 14, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — One in five Americans (21%) believes the increasing frequency or intensity of natural disasters, extreme temperatures and/or rising sea levels are hurting home values in their area, according to a new survey featured in a report from Redfin (redfin.com), the technology-powered real estate brokerage. A comparable share—23%—expect one or more of these factors to hurt local housing values in the next five years, and 12% think values will be negatively impacted in the next five to 10 years. Just over a third (35%) of Americans believe these factors will never diminish home values where they live.
Originally published on April 13, 2021, by Michael Tucker for Mortgage Bankers Association.
The hotel sector is coming back–slowly–from its pandemic-related downturn, analysts said.
Originally published on April 14, 2021, by the Federal Reserve.
This report was prepared at the Federal Reserve Bank of Dallas based on information collected on or before April 5, 2021. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.
Oriignally published on April 21, 2021, for the Appraisal Institute.
The House Financial Services Committee on April 20 approved HR 2553, the Real Estate Valuation Fairness and Improvement Act, legislation that would establish an interagency task force to analyze federal collateral underwriting standards and guidance, and provide resources for promoting diversity within the valuation profession. The bill now moves to a full House vote, but no date has been set.
Originally published on April 8, 2021, by Freddie Mac.
MCLEAN, Va., April 08, 2021 (GLOBE NEWSWIRE) -- 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 3.13 percent.
WASHINGTON, DC – The Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index® (HPSI) increased in March by 5.2 points to 81.7. Four of the HPSI’s six components increased month over month, including the components related to homebuying and home-selling conditions, household income, and home prices. The mortgage rate outlook component experienced only a decline, and the latest results indicate that only 6% of consumers believe that mortgage rates will decrease over the next 12 months. Year over year, the HPSI is up 0.9 points.
“The significant increase in the HPSI in March reflects consumer optimism toward the housing market and larger economy as vaccinations continue to roll out, the third round of stimulus checks was distributed, and the spring homebuying season began – perhaps with even more intensity this year since 2020’s spring homebuying season was limited by virus-related lockdowns,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Home-selling sentiment experienced positive momentum across most consumer segments – nearly reaching pre-pandemic levels and generally indicative of a strong seller’s market. Consumers once again cited high home prices and tight inventory as primary reasons why it’s a good time to sell. Alternatively, while the net ‘good time to buy’ component increased month over month, it has not recovered to pre-pandemic levels, as the home buying experience continues to prove difficult for many of the same reasons, namely high prices and a lack of supply.”
