AI Board of Directors Adopts 45-Day Notice Item During November Meeting

Originally published on November 16, 2022, by the Appraisal Institute.

The Appraisal Institute Board of Directors voted to adopt one 45-Day Notice item during its Nov. 10-11 meeting in Chicago. The 45-Day Notice item addresses proposed amendments to the Bylaws regarding the International Member on the Board as set forth in the 45-Day Notice distributed to Designated Members, Candidates, Practicing Affiliates, and Affiliates on Sept. 26.

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Housing Key Concern as Military Return to Civilian Life: Report

Originally published on November 10, 2022, for Freddie Mac.

A new survey from Freddie Mac (OTCQB: FMCC) found that 64% of active-duty servicemembers transitioning to civilian life expect their search for affordable housing to be extremely or somewhat challenging. The survey also found that the majority of veterans believe VA Home Loans provide a clear pathway to homeownership. Eighty-seven percent of active-duty military are aware of the program’s benefits, and 90% of active-duty servicemembers who are currently renting plan to use a VA Home Loan to buy a home at some point.

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Home Price Gains in Opportunity Zones Top Overall Market in Q3, ATTOM Report Reveals

Originally published on November 10, 2022, by ATTOM.

ATTOM, a leading curator of real estate data nationwide for land and property data, today released its third-quarter 2022 report analyzing qualified low-income Opportunity Zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017 (see full methodology below). In this report, ATTOM looked at 4,732 zones around the United States with sufficient data to analyze, meaning they had at least five home sales in the third quarter of 2022.

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Hotel Profitability Improves, But Labor Costs Rise: STR 

Originally published on November 8, 2022, by Michael Tucker for the Mortgage Bankers' Association.

U.S. hotel gross operating profit per available room improved in September and now exceeds the pre-pandemic comparable, said STR, Hendersonville, Tenn. But the STR P&L data release for September noted the cost of labor per available room came in higher than the pre-pandemic comparable for the first time.

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Federal Reserve Raises Interest Rates, but Future Increases Expected to be Smaller

Originally published on November 2, 2022, by Howard Schneider and Ann Saphir for Reuters.

The Federal Reserve raised interest rates by three-quarters of a percentage point again on Wednesday and said its battle against inflation will require borrowing costs to rise further, yet signaled it may be nearing an inflection point in what has become the swiftest tightening of U.S. monetary policy in 40 years.

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Report Finds Some Racial Disparities in Home Appraisals

Originally published in November 2022 by Junia Howell and Elizabeth Korver-Glenn for the Arts & Sciences at Washington University.

Homes in predominately white neighborhoods are reportedly appraised at double the value of homes in communities of color with comparable amenities, the Weidenbaum Center on the Economy, Government, and Public Policy concluded in its Nov. 3 report Appraised: The Persistent Evaluation of White Neighborhoods as More Valuable Than Communities of Color. The report utilizes information found in the Uniform Appraisal Dataset.

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Some Real Estate Sectors ‘Normalizing,’ Others Seeing ‘New Normal:’ Report

Originally published on October 27, 2022, by PwC.

The Urban Land Institute (ULI) and PwC US today released Emerging Trends in Real Estate® 2023, an annual report highlighting the trends shaping the real estate industry. In its 44th edition, the report includes proprietary data and insights from more than 2,000 leading real estate industry experts, exploring shifts in the property sector since the pandemic, changing investor sentiment toward climate risks, the emergence of impact investing, and other real estate issues within the United States and Canada.

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Appraisal Institute Releases Podcast on the Appraiser Diversity Initiative

Originally aired on November 4, 2022, by Warren Boizot, SRA, AI-RRS, and Tonia Vailas, MAI, AI-GRS for the Appraisal Institute's Face Value.

The Appraisal Institute on Nov. 4 released its latest episode of the Face Value podcast, “Appraiser Diversity Initiative: Helping Aspiring Appraisers Find a Path to Success.” Host Tonia Vailas, MAI, AI-GRS, chats with Bill Garber, director of government and external relations for AI, and two AI professionals about the Appraiser Diversity Initiative, their personal experiences with the program, and how to get involved.

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Student Housing Earns High Grades with Record Performance in 2022: Yardi Matrix

Originally published on October 24, 2022, by the Yardi Matrix.

The student housing industry continued to ride healthy demand and strong fundamentals to another record-breaking performance in Q3 and 2022 overall, according to the new quarterly National Student Housing Report from Yardi® Matrix.

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Affordable Housing at ‘Critical Juncture,’ Report Reveals

Originally published on October 25, 2022, by Michael Tucker for the Mortgage Banker's Association.

The affordable housing market sits at a “critical juncture” as heightened housing demand and soaring inflation challenge low-income households, reported Arbor, Uniondale, N.Y.

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FHFA Releases New UAD Aggregate Statistics Data File

Originally published on October 24, 2022, for the Federal Housing Finance Agency. 

The Federal Housing Finance Agency (FHFA) today published its new Uniform Appraisal Dataset (UAD) Aggregate Statistics Data File. FHFA also launched UAD Aggregate Statistics Dashboards on its website to provide user-friendly visualizations of the newly available data.

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Biden Administration Announces Progress in Implementing Housing Supply Action Plan

Originally published on October 7, 2022, by the White House.

Today, the Biden-Harris Administration is announcing key progress on implementing its Housing Supply Action Plan, which in May outlined a set of administrative and legislative priorities aimed at closing the housing supply shortfall in five years. The President believes that policies that boost the supply of affordable housing are critical to easing the burden of rising housing costs for renters and aspiring homeowners, and must be taken in combination with actions that address near-term housing affordability and promote fair housing.

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Atlanta Boasts Most New Apartment Units, Study Shows  

Originally published on September 21, 2022, by Maria Gatea for StorageCafe.

Downtown living can be quite polarizing – some people love the hustle and bustle of city center areas while others tend to avoid them in favor of quieter neighborhoods a little further out. But even with the rapid development of life in the suburbs, downtown living never lost its shine. In fact, according to our latest study, the country’s major cities experienced a resurgence of apartment construction in their central neighborhoods over the last decade.

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Square Footage Costs More in the Suburbs than in Urban Centers, Redfin Reports

Originally published on October 18, 2022, by Angela Cherry for Redfin.

As home prices fall fastest in cities and mortgage rates rise, the value of a square foot in the suburbs has caught up with that of urban centers. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage, which found that space in suburban homes was worth more than space in urban homes in September for the first time since Redfin started tracking this data in 2018. The typical home in suburban neighborhoods nationwide was worth $206 per square foot during the four weeks ending September 25, just slightly higher than $205 in urban neighborhoods.

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Rulemaking Proposed for Employee, Contractor Status

Originally published on October 11, 2022, by Mandy McClure and Edwin Nieves for the US Department of Labor.

The U.S. Department of Labor will publish a Notice of Proposed Rulemaking on Oct. 13 to help employers and workers determine whether a worker is an employee or an independent contractor under the Fair Labor Standards Act.

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Data Center Vacancy Declines to Record Low During First Half of 2022: CBRE Report 

Originally published on October 16, 2022, by Michael Tucker for the Mortgage Bankers Association.

The North American data center market added significant new supply this year, but overall vacancy declined to a record low, reported CBRE, Dallas.

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Member Profile: Kelli Mayhew, MAI, SRA

I came to the appraisal profession from the lending world in 1996 and never looked back.  I am constantly fascinated by the myriad ways investors develop and make money from real estate. 

My firm is headquartered in Charlotte, NC, and our practice is primarily focused on markets located throughout the Carolinas.  The most unique property I have appraised was also the first property I appraised (with my supervisor), i.e., the South Carolina State Museum.  The museum was housed in the historic Columbia Mill building along the river.  The conversion of the museum was spectacularly beautiful.  After appraising a property like that, I could never imagine doing anything else.  

Americans Willing to Buy a Haunted House: Survey

Originally published on October 10, 2022, by Jaime Dunaway-Seale for Real Estate Witch.

In this monster of a market, buyers are willing to overlook just about anything to own a home, including a few ghosts.

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Nearly Two-thirds of Homebuyers Hesitant to Buy in Disaster-prone Areas: Redfin

Originally published on October 7, 2022, by Isabelle Novak for Redfin.

Nearly two-thirds (62%) of U.S. residents who plan to buy or sell a home in the next year are hesitant to move to an area at risk of natural disasters, extreme temperatures and/or rising sea levels, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The share is even higher among younger generations, high-earners, Democrats and people living in the Northeast.

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New Appraisal Institute Book Addressed Residential Market Analysis

Originally published on October 19, 2022, by the Appraisal Institute.

Residential Market Analysis and Highest and Best Use by Mark R. Ratterman, MAI, SRA, explores how appraisers can plan and perform detailed market and highest and best use analyses that lead to credible and supportable value conclusions. The book uses real-world examples to demonstrate productivity analysis, examine supply and demand relationships in residential markets and explore best practices for researching data sources and applying statistical tools.

Purchase Book