Originally published on March 30, 2022 by the White House.
The Property Appraisal and Valuation Equity Task Force on March 23 published an Action Plan to address concerns about lower appraisals for properties owned by individuals of color. The Appraisal Institute provided input to the Task Force, whose Action Plan covers appraisal standards, diversity within the valuation profession, and reporting requirements for violations of federal law.
Originally published on March 30, 2022, by the Appraisal Institute
The Appraisal Institute Board of Directors on March 28 sent to 45-Day Notice proposed amendments to Bylaws, Regulation Nos. 1, 2, 3, and 8 and the Code of Professional Ethics. Read the 45-Day Notice (AI log in required).
Originally published on March 16, 2022, by Danny Gardner for Freddie Mac.
This Guide Bulletin announces:
We’d like to welcome to our newest members who joined in early 2022:
Members and nonmembers wasted no time kicking off the new year and starting completing their 2-year USPAP requirement with an in-person USPAP class in Raleigh this past January. The Chapter has held 4 education classes so far and has 5 upcoming classes planned for the Spring and Summer.
Earlier this month, members met up for a breakfast meeting with NCDOT Area 5 Appraiser Randy Guess who spoke with attendees about eminent domain appraising and working for the NCDOT as a fee appraiser. And last week, over 80 members and guests gathered via zoom to hear Residential Certified Appraiser, Joyce Pusey, SRA, AI-RRS, go over the basics of the ANSI requirements and rules that will be required on April 1 by Freddie Mac and Fannie Mae.
Originally published on March 17, 2022, by Matthew Classick for Fannie Mae.
The Russian invasion of Ukraine, and its implications for the global economy, have added to growing inflation pressures and ongoing supply chain difficulties as monetary policy tightening begins, according to the March 2022 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group. The ESR Group now projects full-year 2022 real GDP growth of 2.3 percent, down from last month’s projected 2.8 percent, but acknowledges that many of its forecast’s base assumptions, including a near-term resolution to the acute global economic effects of the Russian invasion of Ukraine, represent substantial downside risks to both the macroeconomic and housing outlooks. Prior to the conflict, inflation, as measured by the Consumer Price Index, hit a 40-year high and the Federal Reserve was poised to begin a course of significant monetary tightening. According to the ESR Group, the central bank’s already difficult task of enacting a “soft landing” – that is, raising rates to combat inflation without precipitating economic contraction – has been further complicated by the recent geopolitical developments. Despite the substantial uncertainty, the ESR Group continues to expect the Federal Reserve to raise the federal funds rate five times in 2022 and eight times total through 2023.
Originally published on March 10, 2022, by MBA NewsLink Staff for Mortgage Bankers Association.
CoreLogic, Irvine, Calif., said just 2.1% of U.S. homeowners with a mortgage were underwater as of the fourth quarter, the lowest level since 2010, as borrowers gained more than $3.2 trillion in equity in 2021.
Originally published on March 10, 2022 by Matthew Classick for Fannie Mae.
A majority of mortgage lenders continue to expect near-term profitability to decrease amid rising mortgage rates and declining refinance activity, according to Fannie Mae's (FNMA/OTCQB) Q1 2022 Mortgage Lender Sentiment Survey® (MLSS). According to the survey, 75% of mortgage lenders believe profit margins will decrease in the next three months, up from 65% in the prior quarter, while 17% believe profits will remain the same and 9% believe profits will increase. Competition from other lenders, market trend changes, and consumer demand were the top reasons cited for the decline in profitability expectations. Mortgage lenders also grew more pessimistic about the larger economy in Q1 2022, with 59% now reporting that the economy is on the wrong track, compared to 29% in Q1 2021.
Originally published on March 9, 2022 by Randall Zisler, Ph.D. for Zisler Capital Associates.
A new economic analysis of the state of U.S. office buildings reveals that as much as 70% of the total inventory faces an alarming period of repricing due to fast-paced obsolescence, accelerated by COVID but exacerbated by evolving environmental and health standards. The underlying factors, that will get stronger over the long term, are strict new government standards for energy efficiency and growing tenant demands for healthy, safe, and energy-efficient office environments with ample modern amenities.
Originally published on March 8, 2022, by Isabelle Novak for Redfin.
Nationwide, 5,897 homes sold for at least $100,000 over asking price at the beginning of this year, up from 2,241 during the same period last year, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Originally published on March 6, 2022 by Michael Tucker for Mortgage Bankers Association.
Real Capital Analytics, New York, reported U.S. commercial property price growth continued to appreciate at a double-digit pace in January.
Originally published on March 2, 2022 by the Appraisal Institute.
The Appraisal Institute announced March 9 that it is accepting nominations for its J. Scott Robinson Lifetime Achievement, Outstanding Service Award and Women’s Initiative SPOTLIGHT Award, three ways that AI recognizes some of its brightest and most deserving professionals.
Originally published on February 28, 2022, by Adam Russell for the FHFA.
Today, FHFA Acting Director Sandra L. Thompson announced that the Housing Trust Fund and Capital Magnet Fund will receive a total of $1.138 billion for affordable housing initiatives from Fannie Mae and Freddie Mac (the Enterprises). This is the largest amount ever provided to these programs from the Enterprises.
Originally published on March 3, 2022, by Angela Waugaman for the Freddie Mac.
Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.76 percent.
Originally published on February 24, 2022, by ATTOM Staff for ATTOM Data.
ATTOM, a leading curator of real estate data nationwide for land and property data, today released its first-quarter 2022 Vacant Property and Zombie Foreclosure Report showing that 1.4 million (1,354,579) residential properties in the United States sit vacant. That represents 1.4 percent, or one in 73 homes, across the nation.
Originally published on February 16, 2022, by Michael Boonshoft for Cushman & Wakefield.
Cushman & Wakefield, a leading global real estate services firm, today released a construction report, surveying 24 select office projects currently under construction in 12 major U.S. markets and Toronto. The report finds that new construction is commanding a significant rent premium of 64% over average Class A submarket rents, and 20% over existing top-tier trophy assets.
Originally published on February 17, 2022, by the Hazard HQ Team for CoreLogic.
Natural disasters are increasing in frequency and severity, impacting regions underprepared to handle an economic disruption, job displacement, and the destruction of real estate assets.
Originally published on March 2, 2022, for the Appraisal Institute.
The Appraisal Institute Board of Directors voted to adopt one 45-Day Notice item during its Feb. 24-25 meeting in Chicago. The 45-Day Notice item addresses Compensation Committee Policies and Procedures.
Originally published on February 17, 2022, by Angela Waugaman for Freddie Mac.
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 3.92 percent.
Originally published on February 16, 2022, by Cole Mortland for CBRE.
Investment in U.S. life sciences real estate increased by 62 percent last year, with further growth of at least 10 percent expected in 2022, according to a CBRE research report.
