US Supreme Court Takes Case that Could Shutter CFPB

Originally published on February 27, 2023, by Nina Totenberg for NPR.

The Supreme Court agreed on Monday to take up a case that could threaten the existence of the Consumer Financial Protection Bureau and potentially the status of numerous other federal agencies, including the Federal Reserve.

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Fannie Mae: Appraisals No Longer the ‘Default Requirement’

Originally published on March 8, 2023, by the Appraisal Institute.

Fannie Mae on March 1 updated its Selling Guide to include a range of options for property valuations as the government-sponsored enterprise moves away from suggesting that an appraisal is a “default requirement.” Fannie notes that home valuation options include value acceptance, value acceptance plus property data and hybrid appraisals.  
 
Read Fannie Mae’s updated Selling Guide
 

Member Profile: Michael Elwell, MAI, SRA, R/W-AC

Where do you live and who do you work for?
Greensboro, NC at Cushman and Wakefield - Infrastructure Practice - Valuation & Advisory

How long have you been appraising?
20 years
 
Who was your supervisor as a Trainee and how did you meet them?
My supervisor was Steve Norris, MAI. I met him through a job posting for a real estate researcher position at his company.
 
What is the most unique property you’ve appraised?
All the properties I appraise are unique since they are all impacted by right of way/eminent domain issues that are unique to each property.
 
What is a fact about you, outside of work-life, that people would be surprised to know?
I grew up in Wisconsin, so I am a Green Bay Packers fan (Beer brats and sauerkraut too).

Top 10 U.S. Counties with Most Foreclosure Starts in January 2023

Originally published by  on February 10, 2023 for ATTOM.

According to ATTOM’s just released January 2023 U.S. Foreclosure Market Report, there were a total of 31,557 U.S. properties with foreclosure filings in January 2023. That figure was up 36 percent from a year ago and up 2 percent from the prior month.

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Strong Demand Anticipated for Outpatient Healthcare Facilities, According to JLL  

Originally published on  b

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Price Gap Between Most and Least Expensive Homes is Shrinking, Data Shows

Originally published on February 16, 2023 by Thomas Malone for CoreLogic.

Quick Takes:

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AI Launches New Season of Face Value Podcast in Both Audio and Video Formats

Originally published on February 17, 2023 by the Appraisal Institute.

The Appraisal Institute on Feb. 17 premiered season 2 of its monthly podcast series, Face Value. Hosts Warren Boizot, SRA, AI-RRS, and Tonia Vailas, MAI, AI-GRS, talk with President Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, and President-Elect Sandy Adomatis, SRA, about the year ahead, project updates and how AI is helping residential appraisers.

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Millennials Make Up Majority of Potential Homebuyers in Nation’s Largest Metros: Data

Originally published by Jacob Channel on February 6,2023 for LendingTree.

Though it may sometimes seem as if millennials are destined to rent or live in their parent’s basements forever, they make up the largest share of homebuyers in the U.S., surpassing older (and richer) generations. In fact, millennials have dominated the housing market for the past decade.

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MISMO Seeks Professionals for Workgroup on Appraisal, Other Standards

Originally published by Caitlin Groves on February 8, 2023 for MBA Newslink.

MISMO®, the real estate finance industry standards organization, issued a call for industry professionals to join a new Development Workgroup focused on developing APIs for MISMO’s Commercial datasets.

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Home Prices on the Rise in 9 out of 10 Metros, According to NAR

Originally published on February 9, 2023 by Troy Green for the National Association of Realtors.

Approximately nine out of 10 metro markets registered home price gains in the fourth quarter of 2022 despite mortgage rates eclipsing 7%, according to the National Association of Realtors®’ latest quarterly report. Eighteen percent of the 186 tracked metro areas registered double-digit price increases over the same time period, down from 46% in the third quarter of 2022.

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FinCEN: Be Wary of CRE Purchases from Sanctioned Russians

Originally published on January 25, 2023, by the Financial Crimes Enforcement Network.

The Financial Crimes Enforcement Network on Jan. 25 sent an alert to financial institutions warning them to look out for potential commercial real estate purchases made by Russian investors who have been sanctioned. FinCEN specifically warned against vulnerabilities based on a review of the Banking Secrecy Act.

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Federal Reserve Bumps Interest Rates a Quarter Point, Anticipates Further Increases

Originally published on February 1, 2023, by Jeff Cox for CNBC.

The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter percentage point and gave little indication it is nearing the end of this hiking cycle.
 
Aligning with market expectations, the rate-setting Federal Open Market Committee boosted the federal funds rate by 0.25 percentage point. That takes it to a target range of 4.5%-4.75%, the highest since October 2007.

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Multifamily Starts to Drop Nearly 30% as Sector Faces Headwinds: NAHB 

Originally published on January 31, 2023, by Stephanie Pagan for the National Association of Home Builders.

 

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CRE Small-cap Equity Market Ends Year with Slight Increase: Boxwood Means

Originally published on January 15, 2023 by Randy Fuchs for Boxwood Means.

The total market dollar value of small-cap CRE rose marginally in 2022 headlined by a shift in opportunity and risk for investors and lenders. Though the market’s total equity valuation in December testifies to this domain’s inherent resilience, sinking deal volume, decelerating prices and rising cap rates over the second half of the year curbed the market’s considerable expansion following the Covid-19 pandemic.

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Renting Generally More Affordable than Buying, According to New Report 

Originally published by Christine Stricker on January 20, 2023 for ATTOM.

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White House Unveils Plans for Rent Protections, Affordability

Originally published on January 25, 2023 by the White House.

Today, the Biden-Harris Administration is announcing new actions to increase fairness in the rental market and further principles of fair housing. These actions align with a new Blueprint for a Renters Bill of Rights that the Administration is also releasing today. The Blueprint lays out a set of principles to drive action by the federal government, state and local partners, and the private sector to strengthen tenant protections and encourage rental affordability.

Read the Key Actions

Student Housing Excels for Another Year: Yardi Matrix

Originally published on January 18, 2023, by Yardi Matrix.

The student housing industry is set up for another solid performance in 2023 after record returns last year, according to the latest National Student Housing Report from Yardi® Matrix.

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Appraisal Institute President Testifies at ASC Hearing On Appraisal Bias

Originally published on January 25, 2023 by the Appraisal Subcommittee. 

Appraisal Institute President Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, testified at a Jan. 24 Appraisal Subcommittee hearing on appraisal bias. Steinley told the subcommittee that “As the agencies continue the development of guidelines and regulations that touch on appraisal topics, we offer the resources of AI, including our Designated Members, to assist with the understanding of appraisal standards, appraisal methodology, and appraisal practice.”

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Apartment Demand Negative for the First Time Since ’09: Data

Originally published on January 17, 2023, by Michael Tucker for the Mortgage Banker's Association.

RealPage, Richardson, Texas, said net demand for apartments finished 2022 in negative territory for the first time in years.

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Grocery Sector Continues to Thrive, Gains Shoppers Despite Challenges, Data Shows  

Originally published on January 10, 2023, by Michael Tucker for the Mortgage Banker's Association.

The grocery sector continues to show impressive resilience despite inflation, supply-chain issues and labor shortages, reported Placer.ai, Los Altos, Calif.

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