Reversing a Trend, Master-planned Communities See Softening Demand, Data Shows

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

RCLCO, Bethesda, Md., reported master-planned communities–just like the broader U.S. housing market–saw a decline in home sales last year compared to 2021.

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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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FHFA Must Step Up Efforts to Combat Appraisal Bias: Report

Originally published on December 23, 2022, by James Kleimann by the Housing Wire.

The Federal Housing Finance Agency (FHFA) isn’t doing all that it can to prevent appraisal bias, according to the agency’s Office of Inspector General.

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Demand for Farmland Results in Record-breaking Sales, Land Values, Report Shows

Originally published in Janaury 2023 by the Farmers National Company.

Demand for farmland has resulted in both record sales and land values, which are up 20-34% year-over-year, according to a Kansas City Federal Reserve report, Farmers National Company reported Jan. 6. Sales volume totaled $766 million in 2022, beating the record $750 million set in 2021. The outlook for 2023 shows continued strong sales.

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Biden Signs Bill Revising Valuation Process for VA Mortgages

Originally published on January 11, 2023 by Congress.gov.

President Biden on Dec. 27 signed HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022, which streamlines the valuation process for U.S. Department of Veterans Affairs mortgage loans by allowing desktop appraisals and appraisal waivers in some situations. Critics have complained that the VA home buying process can be unnecessarily slow due to appraisals having to be handled in-house.

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Some Conservation Easement Transactions Abusive: IRS

Originally published on December 6, 2022, by the IRS.

The Treasury Department and Internal Revenue Service today issued proposed regulations identifying certain syndicated conservation easement (SCE) transactions as "listed transactions" – abusive tax transactions that must be reported to the IRS.

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Message from Vanessa Hall, MAI, 2022 President

Fellow NCAI Members,

As the year closes, the North Carolina Chapter of the Appraisal Institute celebrates a great 2022! I would like to start with some thanks: Thank you to the NCAI Executive Committee – Jim, Mike, Kelli, and the Board of Directors – your support has allowed me to implement new ideas to help benefit the Chapter. Thanks to all our Region V Representatives that made themselves available not just for the quarterly meetings, but also for several special meetings this year. Thank you to our Chapter Members. Thank you to Efird Appraisals for being an annual sponsor this year. And a final thank you goes out to Sandy Hower and THM for their excellence in executive management and administration.

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Highlights the from the Q4 Chapter Meeting

On December 1, 65+ members & guests celebrated at the 2022 2022 J. Scott Robinson Installation Ceremony & Q4 Chapter Business Meeting held at the Foundation for the Carolinas in Charlotte.

Vanessa Hall, MAI gave her final address as the 2022 President and the 2023 officers were installed, including incoming President, Jim Lynch, MAI. Members mixed and mingled, enjoyed food and drinks and free professional headshots, and purchased raffle tickets to help raise money for the NC Chapter PAC – with Chris Johnson, MAI, SRA, AI-GRS, ASA winning the raffle drawing! PAC funds go towards the Chapter’s efforts to broaden our outreach and influence in Raleigh to advocate on behalf of appraisers, taking positions and working with legislators toward favorable results for the industry. The event also highlighted the most recent members who received designations in 2022 including Keith P. Bolte, Jr., MAI (MAI designation); Erica L. Butler, MAI (MAI designation); Eric L. Randall, SRA (SRA Designation); and Jamie L. Vogel, SRA (SRA Designation).

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Welcome New Members

We’d like to welcome our new members who joined the Chapter in 2022! The newest members who joined in Q4 are Ernest Christopher Alford, III; David M. Aneser; Jack Branch; Olivia Hamilton; Walker Taylor Jones; Jesse A. Martinez; Linda Gail Nelson; and Tunisia Whitaker.

  • Ernest Christopher Alford, III
  • Kandis Joy Alston
  • David M. Aneser
  • Thabbit Todd Azar
  • Jack Branch
  • Robert B Chadwick
  • Michael Todd Cromer
  • Andrew Cypcar
  • Marcia Dixon
  • Roy Lee Fulcher, III
  • Richard E. Glidewell
  • Angie Green
  • Lindsay L Green
  • Rhonda Hall
  • Olivia Hamilton
  • Torrance Ray Harrell
  • Kate Hicks
  • Kimberly Hines
  • Barry Grant Hitchner, Jr.
  • Lauren Elizabeth Hobbs
  • Thomas Hunter Howell
  • Mohamed S Ibrahim
  • Walker Taylor Jones
  • Peter J. Kapetanakis
  • Nicholas Kirkland
  • Kirstin A Kramlich
  • Natalie Fields Lathan
  • Monica S. Long
  • Joshua Ray Marr
  • Jesse A. Martinez
  • Morgan Taylor Maske
  • Rashad Lee McEntire
  • Thomas C. Mills
  • Jackye Morla
  • W. Chris Morris
  • Linda Gail Nelson
  • Zachary Northcott
  • Jere S Pelletier
  • John Stephen Proctor, III
  • Paula Rozer
  • Todd H Seibert
  • Jessica Marie Smith
  • Sharon Sweeney
  • Cynthia P Thomas
  • Dana Vickers
  • Tunisia Whitaker
  • David Wortman, Jr.

Adaptive-reuse Apartments up 25%, Office-to-apartment Conversions at New High: Data 

Originally published on December 8, 2022, by Andrea Neculae for RentCafe.com.

So, to fully grasp how much adaptive reuse had grown in recent years, we compared the latest figures to the rate of growth in traditional new apartment construction. Our analysis shows that adaptive reuse apartments were growing faster than new apartments — 25% versus 10% — during the same timeframe.

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New Home Construction on the Decline as Conditions Worsen, NAHB Reports

Originally published on December 6, 2022, by Stephanie Pagan and Elizabeth Thompson for the National Association of Home Builders.

The big jump in single-family home building activity that occurred in the aftermath of the COVID-19 pandemic in large metro outlying counties and exurban areas has shown a marked decline over the past 12 months, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for the third quarter of 2022.

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Despite Growing Cannabis Sales, Real Estate Investors Aren’t Hooked, Data Shows

Originally published on November 29, 2022 , by Patricia Kirk for WealthManagement.com.

The past year has brought more cannabis legalization in the United States. But is legalization turning into greater real estate investment opportunities?

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Appraisal Institute Releases Podcast on AI PAREA

The Appraisal Institute on Dec. 1 released its latest episode of the Face Value podcast, “AI PAREA: Opportunities for Future Appraisers and Mentors.” Host Warren Boizot, SRA, AI-RRS, talks with AI Vice President Sandy Adomatis, SRA, about how AI professionals with an MAI or SRA designation can get involved as mentors and the many opportunities available to aspiring appraisers.

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Mortgage Rates Fall Further Amid Economic Uncertainty, Freddie Mac Reports

Originally published on December 1, 2022, by Angela Waugaman for Freddie Mac.

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.49 percent.

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Fed Beige Book Shows Softening Housing, Commercial Activity

Originally published on November 30, 2022, by the Board of Governors of the Federal Reserve System.

Residential sales fell during the past month amid high interest rates, dropping moderately in some parts of the country but much more steeply in others, the Federal Reserve reported Nov. 30 in its latest Beige Book. Commercial sales and leasing have also softened, and vacancies continue to climb.

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FHFA Must Step Up Efforts to Combat Appraisal Bias: Report

Originally published on December 22, 2023, by James Kleimann for HousingWire.

The Federal Housing Finance Agency (FHFA) isn’t doing all that it can to prevent appraisal bias, according to the agency’s Office of Inspector General.

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45-Day Notice on Proposed Amendments to Officer Nominations and Elections

The Appraisal Institute Board of Directors on Nov. 22 sent to 45-Day Notice proposing amendments to Appraisal Institute Bylaws governing the nomination and election of officers (AI log-in required).

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FHFA Conforming Loan Limits Exceed $1M for the First Time

Originally published on November 29, 2022 by the Federal Housing Finance Agency.

The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 in 2022.​

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Home Values Higher Near ALDI Grocery Stores: Report

Originally published on November 22, 2022, by ATTOM.

ATTOM, a leading curator of real estate data nationwide for land and property data, today released its 2022 Grocery Store Wars analysis, which shows how living near a Trader Joe’s, a Whole Foods or an ALDI might affect a home’s value – as a homebuyer based on home price appreciation and home equity, or as an investor looking for the best home flipping returns and home seller ROI.

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FHA Rescinds Mandatory Use Date for FHA Catalyst Electronic Appraisal Delivery Module

Originally published on November 22, 2022, by the U.S. Department of Housing and Urban Development.

The Federal Housing Administration in its Nov. 22 Mortgagee Letter 2022-19 rescinded the Mandatory Use Date for the FHA Catalyst: Electronic Appraisal Delivery Module. This action rescinds the mandatory use date for mortgagees to submit appraisals for single-family Title II mortgage endorsements through the FHA Catalyst: EAD Module, which is being discontinued. Starting Oct. 14, 2023, appraisals must be submitted through FHA’s non-Catalyst, legacy EAD portal.

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