Inflation Causing Global Drop in Property Values: Report

Originally published on June 13, 2022, by Zainab Fattah and Jack Sidders for Bloomberg.

The US and European real estate markets are experiencing a downwards shift in prices as buyers fall away, according to the global chief investment officer of Hines, one of the largest closely held real estate investors in the world.

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FHFA Releases Equitable Housing Finance Plans

Originally published on June 8, 2022, by the Federal Housing Finance Agency (FHFA).

The Federal Housing Finance Agency (FHFA) today announced the release of Fannie Mae's and Freddie Mac's (the Enterprises) Equitable Housing Finance Plans for 2022-2024. These plans are designed to complement the initiatives outlined in FHFA's Strategic Plan: Fiscal Years 2022–2026 that promote the Enterprises' safety and soundness and foster housing finance markets that provide equitable access to affordable and sustainable housing.

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Proposed VA Bill to Allow Some Desktop Appraisals, Waivers

Originally published on May 23, 2022, by Maria Volkova for HousingWire.

A piece of legislation introduced in the Senate in mid-May could streamline the appraisal process for VA loans. The legislation would modernize the Department of Veteran Affairs‘ appraisal requirements by allowing desktop appraisals, and in some circumstances, waving appraisals altogether. Currently, all VA appraisals must be performed in-house.

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Value of Office Buildings to Decline by $500B if Remote Work Continues: Research

Originally published on June 7, 2022, by Jack Rogers for GlobeSt.com.

A joint research team from NYU and Columbia University studying the impact of remote work on office properties says office buildings will lose 28% of their value by 2029 if remote/hybrid work patterns become the norm. 

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Regulations Comprise 40% of Apartment Development Costs, NAHB Research Reveals

Originally published on June 9, 2022, by Elizabeth Thompson and Stephanie Pagan for NAHB.

Regulation imposed by all levels of government accounts for an average of 40.6 percent of multifamily development costs, according to new research released today by the National Association of Home Builders (NAHB) and the National Multifamily Housing Council (NMHC).

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Cities in the Sun Belt and the West Experiencing the Most Growth: Census Bureau Data

Originally published on Mary 31, 2022, by Erik Sherman for GlobeSt.com.

As the Census Bureau analysis continues on the 2020 decennial count of the country, there are more specific data on the general trend that virtually anyone in commercial real estate knows: people are moving from various parts of the country to the Sun Belt and West.

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CBRE Report Forecasts Full Recovery for Hospitality Sector in 2023

Originally published on May 31, 2022, by Michael Tucker for the Mortgage Bankers Association.

CBRE, Dallas, raised its hotel performance forecast based on first-quarter strength, slow construction activity, higher inflation and continued optimism about employment and economic growth.

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Cap Rates in the Net Lease Casual Dining Sector Drop: Data

Cap rates in the net lease casual dining sector decreased to 6.03% during the first quarter, down 70 basis points from the same point a year ago, The Boulder Group reported on June 1 in its Q1 2022 Net Lease Casual Dining Market report. Casual dining properties with corporations guaranteeing the lease saw cap rates of 5.75%, while franchisee properties had cap rates of 6.4%.

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Real Estate Activity Mixed Across Fed Districts, Beige Book Reveals

Originally published on May 23, 2022, by the Federal Reserve Bank of Philadelphia.

Residential sales remained flat or contracted slightly in most Fed districts as low inventory and high mortgage rates dampened homebuyer demand, the Federal Reserve revealed on June 1 in its latest Beige Book. Many districts reported mixed commercial real estate activity, but demand for industrial and warehouse space was on the rise in multiple districts.

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Member Profile: Julie Lemonds

Where do you live and who do you work for?
I live in Charlotte, NC, and work for BBG.
 
How long have you been appraising?
I have been an NC Registered Trainee since last July (2021).



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Proposed VA Bill to Allow Some Desktop Appraisals, Waivers

Originally published on May 23, 2022, by Maria Volkova for HousingWire.com.

A piece of legislation introduced in the Senate in mid-May could streamline the appraisal process for VA loans. The legislation would modernize the Department of Veteran Affairs‘ appraisal requirements by allowing desktop appraisals, and in some circumstances, waving appraisals altogether. Currently, all VA appraisals must be performed in-house.

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Retail Real Estate Attracting New Investors as Rents Climb, Occupancy Increases: JLL

Originally published on May 25, 2022, by Michael Tucker for Mortgage Bankers Association.

Retail’s journey from underdog to a favored asset class continues, reported JLL, Chicago.

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Amazon Reportedly Dumping Surplus Industrial Space, Could Help Sector Recover

Originally published on May 23, 2022, by Erik Sherman for Globest.com. 

Nearly 20% of Home Sellers are Dropping Asking Prices, According to Redfin

Originally published on May 26, 2022, by Kenneth Applewhaite for Redfin.

The housing market is sending clearer signals that the pandemic-driven housing frenzy is coming to an end, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

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MISMO Seeks Input on Commercial Appraisal Dataset Standards

Originally published on May 17, 2022, by Tara Dunion for the Mortage Bankers Association.

MISMO®, the real estate finance industry standards organization, seeks public comment on phase two of proposed data standards for the Commercial Appraisal Dataset. The 60-day comment period runs through July 12.

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White House Addresses Rising Housing Costs, Supply Issues

Originally published by the White House on May 16, 2022.

As President Biden said last week, tackling inflation is his top economic priority. Today, President Biden is releasing a Housing Supply Action Plan to ease the burden of housing costs over time, by boosting the supply of quality housing in every community. His plan includes legislative and administrative actions that will help close America’s housing supply shortfall in 5 years, starting with creating and preserving hundreds of thousands of affordable housing units in the next three years. When aligned with other policies to reduce housing costs and ensure affordability, such as rental assistance and downpayment assistance, closing the gap will mean more affordable rents and more attainable homeownership for Americans in every community. This is the most comprehensive government effort to close the housing supply shortfall in history.

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Growing Leisure and Business Travel Boosts Hospitality Recovery, Data Reveals  

Originally published on May 23, 2022, by STR.

For the four-week period ending 14 May 2022, more than three-quarters of all U.S. hotel markets outperformed their comparable 2019 revenue per available room (RevPAR) on a nominal basis. Of 165 STR-defined U.S. markets, only 38 fell short of their 2019 RevPAR, which was a solid improvement from 52 underperformers in April’s “bubble” blog update. Industry RevPAR looks to be on a steady footing; however, a look at RevPAR contribution shows a greater influence from average daily rate (ADR) as opposed to occupancy in many areas.

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Wildfire Damage to US Homes Exceeds $5 Billion: Data

Originally published on May 16, 2022, by Diana Olick for CNBC.com.

Raging New Mexico and California wildfires may offer an ominous outlook for America's growing swath, not just in the West.

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Companies Set Plans to Refine Office Spaces: CBRE Survey

Originally published on May 10, 2022, by Michael Tucker for Mortgage Bankers Association. 

CBRE, Dallas, said most office-using companies are developing long-term plans to expand or contract their office space now that employees are returning at least part-time after two years of mostly remote work.

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AI Board of Directors Adopts 45-Day Notice Items During May Meeting

Originally published on May 18, 2022, by the Appraisal Institute.

The Appraisal Institute Board of Directors voted to adopt four 45-Day Notice items during its May 12-13 meeting in Chicago. The 45-Day Notice items address Bylaws modernization, the Candidate for Designation program, alternate chapter representatives to regional committees and proposed amendments to the Appraisal Institute Code of Professional Ethics and Explanatory Comments to the Code of Professional Ethics.

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