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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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Appraisal Institute Releases Podcast on Lender Work, Shares Advice and Tips

The Appraisal Institute on Sept. 23 released its latest episode of the Face Value podcast, “Lender Work for Appraisers: Facts, Myths and Opportunities.” Host Warren Boizot, SRA, AI-RRS, is joined by Michelle Rogers, SRA, and Ken Dicks, MAI, for a conversation on ways in which appraisers and lenders can successfully work together. They share their personal experiences in this area and offer advice and tips from the field.

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Fannie Mae Data Shows Modest Recession Likely in 2023

Originally published on September 21, 2022 by Matthew Classick for Fannie Mae.

Economic growth is projected to resume in the second half of 2022, but the combination of high inflation, monetary policy tightening, and a slowing housing market is likely to tip the economy into a modest recession in the new year, according to the September 2022 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group. The ESR Group continues to forecast 0.0 percent real GDP growth on a full-year basis through 2022, but it revised downward its expectations for full-year 2023 growth by one-tenth of a percentage point to negative 0.5 percent. Core inflation remains considerably higher than the Federal Reserve’s stated target; as such, the ESR Group maintained its expectation that the Federal Open Market Committee will raise the federal funds rate by 75 basis points at its September meeting. The ESR Group’s baseline forecast anticipates the federal funds rate topping out at a range of 3.50 to 3.75 percent in early 2023, though it sees significant upside risk to the eventual terminal rate.

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Institutional Investors Lower Expectations on Real Estate Holdings, Survey Shows

Originally published on September 19, 2022, by Michael Tucker for the Mortgage Bankers Association.

Institutional investors are lowering their real estate return expectations, the Pension Real Estate Association reported.

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Appraisal Foundation Extends 2020-21 USPAP Through 2023

Originally published on August 11, 2022, for the Appraisal Foundation.

On August 11, 2022, The Appraisal Foundation’s Appraisal Standards Board (ASB) announced that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) would be extended by one additional year. The 2020-2021 USPAP will now be effective until December 31, 2023.

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

Originally published on August 10, 2022, by the Appraisal Institute. 

The Appraisal Institute Board of Directors voted to adopt two 45-Day Notice items during its Aug. 4-5 meeting in Las Vegas. The 45-Day Notice items address the removal of officers, directors, and committee members, and regional elections and voting. The Board also adopted the proposed Regional Election Policy as set forth in the Exposure Draft distributed to Designated Members, Candidates, Practicing Affiliates and Affiliates on June 20.

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Foreign Buyers Once Again See US Housing Market as a Good Investment: NAR

Originally published on July 18, 2022, by Troy Green for the National Association of Realtors.

Foreign buyers purchased $59 billion worth of U.S. existing homes from April 2021 through March 2022, an 8.5% increase from the previous 12-month period and stopping a three-year skid in foreign investment in U.S. residential real estate, according to a new report from the National Association of REALTORS®. Foreign buyers purchased 98,600 properties, down 7.9% from the prior year and the fewest number of homes bought since 2009 when NAR began tracking this data. Overall in the U.S., existing-home sales totaled 6.12 million in 2021 – the highest annual level since 2006.

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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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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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AI Releases First Face Value Podcast with Episode About Unusual Assignments

Listen to Face Value, the official podcast of the Appraisal Institute. Join rotating hosts Warren Boizot, SRA, AI-RRS, and Tonia Vailas, MAI, AI-GRS, each month as they share appraiser experiences, insights, and stories with other credible experts in the valuation profession. Tune in as they dive into the latest trends, news, association updates, and more. Don't miss out on appraisal news you won’t find anywhere else, all delivered at face value.

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Appraisal Institute Seeks Nominations for Annual Awards; Submissions Due May 31

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.

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Student Housing Resilient; 2022 Looks Promising: Report

Originally published on January 11, 2022, by Michael Tucker for Mortgage Bankers Association.

Yardi Matrix, Santa Barbara, Calif., reported student housing sector fundamentals remain strong as pre-leasing for the 2022 fall semester ramps up.

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VA Increasing Appraisal Fees, Turnaround Times

Originally published on November 19, 2021, by Georgia Kromrei for HousingWire.com.

The Department of Veterans Affairs will raise appraisal fees and lengthen allowable turnaround times in select markets across the country in response to the high demand for appraisals.

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Home Prices in Opportunity Zones on Par with US Market, but Values Aren’t: ATTOM

Originally published on November 18, 2021, by Christine Stricker for ATTOM.

ATTOM, curator of the nation’s premier property database, today released its third-quarter 2021 special report analyzing qualified low-income Opportunity Zones established by Congress in the Tax Cuts and Jobs Act of 2017 (see full methodology below). In this report, ATTOM looked at 5,402 zones around the United States with sufficient sales data to analyze, meaning they had at least five home sales in the third quarter of 2021.

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CRE Lending Activity on the Upswing, Led by Alternative Lenders and Banks: CBRE

Originally published on November 17, 2021, by Michael Tucker for Mortgage Bankers Association.

CBRE, Dallas, reported commercial real estate lending activity surged in the third quarter, reflecting rebounding property acquisitions activity.

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

Originally published on November 17, 2021, by the Appraisal Institue.

The Appraisal Institute Board of Directors voted to adopt three 45-Day Notice items during its Nov. 11-12 meeting in Chicago. The 45-Day Notice items address Designated Member Status, Compensation Committee, and Standards of Valuation Practice.

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High Inflation ‘Transitory,’ Jobs Recovery Expected, MBS Purchases Slowed: Fed

Originally published on November 3, 2021, by Howard Schneider and Ann Saphir for Reuters.com.

The Federal Reserve threw its weight back behind the drive for a full U.S. jobs recovery on Wednesday, restating its belief that current high inflation is "expected to be transitory" and, despite risks to that view, arguing that price pressures will ease and pave the way for stronger employment and economic growth in the months to come.

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Broader Real Estate Sector to Recover, Hotels to Disappoint, ULI Forecast Predicts

Originally published on October 27, 2021, by the Urban Land Institute. 

The Fall 2021 ULI Real Estate Economic Forecast for 2021 to 2023 gives high-level projections of recovery to pre-pandemic levels for many U.S. real estate indicators by 2023, but with reasons to celebrate for equity REIT investors and significant disappointments for the hotel sector.

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Historic Low Cap Rates in Drug Store Sector, Data Reveals

Originally published by The Boulder Group in Q3 2021.

Cap rates in the single-tenant drug store sector decreased by 59 basis points to a new historic low rate of 5.80% in the third quarter of 2021. New historic low cap rates levels for CVS and Walgreens of 5.15% and 5.40% respectively were the primary driver of the compression. Rite Aid cap rates were compressed by 40 basis points to 7.40% but did not reach their prior historic low (2008). Investor demand for essential retailers carried over from 2020 into 2021, propelling cap rates for all three major tenants in the single-tenant drug store sector lower.

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Indoor, Outdoor Mall Visits Down in September as Retail Recovery Slows: Index

Originally published on October 6, 2021, by Ethan Chernofsky for Placer.ai BLOG.

Top tier malls across the country had been experiencing a steady recovery since the start of 2021. This recovery culminated in July when visits to indoor malls rose 1.0% above the same month in 2019, with outdoor mall visits rising 1.8%. Pent-up demand, a lack of travel, general excitement around the retail reopening and more all combined with the Back-to-School retail season to drive an impressive month.

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