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.
Originally published on January 11, 2023, by Li-Ning Huang and Mark Palim for Fannie Mae.
In recent discussions of our economic outlook, we have been asked multiple times why home sales dropped so sharply this past year given a pronounced preference shift among consumers during the pandemic toward single-family housing. Indeed, single-family housing was an unintended beneficiary of the pandemic and its associated policy response. During the pandemic, mortgage rates reached historically low levels, with the average 30-year fixed mortgage rate hovering around 3 percent through the end of 2021. Despite a low inventory-to-sales ratio during this time period by historical standards, as well as rising home prices, both home sales and purchase mortgage originations reached record highs in 2021.1 Anecdotal and analytical evidence suggest that the pandemic prompted people to move from smaller housing units in high-density city centers to larger homes in lower-density areas; and this was particularly true of first-time homebuyers.2 Overall, the rise in home sales was fueled by both first-time homebuyers and move-up buyers. In fact, demand was so strong that the median number of days that homes were on the market shortened from 74 in 2017 to 46 in 2021.
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.
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.
Originally published on November 17, 2022 by th Appraisal Institute.
The Appraisal Institute announced today that CEO Jim Amorin, MAI, SRA, AI-GRS, will resign effective Feb. 14, 2023. He will conclude five years of service as the organization’s CEO and is moving on to pursue other opportunities.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
