Foreign Buyers Backing Away from US Residential Investment: NAR

Originally published on August 1, 2023, by Troy Green for the National Association of Realtors. 

oreign buyers purchased $53.3 billion worth of U.S. existing homes from April 2022 through March 2023, slipping 9.6% from the previous 12-month period, according to a new report from the National Association of Realtors®. Foreign buyers purchased 84,600 properties, down 14.2% from the prior year and the fewest number of homes bought since 2009, when NAR began tracking this data. Overall, U.S. existing-home sales totaled 5.03 million in 2022, down 17.8% from 2021.

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Banks Plan to Further Tighten CRE Loan Standards: Survey

Originally published in July 2023 by the Federal Reserve.

The July 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices

The July 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally correspond to the second quarter of 2023.1

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Supply of Coworking Spaces Jumps 10% for the Quarter, Yardi Reports 

Originally published on July 26, 2023 by Laura Pop-Badiu for the Coworking Cafe.

Coworking — which has consistently been on the rise and significantly fueled by the increase in remote and hybrid work — continues its upward trajectory across the U.S. And, with more flexible workspaces opening their doors every day and new operators entering the market, the changes in this industry are notable, even in the span of just a few months.

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White House Launches HUD Program to Lower Housing Costs, Increase Supply

Originally published on July 27, 2023 by the White House.

resident Biden’s economic vision is about building an economy from the middle out and bottom-up, not the top down— that’s Bidenomics. A critical foundation of that vision, and the central goal of the Biden-Harris Administration’s Housing Supply Action Plan, is an economy where everyone has access to a safe and affordable home. That vision means lowering costs, including by building and preserving more housing, particularly for lower- and middle-income households. Today’s announcements will lower housing costs by tackling challenges that have stifled affordable housing for decades, as well as seizing immediate opportunities:

  • Reducing barriers to building housing like restrictive and costly land use and zoning rules;
  • Expanding financing for affordable, energy-efficient and resilient housing; and
  • Promoting commercial-to-residential conversion opportunities, particularly for affordable and zero-emissions housing.
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Some Lenders Discriminated Against Protected Classes: CFPB

Originally published in July 2023 by the Consumer Financial Protection Bureau. 

The Consumer Financial Protection Bureau stated in a July 26 supervisory highlights report that it found some mortgage lenders violated the Equal Credit Opportunity Act by discriminating against borrowers in protected classes, such as race, national origin, sex and age. The CFPB directed lenders to review, identify and provide relief to any applicant negatively affected by these violations.

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Housing Prices, Profits Continue to Climb Across the Country, Data Shows

Originally published on July 21, 2023, by Christine Stricker for ATTOM.

According to ATTOM’s newly released Q2 2023 U.S. Home Sales Report, profit margins on median-priced single-family home and condo sales in the U.S. increased to 47.7 percent in the second quarter – the first gain in a year.

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Number of People Who Moved to Flood-prone Areas Doubled Since Pandemic: Redfin

Originally published on July 24, 2023, by Isabelle Novak for

The most flood-prone U.S. counties saw 384,000 more people move in than out in 2021 and 2022—a 103% increase from the prior two years, when 189,000 more people moved in than out, according to a new report from Redfin (, the technology-powered real estate brokerage.

The same trend took hold in the places most vulnerable to wildfires and heat as the pandemic homebuying boom and a housing affordability crisis pushed Americans into disaster-prone areas.

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Fed Raises Interest Rates to Highest Level Since 2001, More Increases Possible

Originally published on July 26, 2023 by Jeff Cox for

The Federal Reserve on Wednesday approved a much-anticipated interest rate hike that takes benchmark borrowing costs to their highest level in more than 22 years.

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Fed Beige Book Reveals Elevated Home Purchase Demand Stymied by Lack of Inventory

Originally published on July 12, 2023, by the Board of Governors of the Federal Reserve System.

Demand for residential real estate remains high, but low inventories of available properties continue to dampen sales, according to the latest Beige Book released by the Federal Reserve on July 12. Construction of both residential and commercial buildings declined during the same timeframe.

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COVID-19 Has Lasting Effect on Urban Real Estate: McKinsey

Originally published on July 13, 2023, by the McKinsey Global Institute.

When the COVID-19 pandemic began, it dramatically changed the way people worked, lived, and shopped in cities around the world. The starkest change was where and how they worked. Obeying lockdowns and office closures, tired of uncomfortable masks, and enabled by remote-work technology, many employees abruptly retreated from traditional offices to home offices. Many of those employees, newly freed from their daily commutes, chose to move out of urban cores. And now that fewer of them were working and living near urban stores, fewer of them shopped there. In recent months, some of those behavioral shifts have slowed. Others persist, particularly among office employees continuing to engage in hybrid work (that is, a combination of remote and in-office work).

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Supply of Low-cost Rental Apartments Drops by Nearly 4 Million: Harvard Report

Originally published on July 6, 2023, by Sophia Wedeen for the Joint Center for Housing Studies of Harvard University.

The supply of low-cost rentals fell by 3.9 million units over the last decade, according to our latest State of the Nation’s Housing report. As a new interactive tool (Figure 1) released in conjunction with the report shows, the supply of low-cost rentals decreased in every single state, leaving lower- and middle-income renters with even fewer housing options they can afford.

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Member Profile: Claire Aufrance, MAI, SRA

  • Where do you live and who do you work for?
    Greensboro, NC at Aufrance Valuations, LLC
  • How long have you been appraising?
    20+ years
  • Who was your supervisor as a Trainee and how did you meet them?
    Paul Snow, MAI (Chapel Hill, NC). I was hired right out of college (Chapel Hill) by Cody Jetton, MAI, and Paul worked for Cody. He was a tremendous supervisor, very patient and knowledgeable. I feel very fortunate to have started my career with such a fantastic supervisor.
  • What is the most unique property you’ve appraised?
    Hmm..So many unique ones. Really, all properties are unique, but several come to mind, including a fish hatchery, winery, megachurch, convention center, and on and on. I have done a lot of weird ones! Some of my favorite unique properties are industrial because I learn about all the products made in this area that I had no idea came from NC. I have also appraised unique residential properties. All of these property types certainly keep things interesting, and keep me on my toes!
  • What is a fact about you, outside of work-life, that people would be surprised to know?
    I used to be an EMT!
  • Anything else you wish to share about yourself and/or your experience as a member? 
    I was welcomed into the AI with open arms from the time of my very first meeting. I love my NCAI family and feel strongly that chapters are "the lifeblood" of the organization. I was recently at a chapter meeting and am proud to say that the traditions of our chapter are alive and well. The meeting had new faces, and I witnessed my peers being welcoming and friendly. We are all in this together, and I am proud to be part of such an outstanding chapter!

Agencies Update Policies on CRE Loan Accommodations

Originally published on June 29, 2023, by the Federal Reserve.

Federal financial institution regulatory agencies today jointly issued a final policy statement on commercial real estate loan accommodations and workouts. The updates reinforce and build on existing supervisory guidance calling for financial institutions to work prudently and constructively with creditworthy borrowers during times of financial stress.

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Home Prices Show First Annual Decline Since 2017:

Originally published on June 29, 2023, by

The U.S. median home listing price slipped -0.9% annually in June, posting the first yearly decline since 2017, the start of®'s trends data, according to its June Monthly Housing Trends Report released today. At the same time, while home shoppers had more homes to choose from this month, improvement stalled as the active inventory growth rate slowed for the fourth month in a row (+7.1%) and came in well below May's +21.5% rate. 

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Participate in the Meet the Member Series

Want to be featured on the Chapter’s social media? Share a little bit about yourself through our Meet the Member (MTM) series! Reach out to PR Committee Chair Erica Butler at [email protected] if you want to participate. Check out some MTM posts here: Mike Elwell (blog); Laura Gourlay (blog); Jonathan Jones (blog).

Welcome New Members

We’d like to welcome our newest members to the Chapter!

  • Nate Feeley
  • Wendell Helms
  • William Holden-Wingate
  • Corey Lewis
  • Robin Perry

Newly Designated Members

Congratulations to our members who recently earned new designations! Alden Mueller, MAI, now has the MAI designation. Congratulations Alden! 

NC Meets DC

In May, members Richard Early, Mike Elwell, Peter Hitchens, and Greyson Morgan attended AI’s 2023 Leadership Development and Advisory Council conference in Washington, DC. LDAC is an annual conference that brings together a group of dedicated appraisers who come together to formulate solutions to problems and challenges faced by the appraisal profession. As part of the conference, NC members met with lawmakers to discuss current and upcoming legislation topics that impact the North Carolina appraisal industry. 

Rep. Waters Reintroduces Bills to Address Homeownership Gap, Affordable Housing

Originally published on June 21, 223 by the Novogradac.

Rep. Maxine Waters, D-California, and several members of the House of Representatives today reintroduced three bills that target the affordable housing crisis, homelessness and the racial wealth and homeownership gaps in the nation. Similar versions were all introduced in 2021. The Housing Crisis Response Act of 2023 would expand U.S. Department of Housing and Urban Development (HUD) rental assistance, invest in public housing and more to provide more than $150 billion in affordable housing investments, creating 1.4 million affordable, accessible homes, helping 300,000 households afford their rent and make a national investment in homeownership for first-generation, first-time homebuyers.

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Purpose-built Student Housing Outperforms Multifamily for the First Time, Data Shows

Originally published on June 20, 2023, by Barbara Ballinger for

The purpose-built student housing segment has been a steady winner for many developers for years, faring well even in recessionary and down periods. Students needed a place to live and didn’t always want to reside on campus, especially after freshman year. These off-campus dwellings long offered a robust list of attractive amenities seen in conventional multifamily housing, as well as comfortable apartment layouts with living and sleeping spaces typically furnished. Students are leased by a “bed” rather than a room.

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