Originally published on May 18, 2023, by Realtor.com.
The Realtor.com® April Rental Report found that the U.S. rental market experienced single-digit growth for the ninth month in a row after 15 months of slowing. Median rent across the top 50 metros was up just 0.3% year-over-year, the lowest growth rate since the onset of the pandemic. The median asking rent was $1,734, up by $4 from last month, but down by $43 from the peak.
Originally published on May 9, 2023, by Keisha Virtue for JLL.
Originally published on May 10, 2023, by Adam Russell for the Federal Housing Finance Agency.
The Federal Housing Finance Agency (FHFA) today announced that it has rescinded the upfront fees based on borrowers' DTI ratios for loans acquired by Fannie Mae and Freddie Mac (the Enterprises). FHFA announced in March it would delay implementation in order to engage with industry stakeholders and better understand their concerns.
Originally published on May 9, 2023, by Troy Green for the National Association of Realtors.
Nearly seven out of 10 metro markets registered home price gains in the first quarter as 30-year fixed mortgage rates fluctuated between 6.1% and 6.7%, according to the National Association of REALTORS®' latest quarterly report. Seven percent of the 221 tracked metro areas registered double-digit price increases over the same period, down from 18% in the fourth quarter of 2022.
Originally published on May 11, 2023, by Erik Sherman for Globest.com.
Distressed CRE loans continue to rise, according to CRE data, analytics, and valuation firm CRED iQ, which reports that most of the top metropolitan statistical areas saw significant jumps of up to 2.5%.
Originally published on May 5, 2023 by Amy Kaufman for The Appraisal Foundation.
(Washington, DC) May 5, 2023 –The Appraisal Standards Board today voted to adopt the Fifth Exposure Draft of proposed changes to the Uniform Standards of Professional Appraisal Practice (USPAP). The new edition will be available this fall and will become effective on January 1, 2024. Unlike previous editions, it will not have an end date.
“Conducting this comprehensive review and revision of the Ethics Rule will benefit the profession and the public,” said Appraisal Standards Board Chair Michelle Czekalski Bradley. “The Board was pleased by the results of this process and feels that this new edition of USPAP will be an asset to appraisers and the public alike who are seeking to gain a better understanding of an appraiser’s ethical obligations and requirements under fair housing laws and regulations. Bias and discrimination have never been permitted by our standards, and now that is clear to all who read them.”
All exposure drafts are developed by the Appraisal Standards Board and released for public comment. Successive exposure drafts are updated and released based on public comments on previous drafts.
Rohit Chopra, Director of the Consumer Financial Protection Bureau, Kristen Clarke, Assistant Attorney General for the Justice Department’s Civil Rights Division, Charlotte A. Burrows, Chair of the Equal Employment Opportunity Commission, and Lina M. Khan, Chair of the Federal Trade Commission issued the following joint statement about enforcement efforts to protect the public from bias in automated systems and artificial intelligence:
America’s commitment to the core principles of fairness, equality, and justice is deeply embedded in the federal laws that our agencies enforce to protect civil rights, fair competition, consumer protection, and equal opportunity. These established laws have long served to protect individuals even as our society has navigated emerging technologies. Responsible innovation is not incompatible with these laws. Indeed, innovation and adherence to the law can complement each other and bring tangible benefits to people in a fair and competitive manner, such as increased access to opportunities as well as better products and services at lower costs.
Originally published on April 28, 2023 by the Mortgage Banker's Association.
The National Council of Real Estate Investment Fiduciaries, Chicago, said its quarterly Property Index showed aggregate market values of properties declined for the third straight quarter; returns were negative for the second straight quarter.
Originally published on April 28, 2023, by Ally Braun for Redfin.
New listings are down more than 20% from a year ago as homeowners hang onto low mortgage rates, causing buyers to snap up homes quickly and keeping prices from falling further.
Originally published on April 25, 2023, for Goldman Sachs.
Big office buildings in large U.S. cities are the most at risk from turmoil in commercial real estate, according to Goldman Sachs Research. There are signs that smaller offices in suburbs, as well as newer buildings in central businesses districts, could be more insulated from the stress.
Originally published on April 28, 2023, by Henry Simpson for US Today.
US banks are increasingly concerned about falling commercial property valuations and the risk they pose to lenders’ balance sheets, senior officials said this week.
Originally published on April 27, 2023, by Lauren Cozzi for the National Association of Realtors.
Pending home sales decreased in March for the first time since November 2022, according to the National Association of REALTORS®. Three U.S. regions posted monthly losses, while the South increased. All four regions saw year-over-year declines in transactions.
Originally published on April 20, 2023, by Michael Tucker for the Mortgage Banker's Association.
Mass adoption of cloud computing and artificial intelligence is driving exponential growth for data centers, reported JLL, Chicago.
Originally published on April 26, 2023, by The Appraisal Institute.
The Portal for Appraisal Licensing Act, known as the PAL Act, was reintroduced in the House of Representatives on April 20. The bipartisan legislation is intended to modernize the real estate appraisal licensing system to reduce costs and cut red tape for appraisers and those who use the services of appraisers.
Originally published on April 19, 2023, for the Federal Housing Finance Agency.
Today, the Federal Housing Finance Agency (FHFA) announced that it is seeking comment on a proposed rule that would formalize many of the Agency’s existing practices and programs regarding fair housing and fair lending oversight of its regulated entities.
Originally published on April 19, 2023, by the ATTOM Staff.
ATTOM, a leading curator of land, property, and real estate data, today released its Q1 2023 U.S. Foreclosure Market Report, which shows a total of 95,712 U.S. properties with a foreclosure filings during the first quarter of 2023, up 6 percent from the previous quarter and up 22 percent from a year ago.
Originally published on April 17, 2023, by Michael Tucker for the Mortgage Banker's Association.
Small-cap commercial real estate appears to be in better shape than the larger CRE market, reported Boxwood Means LLC, Stamford, Conn.
Originally published on April 12, 2023, by the Boulder Group.
Cap rates in the single-tenant net lease sector increased during the first quarter, marking four consecutive quarters of growth, The Boulder Group reported April 6 in its Q1 2023 Net Lease Market report. Industrial cap rates rose to 6.77% while retail and office cap rates reached their highest level since the third quarter 2020 at 6.05% and 7%, respectively.
Originally published on April 19, 2023, by the Appraisal Institute.
Originally published on April 11, 2023, by Michael Tucker for The Mortgage Banker's Association.
U.S. hotels have performed well overall since the pandemic, but upscale properties report higher commercial mortgage-backed securities delinquencies than more modest hotels, reported KBRA, New York.
