On December 6, 85+ members & guests celebrated at the 2023 J. Scott Robinson Installation Ceremony & Q4 Chapter Business Meeting held at the Marriott Greensboro Downtown.

Jim Lynch, MAI gave his final address as the 2023 President and the 2024 officers were installed, including incoming President, Mike Elwell, MAI, SRA. Members mixed and mingled while enjoying food and drinks. We were pleased to welcome Dr. Anthony Nelson, Dean, School of Business, North Carolina Central University, and Jarvis Martin, SRA, Principal with Stewart, Martin, & McCoy, LLC, as they both gave a presentation about NCCU’s new MBA Commercial Real Estate Program – currently the only commercial real estate program at an HBCU - and presented two scholarships for the program. 

Originally published in December 2023, by the Appraisal Institute.

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Originally published on November 29, 2023, by the FDIC.

I am pleased to report on the release of third quarter 2023 performance results for FDIC–insured institutions.

Originally published on November 28, 2023, by the Federal Housing Finance Agency.

The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of $40,350 from 2023.

Originally published on November 14, 2023, by the ATTOM Team.

ATTOM, a leading curator of land, property, and real estate data, today released its October 2023 U.S. Foreclosure Market Report, which shows there were a total of 34,472 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 6 percent from a month ago but up 6 percent from a year ago.

Originally published on November 21, 2023, by the Economy Team at CoreLogic.

• Nationwide, single-family rent prices increased by 2.6% year over year in September.
• Rental costs declined by -0.2% from August to September, which is in line with seasonal trends recorded over the 15 years before the pandemic.
• Lower-priced rental gains have outpaced the high-priced tier over the last three years.
• St. Louis led the nation for annual rent growth, while Austin, Texas; Las Vegas, and Miami again posted declines.

CoreLogic®, a leading global property information, analytics, and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas.  

Originally published on November 22, 2023, by Erik Sherman for GlobeSt.com.

Office valuations and rents have been hit hard by changing conditions of work and how companies are being forced to manage their real estate. But what’s happening with tech office use, particularly in the wake of the Biden administration's tech hubs strategy?

Originally published on November 22, 2023, by Erik Sherman for GlobeSt.com.

Originally published on November 7, 2023 by Matt Wirz for the Wall Street Journal.

U.S. banks have found a new way to unload risk as they scramble to adapt to tighter regulations and rising interest rates.

Originally published on November 8, 2023, by Zachariah Demuth, Jessica Jahns, Marina Bracciani and Ophelia Makis for JLL.

Originally published on October 31, 2023, by Ella Fertitta for ULI Americas.

The Urban Land Institute (ULI) and PwC US today released Emerging Trends in Real Estate® 2024, the annual industry-leading report unveiling critical data and trends in the real estate sector. In its 45th edition, the report’s overarching theme is “The Great Reset,” determining that the industry must form new ‘norms’ and can no longer rely on past benchmarks to determine how the market will function in the future.

Originally published on November 1, 2023, by the Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC).

On Wednesday, November 1, 2023, the Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC)  held its third public hearing on appraisal bias to discuss how a residential appraisal is developed and reviewed, the process for reconsiderations of value for residential real estate valuations, and the development of rural appraisals.

Originally published on October 30, 2023, by Nicole Bachaud for ZIllow.com.

The cost of buying a home has soared over the past few years with home values near record highs and mortgage rates higher than they’ve been in 20 years. New home buyers can expect to spend approximately 13.5 years in their house before they would be able to sell at a profit over the purchase, mortgage interest, and sale costs that went into the home.

Originally published on October 27, 2023, by The White House. 

Today, the Biden-Harris Administration is announcing new actions to support the conversion of high-vacancy commercial buildings to residential use, including through new financing, technical assistance, and sale of federal properties. These announcements will create much-needed housing that is affordable, energy efficient, near transit and good jobs, and reduce greenhouse gas emissions, nearly 30 percent of which comes from the building sector.

Office and commercial vacancies across the country are affecting urban downtowns and rural main streets. A new blog released today by the Council of Economic Advisers finds that office vacancies have reached a 30-year high from coast-to-coast, placing a strain on commercial real estate and local economies. At the same time, the country has struggled for decades with a shortage of affordable housing units, which is driving up rental costs, and communities are seeking new ways to cut emissions, especially from existing buildings and transportation.

The actions announced today build upon the initiatives in the White House Housing Supply Action Plan, which is lowering housing costs, boosting housing supply, and promoting fair housing, and the Administration’s actions to lower energy costs and tackle the climate crisis. Lowering costs, increasing access to good jobs, and building the clean energy economy are key tenants of Bidenomics — the President’s agenda to grow the economy from the middle out and the bottom up. 

Originally published on October 17, 2023 by Craig Steinley, MAI, SRA, AI-GRS, AI-RRS for the Appraisal Institute. 

The Appraisal Institute, the nation’s leading professional association of real estate appraisers, announced that the Appraiser Qualifications Board (AQB) has approved the certified residential real property credential (CR) path for the Appraisal Institute Practical Applications of Real Estate Appraisal (AI PAREA) program.
 
This follows the May approval and September public release of the AI PAREA licensed residential (LR) path, an online, simulated appraisal experience program that is an alternative pathway for aspiring appraisers to gain the required experience to become a licensed or certified appraiser. Historically, the primary option for an appraiser to complete experience hours was through a supervisor/trainee model that required the aspiring appraiser to find a supervisory appraiser.
 
“We are proud to be the first-to-market with this innovative program,” said Appraisal Institute Board President Craig Steinley*. “Following significant initial interest in our licensed residential path, we are determined to continue opening more virtual doors to new communities of aspiring appraisers.”

Originally published on October 23, 2023, by the White House.

Today, President Biden and Secretary of Commerce Gina Raimondo will announce the designation of 31 communities across the country as Regional Innovation and Technology Hubs (Tech Hubs) through the Department of Commerce Economic Development Administration. These Tech Hubs will catalyze investment in technologies critical to economic growth, national security, and job creation, and will help communities across the country become centers of innovation critical to American competitiveness. The Tech Hubs program was authorized by the CHIPS and Science Act – signed by President Biden in August 2022 – and is part of the President’s Bidenomics agenda to grow the economy from the middle out and bottom up.

Originally published on October 25, 2023, by Elizabeth Thompson for the National Association of Home Builders.

Despite mortgage rates that are at a 23-year high, new home sales posted a double-digit percentage gain in September because of a lack of inventory in the resale market.

Originally published on October 25, 2023, by the Federal Housing Finance Agency Office of Inspector General.

The Federal Housing Finance Agency has failed to adequately document desktop appraisal reports, and the lack of oversight can make it difficult to determine the effectiveness of the program and hinders the ability to detect trends or problems with the appraisals, the Office of Inspector General reported Oct. 25 in an audit of the FHFA's supervision of Fannie Mae's and Freddie Mac's use of desktop appraisals.