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2nd Quarter Chapter Business Meeting Recap

The 2nd Quarter Chapter Business Meeting was held in Asheville, NC this past week.  The guest speaker was NC House Representative Brian Turner who provided an informative overview of upcoming priorities for the NC General Assembly.  He also took questions from the audience on a variety of issues.  During the meeting the chapter celebrated two new designees Laura Gourley, AI-GRS and Bill Johnson, MAI and acknowledged the Q2 education scholarship recipients Erica Butler, Joel Phillips and Mary Coltrane.



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In-Depth Scrutiny of Published Data Improves Property Market Understanding: The Appraisal Journal

A detailed analysis of population and employment data, along with the use of fair share comparisons, increases the accuracy of assumptions made by appraisers when completing commercial valuation assignments, according to a study published this week in The Appraisal Journal.

The Appraisal Journal is the quarterly technical and academic publication of the Appraisal Institute, the nation’s largest professional association of real estate appraisers. The materials presented in the publication represent the opinions and views of the authors and not necessarily those of the Appraisal Institute.

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SBA Releases Updated Appraisal Policy, Adds Evaluations

The Small Business Administration issued revised guidance March 26 stating that an appraisal may be needed to evaluate the creditworthiness of commercial real estate loans below $500,000. New legislation that aligned SBA regulations with those from the federal bank regulatory agencies eliminated the appraisal requirement for commercial loans below the half-million-dollar threshold. 

Click here to read more.

Registration Opens for 2019 Appraisal Institute Annual Conference in Denver

The Appraisal Institute on March 25 opened registration for its 2019 Annual Conference, which will be held July 22-24 at the Hyatt Regency Denver near the Colorado Convention Center.
 
Allison Massari, an entrepreneur, celebrated artist, accident survivor and executive coach, will be the keynote speaker. Massari will address her personal journey from absolute loss, to forgiveness to understanding, and finally to success and a life beyond anything she could have imagined. Her messages give audiences the tools they need to rise above any obstacle and show them how to find peace, purpose and happiness.
 
The 2019 AI Annual Conference will feature an exciting lineup of speakers, extensive opportunities for networking and continuing education (with the chance to earn Appraisal Institute and state continuing education credit), an awards ceremony, vendor exhibits and numerous opportunities to explore the Mile High City.
 
Learn more about the AI Annual Conference and register to attend.

Vast Majority Think 2019 First Quarter is Good Time to Buy Home, says Realtor® Survey

New findings from a National Association of Realtors® survey show that more Americans believe that now is a good time to purchase a home. Consumer opinions about home buying bounced back in the first quarter of 2019, with 37 percent stating that they strongly believe now is a good time to buy, up from 34 percent in the last quarter of 2018 but down from 38 percent one year ago. Only 35 percent of respondents said that now is not a good time to buy a home, compared to 37 percent in 2018's fourth quarter.

NAR's first quarter Housing Opportunities and Market Experience (HOME) survey 1also found that a majority of those polled, 53 percent, said that the economy is improving – down slightly from 59 percent at the end of last year. In 2019, optimism is the greatest among those who earn $100,000 or more and those who reside in rural areas. Fifty percent of Generation X said the economy is improving, while 42 percent of urban area residents reported the same.

Click here to read more.

AI Distributes 45-Day Notice on Proposed Amendments to Bylaws and Regulations

The Appraisal Institute on March 25 sent to 45-Day Notice proposed amendments to Bylaws and Regulation Nos. 8, 9 and 10.
 
The proposal concerns removing “Past President Designated Member” as a member status while maintaining “Past President” as a title and as an individual who doesn’t pay membership dues, and eliminating the Temporarily Non-Practicing Designated Member status and Temporarily Non-Practicing Candidate status.
 
AI’s Board of Directors will consider the proposed amendments at its May 9-10 meeting in Chicago.
 
Comments should be sent to [email protected].

JLL to Acquire HFF, Become Largest US Commercial Real Estate Debt Practice: Report

By Matt Grossman

A merger between two of the country’s most active debt-advisory shops is set to create the largest commercial real estate debt practice in the country.

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CRE Sector Expected to Stay Strong: Cushman & Wakefield

By Michael Tucker

Three themes anchor the U.S. commercial real estate investment outlook: U.S. economic performance, cycle maturity and the monetary policy outlook, said Cushman & Wakefield, New York.

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Cap Rates to Remain Steady Through June, Experts Predict

By Kerry Curry

With late 2018 jitters gone and investor optimism returning, the commercial real estate market should experience mostly steady cap rates through the first half of 2019, although there are particular market segments and geographies that could experience some bumps.

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Financial Firms Bypass Fannie Mae and Freddie Mac, Increase Private-label MBS: Report

By Jessica Guerin

Private investors are buying non-conforming mortgage loans – which are usually the domain of Fannie Mae and Freddie Mac – at a growing rate.

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Average Home Size Continues to Shrink as Inventory Adds Entry-level Homes: NAHB

By Robert Dietz

Continuing a multiyear trend, new single-family home size decreased during the final quarter of 2018.

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Sentiment Wanes for Office Market Affected by Co-working and Telecommuting: Study

By David Bodamer

Although it has not been the star of this extended commercial real estate cycle, the office sector has delivered its fair share of strong performance and solid returns. Occupancy rates and rents rose, cap rates fell and development has been kept in check.

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Multifamily Market Expected to Stay Strong, Research Reveals

By Tim Wang and Julia Laumont

A major and unprecedented structural shift has occurred in the real estate market due to a variety of demographic and socioeconomic factors. Occupied U.S. rental apartment units rose by 20 percent above the prior 10-year period. Real estate investment managers’ allocations to institutional-quality multifamily product have risen on the ongoing strength in property fundamentals.

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Enhanced Appraisal Review Drops Refinance Risk, Data Shows

By Laurie Goodman and Jun Zhu

Historically, purchase mortgages have performed better than refinance mortgages, or “refis,” defaulting less often. But changes made in response to widespread appraisal bias during the crisis have improved the industry’s risk assessment and management abilities overall and, accordingly, have decreased the expected default rate on all mortgages.

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29 Members Received Designations from the Appraisal Institute in February

The Appraisal Institute designated 29 members in February, including; and 12 who received MAI designations; 7 who received SRA designations; 9 who received AI-GRS designations; 1 who received AI-RRS designations.

View the list here.

Mortgage Rates Remain Steady, Suggest Strong Spring Home Sales: Freddie Mac

Freddie Mac(OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates held steady after declining for three consecutive weeks.

Sam Khater, Freddie Mac’s chief economist, says, “Mortgage rates remained mostly unchanged this week, while mortgage applications rose 5.3 percent from the previous week. The general decline in rates we have seen recently, combined with rebounding pending home sales, hint at a strong spring homebuying season.”

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NCAI Scholarship Application Available – Deadline April 1

The NCAI Scholarship Application for the second quarter offering is now available. Deadline is April 1, 2019.

Click Here for the Application Requirements and Eligibility.

APPLY NOW

Parking Education Seminar & LDAC Fundraiser on April 2

NCAI is pleased to offer Parking and Its Impact on Value of North Carolina Properties to it's members while also supporting the 2019 Leadership Development & Advisory Council (LDAC) Participants. This event is on April 2, 2019 at the Harris Campus Central Piedmont Community College in Charlotte, NC. Instructor Ted Anglyn is donating his time to instruct this course as an effort to raise funds for this cause.

ALL PROFITS from this course and any additional donations will go toward support for NCAI’s LDAC participants.

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AI, Freddie Mac to Teach Valuation of Manufactured Homes

On March 6, the Appraisal Institute and Freddie Mac announced a partnership targeted to help real estate appraisers when valuing manufactured housing, meeting an important need for homebuyers, lenders, appraisers and homebuilders.

The Appraisal Institute’s partnership with Freddie Mac will provide practical appraisal training to all appraisers, as well as specifically-targeted training and case studies to address manufactured housing valuation assignments for Freddie Mac’s CHOICEHomeSM. CHOICEHome brings conventional mortgage financing to factory-built homes to help increase the availability of quality affordable homes that borrowers want while providing lenders with the innovative financing options they need.  

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Mortgage Rates at 12-month Low as Inflation Softens, Economy Slows: Freddie Mac

Freddie Mac(OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that fixed-rate mortgages fell to the lowest levels since early 2018.

Sam Khater, Freddie Mac’s chief economist, says, “The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year. While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring homebuying season.”

Read more here.