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CFPB Rescinds Temporary Appraisal Flexibilities

Originally published on March 31, 2021, by the Consumer Financial Protection Bureau (CFPB)

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards, and prepaid cards. The seven rescissions, effective April 1, provide guidance to financial institutions on complying with their legal and regulatory obligations. With the rescissions, the CFPB is providing notice that it intends to exercise the full scope of the supervisory and enforcement authority provided under the Dodd-Frank Act. The CFPB is also rescinding its 2018 bulletin on supervisory communications and replacing it with a revised bulletin describing its use of matters requiring attention (MRAs) to effectively convey supervisory expectations.

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AI’s Lifetime Achievement Award Renamed In Honor Of The Late Scott Robinson MAI, SRA, AI-GRS, AI-RRS, MRICS

The Appraisal Institute renamed their Lifetime Achievement Award to the J. Scott Robinson Lifetime Achievement Award in honor of the late Scott Robinson MAI, SRA, AI-GRS, AI-RRS, MRICS, who unexpectedly passed away earlier this year.

The J. Scott Robinson Lifetime Achievement Award is presented to an AI Professional who best demonstrates high ethical standards; contributed to the Appraisal Institute at the chapter, regional, national, and/or international level(s); provided service to his or her community, and contributed to the appraisal profession. A minimum of 20 years of service is recommended to be eligible for this award.

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Outlying Suburbs Appeal to More Home Buyers

Originally published by Rose Quint on March 25, 2021, for the National Association of Home Builders.

A recent NAHB study* found that COVID-19 has impacted the housing preferences of 25% of home buyers. More specifically, the survey asked about location preferences both prior to COVID-19 and now: did buyers’ preferred location change as a result of the pandemic? Results show that a segment of home buyers have in fact shifted their preference towards the outlying suburbs due to the health crisis.

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It’s a Seller’s Market in the Industrial Sector, But Investors Are Undeterred

Originally published by Patricia Kirk on March 22, 2021, for WelathManagement.com.

Soaring demand and constrained supply have caused industrial property values to rise for the past decade. But with the pandemic accelerating an increase in online sales, the industrial commercial property price index (CPPI) rose 8.8 percent over the previous year, with warehouse values surging 10 percent and flex industrial values rising 6.5 percent, according to a recent report from real estate date firm Real Capital Analytics (RCA). 

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Mortgage Rates Jump Up

Originally published on March 25, 2021, by Angela Waugaman for Freddie Mac

MCLEAN, Va., March 25, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.17 percent.

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Rent is cheap, vacant space is everywhere: Retailers seize the moment to open stores

Originally published on March 18, 2021, by Lauren Thomas for CNBC.com.

For the first time in years, retailers across the country are planning to open more stores than they are closing.

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Housing Market Gets More Competitive as Homes Sell Above Asking Price: Redfin

Originally published on March 18, 2021, by Erin Osgood for Redfin Press Center. 

36% of Homes Sold Above List Price in February, the Highest Share on Record

Historic competition for homes pushed sale prices up 14% as new listings fell 16%

SEATTLE, March 18, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — The national median home-sale price rose 14.4% year over year to $336,200 in February, the largest increase seen since July 2013, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. Closed home sales were up 5% from a year earlier and pending sales were up 21%. New listings fell 16%—the second-largest decline on record since Redfin's data began in 2012, only passed by the drop in April 2020.

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Companies Say They Have no Plans to Leave Cities or Relocate to Other States: Survey

Despite talk that businesses may move their offices from an urban location to a suburban one, or relocate to a state with more financial benefits, a new survey shows the shift may never happen as 67% of respondents to the Real Estate Market Sentiment Survey said they have no plans to pack up, the law firm Seyfarth reported March 15.

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Fed Says Financial Conditions Remain ‘Accommodative,’ No Rate Hikes Expected

Originally published on March 17, 2021, by Mike Sorohan for MBA Newslink. 

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Commercial Appraisal Data Standards

MISMO announces a 30-day public comment period ending on March 26, 2021 for recent enhancements to the Commercial Appraisal Dataset.  The commend period is intended to enable the public time to review and comment on recent dataset updates completed in response to feedback received during the initial comment period.   

This new dataset will facilitate the efficient exchange of commercial appraisal information, critical for underwriting and loss mitigation, between multiple industry participants. The new dataset was developed from a collaborative effort of the commercial real estate and technology professionals. Following the initial comment period, the dataset was updated to include new building level data points; additions for non-multifamily property types and parties; as well as refinements to various definitions and enumerations.

 

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Gen Z Renters Eschew Big Cities, Seek Smaller, More Affordable Towns: Report

Originally published on March 4, 2021 by Sanziana Bana for RentCafe.com. 

Vibrant Small Towns in America’s Heartland Are the Top Trending Locations for Gen Z

The downtown life in big coastal cities is so last decade. That’s according to the latest data that shows small towns in the heartland are newly trending for Gen Z renters. This is especially noteworthy because Zoomers were the fastest-growing active renter segment in the U.S. last year, and their locations of choice are just the opposite of their Millennial predecessors.

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FHFA Further Extends COVID-Related Loan Flexibilities

Originally published on March 11, 2021 by the Federal Housing Finance Agency (FHFA)

Washington, D.C. – The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend temporary loan origination flexibilities until April 30, 2021. The temporary flexibilities are designed to ensure continued support for borrowers during the COVID-19 pandemic. All temporary flexibilities were set to expire on March 31, 2021.

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One Year Later: U.S. Housing Market Remains Caught in a Lopsided Recovery

Originally published on March 11, 2021, by Janice McDill for Realtor.com.
Since the start of the pandemic home prices have risen 14.3%, new listings are 27% lower, there are 50% fewer homes on the market and homes are selling almost a week faster.

SANTA CLARA, Calif.March 11, 2021 /PRNewswire/ -- Although many people were forced to put activities on hold over the past year, buying a new home was not one of them. The U.S. housing market, buoyed by record-low interest rates, remote work, and Americans' desire for more space, outperformed much of the economy throughout 2020. Today, it remains more lopsided than ever as the gap between buyer demand and supply widens, according to a new report issued today by realtor.com® that examined COVID-19's impact on the U.S. housing market one year after the World Health Organization declared the virus a global pandemic.

 

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AI Answers: A Walk Through “The Appraisal of Real Estate,” 15th Edition

AI Answers, with Jeff Sherman, Steve Roach, Leslie Sellers, and Bill Garber, spotlights the newly released “The Appraisal of Real Estate,” 15th edition, a peer-reviewed Appraisal Institute text and an authoritative source of recognized methods and techniques for valuation practitioners.  

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Thank You to Our New 2021 Annual Sponsors

The Annual Sponsorship program was created to support and enrich our chapter while offering appraisal professionals and organizations an opportunity to participate in, and get more out of, our chapter activities and services. Thank you to Compstak and Colvin, Sutton, Winters & Associates, LLC for supporting the NC Chapter and championing the appraisal industry in North Carolina!

Compstak (Chairman level)

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AI Supports Legislation Focused on Fairness in Valuation

Originally published on March 9, 2021 by Chairwoman Waters and Ranking Member McHenry.

The Appraisal Institute on March 9 sent a letter to the House Committee on Financial Services expressing its support for the Real Estate Valuation Fairness and Improvement Act of 2021. The legislation would establish an interagency task force to analyze federal collateral underwriting standards and guidance and provide resources for promoting diversity in the valuation profession.

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Welcome New NCAI Members

We’d like to welcome our newest members who joined in early 2021!

 

  • Richard Bryson 
  • David LaVigne          
  • Caitlin Timmons McCain      
  • Jay S. Navarro
  • Ryan Shively
  • Michael Sollitto
  • Jessica Williams      

CRE Sector Sees Price Growth, but Fewer Deals in January: Real Capital Analytics

Originally published by Michael Tucker on March 1, 2021.

U.S. commercial property prices grew again in January, sector analysts reported.

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Mall Values Plunge 60% After Reappraisals Triggered by Bad Debt

U.S. mall values plunged an average 60% after appraisals in 2020, a sign of more pain to come for retail properties even as the economy emerges from pandemic-enforced lockdowns.

About $4 billion in value was erased from 118 retail-anchored properties with commercial mortgage-backed securities debt after reappraisals triggered by payment delinquencies, defaults or foreclosures, according to data compiled by Bloomberg.

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Major Risk of Bankruptcies, CRE Price Drops, Fed Reports

Originally published by Rich Miller on February 19, 2021, for Bloomberg.com.

The Federal Reserve warned of significant risks of business bankruptcies and steep drops in commercial real estate prices in a report published on Friday.

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