By Alina Ptaszynski
Opendoor and Redfin, two of the nation’s largest technology-powered real estate companies, today announced home sellers in Phoenix and Atlanta can now request an Opendoor offer through Redfin’s site and mobile apps. By coming together, we are giving homeowners more options for selling their home in a simple and convenient way. Redfin will also continue to expand RedfinNow, its own instant offer service.
The International Valuation Standards Council on July 31 announced that the latest edition of the International Valuation Standards is available. The new standards, which take effect Jan. 31, 2020, include updates to development property, limitations, and valuation models; numerous technical revisions; and a revised glossary with new terms and clarifications.
The Appraisal Institute works to represent the valuation profession in media coverage across the country. From January-June 2019, the Appraisal Institute and its professionals were included in more than 1,200 stories in 430 unique media outlets, with a potential audience of nearly 1 billion and a publicity value of more than $1.2 million.
The Appraisal Institute’s latest video shows some of the highlights in media coverage over the past six months, including stories in National Mortgage News, U.S. News & World Report, The Wall Street Journal and Rolling Stone.
Pledger M. (Jody) Bishop III, MAI, SRA, AI-GRS, of Mount Pleasant, South Carolina, was elected 2020 vice president of the nation’s largest professional association of real estate appraisers Thursday by its Board of Directors in Denver.
Bishop’s one-year term at the Appraisal Institute will begin Jan. 1, followed by one year each as president-elect, president and immediate past president. He will serve on AI’s Executive Committee and the policy-making Board of Directors all four years. He also will chair the Finance Committee in 2020 and the National Nominating Committee in 2023.
By Sebastian Obando
E-commerce and last mile logistics tenants are fueling additional demand for industrial space expansion in the U.S., spurring midsize space users to dominate the industrial market.
Last year, developers in the U.S. completed 211,000 new housing units in buildings of 50 units or more, the biggest number on record. The total number of new apartments constructed didn’t come close to setting any records, though.
These numbers are from Characteristics of New Housing, an annual Census Bureau data release that is so chock-full of interesting information (for example: 88% of apartments completed in 2018 had in-unit laundry facilities) that I briefly contemplated interrupting my vacation to write about it when it came out two weeks ago. I resisted then, but now I’m back at my desk and the new numbers don’t seem to have gotten much attention. They should!
The nation’s largest professional association of real estate appraisers vigorously condemned today’s action by the National Credit Union Administration, calling the NCUA’s decision to effectively reduce the number of appraisals required for commercial real estate loans irresponsible, radical and dangerous.
“This is an outlandish scenario for anyone who cares about the safety and soundness of the nation’s commercial real estate lending system, and it could recreate conditions that led to the financial crisis of the late 2000s,” said Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS. “The NCUA’s ill-conceived, damaging decision shows overwhelmingly the need for immediate, rigorous congressional oversight.”
Two Appraisal Institute Designated Members share why they think someone should consider being an appraiser in AI’s latest video.
By Andrea Riquier
Discount real-estate brokerage Redfin will partner with Opendoor, one of the leading home-buying services, allowing homeowners to get an instant offer when they want to sell with Redfin RDFN, -0.75% , the firms announced Thursday.
The Appraisal Subcommittee on July 9 granted a request from North Dakota for a temporary waiver from appraisal licensing requirements after state officials claimed a scarcity of appraisers. The ASC granted the one-year waiver from licensing requirements by a 5-2 vote; an additional year is possible if state officials again seek a waiver based on the scarcity argument.
The Federal Financial Institutions Examination Council still needs to approve the decision, which is expected to happen at its meeting later this month. It’s important to note that the temporary waiver is not a waiver from appraisals, but from appraisal licensing requirements. All appraisals still need to comply with the Uniform Standards of Professional Appraisal Practice.
The waiver will cover both residential and commercial appraisals; however, the residential waiver could be sunset 60 days after banking regulators raise the appraisal threshold, if they choose to do so. A decision by the regulators on the threshold could come as soon as this month.
During the ASC’s special meeting, North Dakota Appraisal Board Chair Corey Kost, MAI, argued against granting the temporary waiver, citing no evidence of a scarcity of appraisers. He also argued that Congress has already addressed this issue with the rural appraisal waiver granted in the regulatory relief bill signed by President Trump last year.
For many Americans, the ultimate summertime fantasy has less to do with washboard abs and a killer tan than owning their own piece of beachfront real estate — aka bliss. From Memorial Day through Labor Day (and beyond), beach lovers across the U.S. find themselves dreaming of escaping the hellish deadlines, soul-sucking commutes, and humdrum daily grind — and trading it all in for salty ocean breezes, caipirinhas on the sand, and fresh lobster rolls from a seafood joint around the corner.
Now just imagine doing it from your very own place.
By Matthew Classick
The Fannie Mae Economic and Strategic Research (ESR) Group downgraded its projections for full-year 2019 and 2020 U.S. economic growth to 2.1 percent and 1.5 percent, respectively, due to expected weakness in business fixed investment and softening global economic conditions. The ESR Group had previously forecast growth of 2.3 percent in 2019 and 1.8 percent in 2020. The ESR Group now projects that the Federal Reserve will cut the federal funds rate by 25 basis points at the September meeting of its Federal Open Market Committee to fend off greater deceleration in domestic growth.
By Kathleen Howley
About 19% of American households surveyed in May expected to move in the next 12 months, according to the Survey of Consumer Expectations report from the Federal Reserve Bank of New York published Monday. That was the highest May reading in two years.
By Erika Morphy
The general consensus about Opportunity Zones has been that while interest in these areas is intense, there has been little activity. Most of the capital poised to invest in Opportunity Zones, so the theory goes, is waiting on the sidelines until the Treasury Department clarifies more regulations. Indeed, a recent report by Reonomy found that investment levels and prices in Opportunity Zones are actually declining, as investors wait for more clarity.
By Ben Lane
Despite rising in April, new housing construction had previously been trending down for several months. In fact, just one month earlier, housing starts fell to the lowest pace in nearly two years.
By Michael Tucker
Despite steadily growing new office supply, robust absorption held the sector's vacancy rate steady at 13.7 percent in April, said Yardi Matrix, Santa Barbara, Calif.
Last Monday, Fannie Mae and Freddie Mac marked the completion of their Single-Security Initiative with the launch of the Uniform Mortgage-Backed Security (UMBS).
“UMBS is the result of close collaboration with FHFA, Freddie Mac, Common Securitization Solutions, and hundreds of housing finance stakeholders and we congratulate all involved on this achievement,” said Renee Schultz, SVP, Capital Markets, Fannie Mae in a statement. “We remain focused on ensuring that all market participants continue to make a smooth transition to UMBS and maintaining a highly liquid housing finance market.”
Freddie Mac(OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage rate fell to 3.82 percent, the sixth consecutive weekly decline and its lowest level since September 2017.
Sam Khater, Freddie Mac’s chief economist, says, “While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wide dispersion among mortgage rate offers. By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500.”
ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q1 2019 U.S. Home Flipping Report, which shows that 49,059 U.S. single family homes and condos were flipped in the first quarter of 2019, down 2 percent from the previous quarter and down 8 percent from a year ago to a three-year low.
The 49,059 homes flipped in the first quarter represented 7.2 percent of all home sales during the quarter, up from 5.9 percent in the previous quarter and up from 6.7 percent a year ago — the highest home flipping rate since Q1 2010.
By Robert Dietz
New single-family home size increased slightly at the start of 2019, as the market slowed.
