Originally published on June 14, 2023, by Danielle Nguyen for John Burns Research & Consulting.
One year ago, we published a piece highlighting demand shifting from owning to renting—and we’d like to give you an update. The monthly premium to own versus rent has now hit $1,030 per month, compared to $884 per month at this time last year (see note)—increasing demand for rental homes while reducing demand for homeownership.
Originally published on June 20, 2023, by Barbara Ballinger for GlobeSt.com.
The purpose-built student housing segment has been a steady winner for many developers for years, faring well even in recessionary and down periods. Students needed a place to live and didn’t always want to reside on campus, especially after freshman year. These off-campus dwellings long offered a robust list of attractive amenities seen in conventional multifamily housing, as well as comfortable apartment layouts with living and sleeping spaces typically furnished. Students are leased by a “bed” rather than a room.
Originally published on June 21, 223 by the Novogradac.
Rep. Maxine Waters, D-California, and several members of the House of Representatives today reintroduced three bills that target the affordable housing crisis, homelessness and the racial wealth and homeownership gaps in the nation. Similar versions were all introduced in 2021. The Housing Crisis Response Act of 2023 would expand U.S. Department of Housing and Urban Development (HUD) rental assistance, invest in public housing and more to provide more than $150 billion in affordable housing investments, creating 1.4 million affordable, accessible homes, helping 300,000 households afford their rent and make a national investment in homeownership for first-generation, first-time homebuyers.
In May, members Richard Early, Mike Elwell, Peter Hitchens, and Greyson Morgan attended AI’s 2023 Leadership Development and Advisory Council conference in Washington, DC. LDAC is an annual conference that brings together a group of dedicated appraisers who come together to formulate solutions to problems and challenges faced by the appraisal profession. As part of the conference, NC members met with lawmakers to discuss current and upcoming legislation topics that impact the North Carolina appraisal industry.
Congratulations to our members who recently earned new designations!
We’d like to welcome our newest members to the Chapter!
Want to be featured on the Chapter’s social media? Share a little bit about yourself through our Meet the Member (MTM) series! Reach out to PR Committee Chair Erica Butler at [email protected] if you want to participate. Check out some MTM posts here: Mike Elwell (blog); Laura Gourlay (blog); Jonathan Jones (blog).
On June 22, members and guests gathered in Raleigh for the Q2 Chapter Business Meeting. Held at the StateView Hotel, Miles Hamrick, Sr., MAI, AI-GRS presented "Tax Appeal Appraisal Assignments (Some of the Do's and Do Not's)”, members approved the 2024 Slate of Nominees for Officers, leadership members provided chapter updates, and attendees enjoyed dinner and drinks while mingling with old and new friends. Check out all the photos from the event (click here!). Couldn’t make it to Raleigh? We have a fun and casual summer meet-up scheduled for July 20th in Charlotte (sign up).
Originally published on June 15, 2023, by Richard Berger for GlobeSt.com.
Houston was named the overall “winner” when it comes to market attractiveness when evaluated for five key tenant types, according to a new report from Cushman & Wakefield.
Originally published on June 8, 2023, by the Consumer Financial Protection Bureau.
Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions. The proposed guidance advises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal. ROVs are requests from a financial institution to an appraiser or other preparer of a valuation report to reassess the value of residential real estate. An ROV may be warranted if a consumer provides information to a financial institution about potential deficiencies or other information that may affect the estimated value.
Originally published in June 2023 by Hany Guirguis, Ph.D., Manhattan College and Michael J. Seiler, DBA, College of William & Mary for NAIOP.
The national office market experienced total negative net absorption of 21.3 million square feet through the fourth quarter of 2022 and the first quarter of 2023, bringing the vacancy rate to 17.8 percent, the highest level since the second quarter of 1993.1 The COVID-19 public health emergency officially ended in the United States on May 11, 2023, but remote and hybrid work arrangements remain largely in place and continue to negatively affect demand for office space.
Originally published on June 8, 2023 by Troy Green by the National Association of Realtors.
The U.S. housing market is short more than 300,000 affordable homes for middle-income buyers, according to a new analysis from the National Association of Realtors® and Realtor.com®. The country's persistent housing inventory crunch impacts middle-income buyers more than any other income bracket.
Originally published on June 7, 2023, by Matthew Classick for Fannie Mae.
WASHINGTON, DC – The Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index® (HPSI) decreased in May by 1.2 points to 65.6, as affordability constraints continue to color consumers’ perceptions of homebuying and home-selling conditions. Four of the HPSI’s six components decreased month over month, most notably the component polling consumers’ belief that it’s a “good time to buy,” which is once again nearing its survey low. The “good time to sell” component, however, increased in May to its highest level since last July. Additionally, for the second consecutive month, a greater share of consumers indicated that they expect home prices to increase over the next year. The full index is down 2.6 points year over year.
Originally published on June 1, 2023, by the Federal Housing Finance Agency.
Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real estate collateral securing mortgage loans.
Originally published on June 1, 2023, by The White House.
Homeownership remains a central part of the American dream and the primary contributor to generational wealth building and housing stability for millions of families. For far too long, bias in home valuations has limited the ability of Black and brown families to enjoy the financial returns associated with homeownership, thereby contributing to the already sprawling racial wealth gap.
Two years ago today, on the centennial of the Tulsa Race Massacre, President Biden announced the creation of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE): a first-of-its-kind interagency effort to root out bias in the home appraisal process. As its first order of business, the Task Force developed and released the most wide-ranging set of actions ever announced to advance equity and root out racial and ethnic bias in home valuations – the PAVE Action Plan. Since its release in March 2022, the Biden-Harris Administration has made critical progress towards fully implementing the Action Plan, including by empowering consumers with new tools to address appraisal bias; leveraging data to identify trends and crack down on offenders of appraisal bias; and supporting a well-trained and more representative appraiser profession.
Originally published on May 25, 2023, by The Urban Land Institute.
Positive but slow growth is in store for the U.S. economy over the next two years with a return to stronger growth and average inflation in 2025. Changes over this three-year forecast period are expected to reflect this pattern, according to the latest edition of the Urban Land Institute’s (ULI) semiannual Real Estate Economic Forecast.
Originally published on May 25, 2023 by Aarthi Swaminathan for MarketWatch.com.
Homeowners are sitting on ultra-low mortgages, refusing to sell and deal with higher mortgage rates and few home listings to choose from. One Congressman says the solution is in D.C.’s hands.
Originally published on June 1, 2023, by Angela Waugaman for Freddie Mac.
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.79 percent.
Originally published on May 30, 2023, by Anneliese Mahoney for Mortgage Banker's Association.
CBRE, Dallas, raised its hotel performance outlook for this year once again, improving its forecast for revenue per available room to $97.89, up 6% year-over-year, and an increase of 43 cents from its previous forecast.
Originally published on May 23, 2023, by Hannah Jones for Realtor.com.
Concord, New Hampshire ranked as April’s hottest housing market. This is the 2nd time in the metro’s history that Concord has ranked as the nation’s hottest market. The first time Concord topped the list was in June 2022 and Concord has only been absent from the Top 20 list for 3 of the last 16 months.
