Originally published on September 26, 2022, by Angela Cherry for Redfin.
Nationwide, roughly 64,000 home-purchase agreements fell through in August, equal to 15.2% of homes that went under contract that month. That’s up from 12.1% a year earlier and is comparable with July’s revised rate of 15.5%, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Originally published on September 22, 2022, by the Mortgage Banker's Association.
The Federal Housing Finance Agency released its second quarter Foreclosure Prevention and Refinance Report, showing Fannie Mae and Freddie Mac completed 96,945 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,591,002 since start of conservatorships in September 2008.
September kicked off with the annual Real Estate Valuation Conference on 9/7, Joyce Pusay, SRA, AI-RRS taught a residential-focused class on 9/20, members approved the recent bylaw changes at the Q3 Chapter Business Meeting on 9/22, and members in Asheville spoke with Carla Barnard on 9/27 about market updates in the area. NCAI’s board and executive committee met this past month to discuss future programs and initiatives for the chapter as they looked ahead for 2023. October and November already have a full schedule with four education classes, a legislative webinar, and a networking social for female appraisers (event will be held in Charlotte). December will close out the year with one final education class and the Q4 Chapter Business Meeting & J. Scott Robinson Installation Ceremony held at the Foundation for the Carolinas in Charlotte. Add 12/1 to your calendar and make plans to connect with fellow members and guests to celebrate the end of the year and congratulate our newly designated members. Registration for the Q4 Chapter Business Meeting will open soon.
85+ attendees gathered virtually on September 7 to learn from Mark Vitner, Wells Fargo; Vanessa Jenkins & Chuck Smith, Preston Development; Chuck McShane, CoStar; Gerald Quattlebaum, Flagship Healthcare Properties; Edward Martinez, Corelogic; Griff Jenkins, Tiverton Advisors; Adam Johnston, NewRez; and Justin Smith & Rob Speir, Colliers International. Conference presentation and discussions involved the trends, challenges, and successes in the agricultural, commercial, retail, residential, office, industrial, healthcare, and financial sectors of the industry. Thank you to our event sponsors for your support and thank you the REVC planning committee, in particular, thank you to longtime REVC Chair, Rocky McElhannon, MAI, SRA, AI-GRS for your leadership and conference guidance. We look forward to seeing everyone again next year!
We’d like to welcome to our newest members to the Chapter!
Originally published on September 28, 2022 by the Appraisal Institute.
The Appraisal Institute Board of Directors on Sept. 26 sent to 45-Day Notice proposing amendments to Appraisal Institute Bylaws regarding the International Member on the Board (AI log-in required).
Originally published on September 22, 2022, by the Consumer Financial Protection Bureau (CFPB).
The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances. The agency also seeks public input on ways to support automatic short-term and long-term loss mitigation assistance for homeowners who experience financial disruptions. The CFPB will use this information as it considers steps to support household financial stability and address refinance market gaps. Today’s initiative is part of a broader CFPB effort to promote competition and innovation in consumer finance markets.
Originally published on September 19, 2022, by Michael Tucker for the Mortgage Bankers Association.
Institutional investors are lowering their real estate return expectations, the Pension Real Estate Association reported.
Originally published on September 21, 2022 by Matthew Classick for Fannie Mae.
Economic growth is projected to resume in the second half of 2022, but the combination of high inflation, monetary policy tightening, and a slowing housing market is likely to tip the economy into a modest recession in the new year, according to the September 2022 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group. The ESR Group continues to forecast 0.0 percent real GDP growth on a full-year basis through 2022, but it revised downward its expectations for full-year 2023 growth by one-tenth of a percentage point to negative 0.5 percent. Core inflation remains considerably higher than the Federal Reserve’s stated target; as such, the ESR Group maintained its expectation that the Federal Open Market Committee will raise the federal funds rate by 75 basis points at its September meeting. The ESR Group’s baseline forecast anticipates the federal funds rate topping out at a range of 3.50 to 3.75 percent in early 2023, though it sees significant upside risk to the eventual terminal rate.
Originally published on September 13, 2022 by the National Association of Home Builders (NAHB).
Lot values for single-family detached housing starts in 2021 increased across the nation, with the national value and six out of nine Census division values setting new records. The U.S. median lot price now stands at $55,000, according to NAHB’s analysis of the Census Bureau’s Survey of Construction (SOC) data.
Originally published on September 15, 2022, by Freddie Mac.
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 6.02 percent.
Originally published on September 14, 2022, by the Government of the District of Columbia, Mayor Muriel Bowser.
Today, Amazon (NASDAQ: AMZN) announced a commitment of $147 million to create and preserve 1,260 affordable housing units in six of Washington, D.C.’s eight wards and in nearby Maryland and Virginia communities—primarily in partnership with minority-led organizations.
Originally published on September 21, 2022, by the Appraisal Institute.
Originally published on September 7, 2022, by Yardi Matrix.
Consumer purchases of recreational vehicles and boats are spurring strong demand for storage facilities, creating investment opportunities within this niche asset class, according to a new research bulletin from Yardi® Matrix.
The bulletin outlines factors driving demand for RV and boat storage. Most notable among them are a record number of acquisitions. In 2021, 571,000 RV registrations and 313,000 boat sales were recorded, driven largely by consumers’ desire for outdoor vacation activities during the pandemic and a shortage of space in residential areas to store vehicles.
Originally published on September 9, 2022, by the Mortgage Banker's Association.
The ongoing tug of war between employers and employees about returning to the office will accelerate as pandemic-related impacts fade, according to a new Mortgage Bankers Association white paper.
Originally published on September 2, 2022, by Matt Day and Spencer Soper for Bloomberg.
Amazon.com Inc., determined to reduce the size of its sprawling delivery operation amid slowing sales growth, has abandoned dozens of existing and planned facilities around the US, according to a closely watched consulting firm.
Originally published on September 8, 2022 by ATTOM Staff for ATTOM.
ATTOM, a leading curator of real estate data nationwide for land and property data, today released its August 2022 U.S. Foreclosure Market Report, which shows there were a total of 34,501 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — up 14 percent from a month ago and up 118 percent from a year ago.
Originally published on August 30, 2022 by Michael Tucker for the Mortgage Banker's Association.
CBRE, Dallas, said it expects U.S. construction costs to jump 14.1 percent year-over-year by year-end due to pressures including labor shortages, inflation, supply chain disruptions, pandemic reverberations, and the war in Ukraine.
Originally published on August 30, 2022 by Berkadia.
Berkadia’s 2022 Mid-Year Powerhouse Poll finds that overall, the multifamily market continues to experience increased demand despite rising rent and interest rates. Berkadia mortgage bankers and investment sales agents (80%) expect multifamily rental demand will continue to outpace supply for the remainder of 2022. The proprietary poll, conducted in July 2022, collected insights from 123 Berkadia investment sales agents and mortgage bankers across 65 offices to assess expected commercial real estate activity and opportunities for the second half of 2022 and beyond.
Originally published on August 30, 2022, by Michael Tucker for the Mortgage Banker's Association.
Office absorption remains negative even though office-using employment increased by 1.9% in the first half of the year, adding 635,000 jobs, reported Cushman & Wakefield, Chicago.
