NCAI Members in Washington, DC

The 2022 AI Leadership and Development Conference (LDAC) was held May 18-20 this year and NCAI had three that attended: Mike Elwell, Greyson Morgan, and Peter Hitchens. Greyson and Peter were first years and had the benefit of Mike Elwell who attended before the pandemic.

LDACstarted with a presentation from Melody Taylor regarding the recently published Property Appraisal and Valuation Equity Task Force (PAVE) Report. While AI suggests the data should be reviewed more, the overall report helps to educate stakeholders about the appraisal process.

Read More

Welcome New Members!

We’d like to welcome our newest members to the Chapter!

  • Roy Lee Fulcher, III
  • Richard E. Glidewell
  • Barry Grant Hitchner, Jr.
  • Lauren Elizabeth Hobbs
  • John Stephen Proctor, III

‘Little Evidence’ Housing Bubble is About to Burst: Moody’s

Originally published by Lynn Pollack on June 13, 2022, for The GlobeSt.com.

While home prices are responding to higher mortgage rates, there is “little evidence of a housing bubble that is about to burst,” according to a new report from Moody’s Analytics.

Read More

Hotel Sector to Recover Faster than Expected, According to Revised STR Forecast

Originally published on June 15, 2022, by Michael Tucker for the Mortgage Banker's Association.

STR and Tourism Economics upgraded their recovery timeline for U.S. hotel revenue per available room.

Read More

45-Day Notice on Proposed Amendments to Bylaws and Regulation No. 9, Exposure Draft

The Appraisal Institute Board of Directors on June 20 sent to 45-Day Notice proposed amendments to Appraisal Institute Bylaws and Regulation No. 9, an exposure draft of the proposed regional election policy. (AI log-in required).

View Notice

Inflation Causing Global Drop in Property Values: Report

Originally published on June 13, 2022, by Zainab Fattah and Jack Sidders for Bloomberg.

The US and European real estate markets are experiencing a downwards shift in prices as buyers fall away, according to the global chief investment officer of Hines, one of the largest closely held real estate investors in the world.

Read More

FHFA Releases Equitable Housing Finance Plans

Originally published on June 8, 2022, by the Federal Housing Finance Agency (FHFA).

The Federal Housing Finance Agency (FHFA) today announced the release of Fannie Mae's and Freddie Mac's (the Enterprises) Equitable Housing Finance Plans for 2022-2024. These plans are designed to complement the initiatives outlined in FHFA's Strategic Plan: Fiscal Years 2022–2026 that promote the Enterprises' safety and soundness and foster housing finance markets that provide equitable access to affordable and sustainable housing.

Read More

Proposed VA Bill to Allow Some Desktop Appraisals, Waivers

Originally published on May 23, 2022, by Maria Volkova for HousingWire.

A piece of legislation introduced in the Senate in mid-May could streamline the appraisal process for VA loans. The legislation would modernize the Department of Veteran Affairs‘ appraisal requirements by allowing desktop appraisals, and in some circumstances, waving appraisals altogether. Currently, all VA appraisals must be performed in-house.

Read More

Value of Office Buildings to Decline by $500B if Remote Work Continues: Research

Originally published on June 7, 2022, by Jack Rogers for GlobeSt.com.

A joint research team from NYU and Columbia University studying the impact of remote work on office properties says office buildings will lose 28% of their value by 2029 if remote/hybrid work patterns become the norm. 

Read More

Regulations Comprise 40% of Apartment Development Costs, NAHB Research Reveals

Originally published on June 9, 2022, by Elizabeth Thompson and Stephanie Pagan for NAHB.

Regulation imposed by all levels of government accounts for an average of 40.6 percent of multifamily development costs, according to new research released today by the National Association of Home Builders (NAHB) and the National Multifamily Housing Council (NMHC).

Read More

Cities in the Sun Belt and the West Experiencing the Most Growth: Census Bureau Data

Originally published on Mary 31, 2022, by Erik Sherman for GlobeSt.com.

As the Census Bureau analysis continues on the 2020 decennial count of the country, there are more specific data on the general trend that virtually anyone in commercial real estate knows: people are moving from various parts of the country to the Sun Belt and West.

Read More

CBRE Report Forecasts Full Recovery for Hospitality Sector in 2023

Originally published on May 31, 2022, by Michael Tucker for the Mortgage Bankers Association.

CBRE, Dallas, raised its hotel performance forecast based on first-quarter strength, slow construction activity, higher inflation and continued optimism about employment and economic growth.

Read More

Cap Rates in the Net Lease Casual Dining Sector Drop: Data

Cap rates in the net lease casual dining sector decreased to 6.03% during the first quarter, down 70 basis points from the same point a year ago, The Boulder Group reported on June 1 in its Q1 2022 Net Lease Casual Dining Market report. Casual dining properties with corporations guaranteeing the lease saw cap rates of 5.75%, while franchisee properties had cap rates of 6.4%.

View Report

Real Estate Activity Mixed Across Fed Districts, Beige Book Reveals

Originally published on May 23, 2022, by the Federal Reserve Bank of Philadelphia.

Residential sales remained flat or contracted slightly in most Fed districts as low inventory and high mortgage rates dampened homebuyer demand, the Federal Reserve revealed on June 1 in its latest Beige Book. Many districts reported mixed commercial real estate activity, but demand for industrial and warehouse space was on the rise in multiple districts.

Read Beige Book

Member Profile: Julie Lemonds

Where do you live and who do you work for?
I live in Charlotte, NC, and work for BBG.
 
How long have you been appraising?
I have been an NC Registered Trainee since last July (2021).



Read More

Proposed VA Bill to Allow Some Desktop Appraisals, Waivers

Originally published on May 23, 2022, by Maria Volkova for HousingWire.com.

A piece of legislation introduced in the Senate in mid-May could streamline the appraisal process for VA loans. The legislation would modernize the Department of Veteran Affairs‘ appraisal requirements by allowing desktop appraisals, and in some circumstances, waving appraisals altogether. Currently, all VA appraisals must be performed in-house.

Read More

Retail Real Estate Attracting New Investors as Rents Climb, Occupancy Increases: JLL

Originally published on May 25, 2022, by Michael Tucker for Mortgage Bankers Association.

Retail’s journey from underdog to a favored asset class continues, reported JLL, Chicago.

Read More

Amazon Reportedly Dumping Surplus Industrial Space, Could Help Sector Recover

Originally published on May 23, 2022, by Erik Sherman for Globest.com. 

Nearly 20% of Home Sellers are Dropping Asking Prices, According to Redfin

Originally published on May 26, 2022, by Kenneth Applewhaite for Redfin.

The housing market is sending clearer signals that the pandemic-driven housing frenzy is coming to an end, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Read More

MISMO Seeks Input on Commercial Appraisal Dataset Standards

Originally published on May 17, 2022, by Tara Dunion for the Mortage Bankers Association.

MISMO®, the real estate finance industry standards organization, seeks public comment on phase two of proposed data standards for the Commercial Appraisal Dataset. The 60-day comment period runs through July 12.

Read More