House Passes ‘Concerning’ VA Appraisal Legislation

Originally published on September 21, 2022, by the Appraisal Institute.

The House on Sept. 14 passed HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022, legislation that proposes to overhaul the Department of Veterans Affairs appraisal requirements, including when an appraisal is necessary, how appraisals are conducted, and who is eligible to conduct an appraisal.  
 
The legislation also allows for desktop appraisals in some circumstances, but the VA has already made that policy change
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Amazon Announces Plans to Fund Affordable Housing in and Around Washington, DC

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.

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Mortgage Rates Climb Above 6% for First Time Since 2008, According to Freddie Mac

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.

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Lot Prices for Single-family Homes at Record High: NAHB

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.

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Amazon Closes Some US Warehouses, Scraps Plans for Dozens of Others: Report

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. 

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Office Market Likely Changed Forever: MBA White Paper

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.

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Foreclosure Rates Rise to Pre-pandemic Levels, Data Shows

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.

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RV/Boat Storage Facilities in Demand Following Record Pandemic Purchases: Data 

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.

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Office Sector Down, Not Out as Firms Seek Changes, Short Leases: Cushman & Wakefield

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.

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Construction Costs to See Largest Gain in 15 Years: CBRE

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.

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Multifamily Powers On Despite Rising Interest Rates: Berkadia

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.

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Multifamily Powers On Despite Rising Interest Rates: Berkadia

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.

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FHFA to Create Committee on Affordable, Equitable Housing

Originally published on August 23, 2022, by the Federal Housing Finance Agency.

The Federal Housing Finance Agency (FHFA) today announced its intent to establish a Federal Advisory Committee on Affordable, Equitable, and Sustainable Housing (Committee). 

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Economic Concerns, Housing Shortage Stressing Low-income Households: ULI

Originally published on August 17, 2022, by the Urban Land Institute.

A long-term trend of housing underproduction exacerbated by rising inflation and economic uncertainty threatens home attainability for millions of people across the United States, according to the 2022 Home Attainability Index, a comprehensive new study from the Urban Land Institute’s (ULI) Terwilliger Center for Housing.

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Life Science Sector Positioned for Future Growth: Newmark  

Originally published on August 25, 2022, by Michael Tucker for Mortgage Banker's Association.

Despite the stock market turmoil, slowing venture capital funding and interest rate volatility, life science real estate remains well-positioned for future growth, said Newmark, New York.

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Suburbs No Longer a Bargain With Rents at New High: Data  

Originally published on August 24, 2022, by Rachel Conner for the Realtor.com.

Driven by migration away from expensive city centers during the pandemic, the rental price advantage of living in the suburbs (vs. urban areas) has shrunk by 52.9% compared to three years ago, according to the Realtor.com® Monthly Rental Report released today. As the U.S. median rental price hit its latest all-time high in July ($1,879)a new survey from Avail (part of Realtor.com®)  found that moving to a new rental has been costlier for renters, but there may be market cooling on the horizon as landlords adjust to renter budgets impacted by inflation.

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Hotel Construction Slows for 7th Consecutive Month, But Room Planning is Up: Data

Originally published on August 14, 2022, by Michael Tucker for the Mortgage Bankers Association.

U.S. hotel construction has declined for seven consecutive months, reported STR, Hendersonville, Tenn.

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Industrial Sector Slowing to Pre-pandemic Levels: NAIOP

Originally published on August 16, 2022, for NAIOP.

The industrial real estate market showed signs of slowing after an unprecedented expansion, according to the latest NAIOP Industrial Space Demand Forecast, released today.

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Nearly 63,000 Home Purchase Agreements Canceled in July: Redfin Data Reveals

Originally published on August 16, 2022, by Ally Braun for Redfin.

Nationwide, roughly 63,000 home-purchase agreements fell through in July, equal to 16.1% of homes that went under contract that month, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the highest percentage on record with the exception of March and April 2020, when the onset of the coronavirus pandemic brought the housing market to a near standstill. It’s up from a revised rate of 15% one month earlier and 12.5% one year earlier.

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FHFA to Require GSE Servicers to Keep Fair Lending Data

Originally published on August 11, 2022, by Georgia Kromrei for HousingWire.com. 

In a move the Federal Housing Finance Agency said will bolster sustainability and equity, servicers for federally backed loans will obtain and maintain fair lending data.

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