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Jacksonville, North Carolina, Named Most Affordable Market for Beach Homes: Report

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.

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Economic Growth to Slow, Housing to Improve: Fannie Mae

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.

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Appraisal Institute Urges Congress to Address Valuation Issues

The president of the Appraisal Institute, the nation’s largest professional association of real estate appraisers, encouraged Congress to act on valuation topics during today’s hearing on Capitol Hill.

Stephen S. Wagner, MAI, SRA, AI-GRS, told the House Financial Services Committee’s Housing, Community Development and Insurance Subcommittee that the Appraisal Institute supports passage of H.R. 2852, which would allow licensed appraisers to perform appraisals for Federal Housing Administration loans.

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Appraisal Institute Leaders Address Timely Topics at Major Industry Events in June

The Appraisal Institute announced June 26 that its elected officers and others represented the organization at major industry events during the past month.

President Stephen S. Wagner, MAI, SRA, AI-GRS; Vice President Rodman Schley, MAI, SRA; Immediate Past President James L. Murrett, MAI, SRA; and CEO Jim Amorin, MAI, SRA, AI-GRS, attended the Appraisal Institute of Canada Annual Conference, June 5-8, in St. John’s, Newfoundland.

Wagner and Amorin also attended the Institute for Professionals in Taxation Annual Conference, June 23-26, in San Antonio.

President-Elect Jefferson L. Sherman, MAI, AI-GRS, represented AI at the International Right of Way Association Education Conference, June 9-12, in Portland, Oregon, where he sat on the panel for “Corridor Valuation: An Overview and New Alternatives.” AI also exhibited at the event.

AI’s 2016 President, Scott Robinson, MAI, SRA, AI-GRS, AI-RRS, participated in the International Valuation Standards Council/World Association of Valuation Organizations Global Valuation Conference, June 13-14, in Frankfurt, Germany, where he presented on “Impact and Opportunity of Technology-Based Valuation.” AI’s 2010 President, Leslie P. Sellers, MAI, SRA, AI-GRS, represented the Appraisal Institute at a June 18 meeting of the International Valuation Standards Council’s Advisory Forum Working Group in London, England.

Appraisal Institute Seeks Candidates for SPC Chair; Materials Deadline is Tomorrow (7/10)

The Appraisal Institute Board of Directors will elect at its July 25-26 meeting in Denver a chair of the Strategic Planning Committee to serve a two-year term beginning Jan. 1, 2020. 
 
AI professionals interested in the position should submit a statement of qualifications to Joan Barngrover at [email protected] and complete the Leadership Resources Registry at www.myappraisalinstitute.org/myappraisalinstitute/my_lrr.aspx. The deadline for submitting materials for consideration is July 10. 

Housing Market on the Move as 1 in 5 Americans to Relocate within a Year, Fed Says

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.

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Properties Located in Opportunity Zones Show Sales Growth: Real Capital Analytics

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.

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FHFA Director to Congress: End Fannie, Freddie Conservatorship

By Austin Weinstein

Fannie Mae and Freddie Mac’s chief regulator is calling on Congress to pass housing-finance reform legislation that sets a path to return the companies to private hands.

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Appraisal Institute Urges Congress to Address Valuation Issues

The president of the Appraisal Institute, the nation’s largest professional association of real estate appraisers, encouraged Congress to act on valuation topics during yesterday’s hearing on Capitol Hill.

Stephen S. Wagner, MAI, SRA, AI-GRS, told the House Financial Services Committee’s Housing, Community Development and Insurance Subcommittee that the Appraisal Institute supports passage of H.R. 2852, which would allow licensed appraisers to perform appraisals for Federal Housing Administration loans.

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New AI video: Benefits of Being an Appraiser

Local Governments Have Worst Homebuilding Regulations: FHFA

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.

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Office Vacancy Steady in April, Rents Up Slightly: Yardi Matrix

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.

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Last Chance to Support NCAI Members for NCAB

We have the opportunity to support three of our chapter members as they seek a position on the North Carolina Appraisal Board. There is no group more qualified to represent appraisers on the appraisal board than members from the North Carolina Chapter of the Appraisal Institute. Our organization has historically had members on the board. Please join in the effort to promote our organization on this vital regulatory board by supporting our members who have volunteered to be nominated to the board; Lynn Carmichael, MAI from the Asheville Area; Claire Aufrance, MAI, SRA from the Greensboro Area; and Joel Tate, SRA from the Raleigh/Wake Forest area. 

To support the chapter please click the button below to send the governor a supportive recommendation for these members.

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Fannie, Freddie Launch Uniform Mortgage-backed Security

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.”

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30-Year Fixed Rate Mortgage Rate Nears Two-Year Low

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.”

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AI Distributes 45-Day Notice on Proposed Amendments to Regulation Nos. 1 and 2

The Appraisal Institute on June 10 distributed to AI professionals a 45-Day Notice regarding proposed amendments to Bylaws and Regulation Nos. 1 and 2.
 
The proposal concerns demonstration of knowledge options, and is expected to have minimal financial impact. AI’s Board of Directors will consider the proposed amendments at its July 25-26 meeting in Denver.
 
Comments should be sent to [email protected].

U.S. Home Flipping Rate Reaches a Nine-Year High in Q1 2019

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.

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Average Single-family Home Size Increases, Reversing a Shrinking Trend: NAHB

By Robert Dietz

New single-family home size increased slightly at the start of 2019, as the market slowed.

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Call to Action: Please Support NCAI Members for NCAB

We have the opportunity to support two of our chapter members as they seek a position on the North Carolina Appraisal Board. There is no group more qualified to represent appraisers on the appraisal board than members from the North Carolina Chapter of the Appraisal Institute. Our organization has historically had members on the board. Please join in the effort to promote our organization on this vital regulatory board. Help promote our members who have volunteered to be nominated to the board; Lynn Carmichael, MAI, from the Asheville Area, and Claire Aufrance, MAI, SRA from the Greensboro Area. 

To support the chapter please click the button below to send the governor a supportive recommendation for these members.

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Commercial Real Estate Price Growth Led by Industrial Sector: Real Capital Analytics

By Michael Tucker

U.S. commercial real estate prices rose 0.8 percent in April, led by industrial property price growth, reported Real Capital Analytics, New York.

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