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Single-tenant Cap Rates Up in Q3: The Boulder Group

Cap rates in the single-tenant net lease sector were up slightly in all sectors during the third quarter, the first time in two years with consecutive quarterly increases, The Boulder Group reported on Oct. 6 in its Q3 2022 Net Lease Market report. Retail reached 5.86%, office hit 6.8% and industrial came in at 6.61%.

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Mortgage Rates Take Slight Dip but Remain High, Freddie Mac Reported

Originally published on Ocotber 6, 2022, by Angela Waugaman for Freddie Mac.

Mortgage rates fell slightly during the past week due to ongoing economic uncertainty, Freddie Mac reported Oct. 6 in its Primary Mortgage Market Survey. Rates remain higher than they were a year ago, which is making housing more expensive for potential homebuyers.

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GSEs Completed Nearly 97,000 Foreclosure Prevention Actions in Q2: FHFA

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.

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Sun Belt Cities Lead Nation in Canceled Home Purchase Agreements, Redfin Reports

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 (, the technology-powered real estate brokerage.

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Remote Work Largely Responsible for Home Price Surge: Fed

Originally published on September 26, 2022, by Catarina Saraiva for Bloomberg.

The shift to working from home drove more than half of the increase in house and rent prices during the pandemic and will likely drive up costs and inflation going forward as the shift becomes permanent, according to research from the Federal Reserve Bank of San Francisco. 

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Pending Home Sales Drop 2% Nationwide, NAR Data Shows

Originally published on September 28, 2022, by the National Association of Realtors.

Pending home sales sagged for the third straight month in August, according to the National Association of REALTORS®. Three out of four major regions experienced month-over-month decreases in transactions, however, the West saw a modest gain. Year-over-year, all four regions posted double-digit declines.

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Welcome Q3 New Members!

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

  • Keith P. Bolte, Jr., MAI
  • Erica L. Butler, MAI
  • Eric L. Randall, SRA
  • Jamie L. Vogel, SRA
  • Robert B Chadwick
  • Michael Todd Cromer
  • Marcia Dixon
  • Lindsay L Green
  • Thomas Hunter Howell
  • Thomas C. Mills
  • Jere S Pelletier
  • Thabbit Todd Azar
  • Brandon Farmer
  • Rhonda Hall
  • Torrance Ray Harrell
  • Mohamed S Ibrahim
  • Morgan Taylor Maske
  • Todd H. Seibert
  • Jessica Marie Smith

Another Successful Real Estate Valuation Conference

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!

An Action-Packed Fall

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. 

45-Day Notice on Proposed Amendments to Appraisal Institute Bylaws

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).

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CFPB Seeks Public Input on New Refinance Mortgage Products

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.

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Fannie Mae Data Shows Modest Recession Likely in 2023

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.

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Institutional Investors Lower Expectations on Real Estate Holdings, Survey Shows

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.

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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. 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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