Filtered by tag: National Remove Filter

Biden Administration Looks at Appraisals as Part of Effort to Reduce Wealth Gap

Originally published on June 1, 2021, by the White House.

One hundred years ago, the thriving Black community of Greenwood in Tulsa, Oklahoma, known as “Black Wall Street,” was ruthlessly attacked by a violent white supremacist mob. An estimated 300 Black Americans were killed and another 10,000 were left destitute and homeless.

Read More

ULI Forecast Sees Increased Improvement in Outlook for U.S. Economy

Originally published on May 17, 2021, by  William Maher for UrbanLand Magazine.

Real estate economists predict markedly improved U.S. economic and property market conditions over the next three years, 2021 to 2023, compared with the forecast of six months ago, according to the spring ULI Real Estate Economic Forecast.

Read More

Home Sales Expected to Surpass $2.5 Trillion this year; South is the Hottest Region: Redfin

Originally published on May 11, 2021, for Redfin.

The value of properties sold is roughly equal to the GDP of France,
or the combined market value of Amazon and Facebook

SEATTLE, May 11, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — Redfin forecasts a record $2.53 trillion worth of home sales in America in 2021—a 17% year-over-year gain that would mark the largest annual increase in percentage terms since 2013. Redfin (www.redfin.com), the technology-powered real estate brokerage, made the prediction in a new report out today. To put $2.53 trillion into perspective, it's roughly equal to the value of Amazon.com Inc. and Facebook Inc. combined, or the 2020 gross domestic product (GDP) of France. 

Read More

Mortgage Rates Drop, Down Nearly Quarter of a Percent Since April Peak: Freddie Mac

Originally published on May 13, 2021 for Freddie Mac.

MCLEAN, Va., May 13, 2021 (GLOBE NEWSWIRE) -- 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 2.94 percent.

Read More

Rising Lumber Costs Add $36,000 to New Home Price: NAHB

Originally published on April 28, 2021, for NAHB.

Soaring lumber prices that have tripled over the past 12 months has caused the price of an average new single-family home to increase by $35,872, according to new analysis by the NAHB Economics team. This lumber price hike has also added nearly $13,000 to the market value of an average new multifamily home, which translates into households paying $119 a month more to rent a new apartment. Further adding to affordability woes, building material prices have by and large been steadily rising since 2020 and were up across the board in March.

Read More

Urban Single-Family Homes Are Seeing the Fastest Price Growth as Buyers Return to City But Still Crave Space

Originally published on April 27, 2021 by Isabelle Novak for Redfin

  • As vaccines roll out, prices of spacious city dwellings are rising 20%
  • The pandemic-driven bump in rural properties has peaked
  • Urban condos are making a comeback with sales up nearly 30% year over year

SEATTLE, April 27, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — Prices of urban single-family homes are rising nearly 20% year over year—faster than any other type of home—according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. But this year's hot housing market doesn't discriminate: Urban condo sales are up nearly 30% year over year, more than any other home type.

Read More

CFPB Delays Mandatory Compliance Date for General Qualified Mortgage Final Rule

Originally published on April 27, 2021, by the Consumer Financial Protection Bureau.

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is taking this action to help ensure access to responsible, affordable mortgage credit, and preserve flexibility for consumers affected by the COVID-19 pandemic and its economic effects.

Read More

East Coast and Illinois Face Biggest COVID-related Housing Risks: Data Shows

Originally published on April 22, 2021, by ATTOM Staff for ATTOM Data Solutions Blog.

IRVINE, Calif. — Apr. 22, 2021 — ATTOM Data Solutions, curator of the nation’s premier property database, today released its first-quarter 2021 Special Coronavirus Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the Coronavirus pandemic that continues to impact the U.S. economy. The report shows that states along the East Coast, as well as Illinois, were most at risk in the first quarter of 2021 – with clusters in the New York City, Chicago and southern Florida areas – while the West continued to face less risk.

Read More

21% of Americans Believe Climate Change Hurting Home Values: Redfin Survey

Originally published on April 14, 2021, by Isabelle Novak for Redfin.

Redfin Survey: 1 in 5 Americans Believes Climate Change
Is Hurting Home Values In Their Area

Nearly two-thirds of U.S. homeowners have spent money to protect their homes against climate risks, with over one-third investing $5,000 or more. Extreme temperatures and flooding are among the top concerns.

SEATTLE, April 14, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — One in five Americans (21%) believes the increasing frequency or intensity of natural disasters, extreme temperatures and/or rising sea levels are hurting home values in their area, according to a new survey featured in a report from Redfin (redfin.com), the technology-powered real estate brokerage. A comparable share—23%—expect one or more of these factors to hurt local housing values in the next five years, and 12% think values will be negatively impacted in the next five to 10 years. Just over a third (35%) of Americans believe these factors will never diminish home values where they live.

Read More

Lack of Supply Drives Up Home Prices; Commercial Sector Still Stalled: Fed Beige Book

Originally published on April 14, 2021, by the Federal Reserve.

This report was prepared at the Federal Reserve Bank of Dallas based on information collected on or before April 5, 2021. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.

Read More

House Approves Real Estate Valuation Fairness Legislation

Oriignally published on April 21, 2021, for the Appraisal Institute.

The House Financial Services Committee on April 20 approved HR 2553, the Real Estate Valuation Fairness and Improvement Act, legislation that would establish an interagency task force to analyze federal collateral underwriting standards and guidance, and provide resources for promoting diversity within the valuation profession. The bill now moves to a full House vote, but no date has been set.

Read More

$2.3 Trillion Infrastructure Plan Includes Billions for Real Estate

Originally published on April 2, 2021 for The Real Estate Roundtable.

President Joe Biden on March 31 announced the first part of his sweeping economic growth proposal focused on infrastructure and clean energy – a $2.3 trillion, eight-year plan that White House officials said would be funded, over 15 years, by corporate and international tax increases. (Wall Street Journal and White House Fact Sheet: The American Jobs Plan, March 31)

Read More

Housing Market Gets More Competitive as Homes Sell Above Asking Price: Redfin

Originally published on March 18, 2021, by Erin Osgood for Redfin Press Center. 

36% of Homes Sold Above List Price in February, the Highest Share on Record

Historic competition for homes pushed sale prices up 14% as new listings fell 16%

SEATTLE, March 18, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — The national median home-sale price rose 14.4% year over year to $336,200 in February, the largest increase seen since July 2013, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. Closed home sales were up 5% from a year earlier and pending sales were up 21%. New listings fell 16%—the second-largest decline on record since Redfin's data began in 2012, only passed by the drop in April 2020.

Read More

AI Answers: A Walk Through “The Appraisal of Real Estate,” 15th Edition

AI Answers, with Jeff Sherman, Steve Roach, Leslie Sellers, and Bill Garber, spotlights the newly released “The Appraisal of Real Estate,” 15th edition, a peer-reviewed Appraisal Institute text and an authoritative source of recognized methods and techniques for valuation practitioners.  

View Video

Federal Reserve Test Envisions ‘Substantial Stress’ in CRE and Corporate Debt Markets

Originally published by Pete Schroeder on February 12, 2021 for Reuters.com.

WASHINGTON (Reuters) - The U.S. Federal Reserve on Friday unveiled the hypothetical recession it plans to test large banks against in its 2021 stress tests, which includes “substantial stress” in the commercial real estate and corporate debt markets.

Read More

ASB Extends Current Edition of USPAP Through December 2022

Media Contact:
Amy Timmerman
(202) 624-3048

BREAKING: 2020-21 USPAP Extended for One Year

(Washington, DC) February 19, 2021 – The Appraisal Foundation’s Appraisal Standards Board (ASB) announced today that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) will be extended by one year. The 2020-2021 USPAP will now be effective until December 31, 2022.
“USPAP has been a living document since its adoption in 1987. Initially, changes were being adopted so frequently, they were simply being added as inserts into a large binder. As time has progressed the updating cycle lengthened to one year and now two years. Like every profession, COVID-19 has had an unprecedented impact on the appraisal profession and how we conduct day-to-day business. Pressing issues have arisen in our profession over the past year ranging widely from concerns about fair housing matters to how to conduct a socially distanced property inspection. USPAP is a maturing document, and it can take longer to study the complex issues facing our profession and how they will impact our standards. We believe all of these are all critical issues and deserve thoughtful consideration before we issue guidance,” said ASB Chair Wayne Miller.
“With that in mind, we have decided to extend the effective date of the current USPAP by one year. This will provide continuity to the profession during this pandemic while also giving the ASB the appropriate time to carefully examine the challenges facing our profession before offering additional guidance.”
To learn more about this announcement, please visit The Appraisal Foundation website, appraisalfoundation.org, or click here to read our Frequently Asked Questions, including how this decision impacts continuing education courses.
—End—
Read Full Press Release

AI Board of Directors Approves 45-Day Notice Item on Agenda During November Meeting

The Appraisal Institute Board of Directors adopted one 45-Day Notice item on its agenda during its Nov.12-13 meeting, which was conducted via videoconference due to the coronavirus pandemic.
 
The Board adopted the proposed amendments to the Appraisal Institute Bylaws concerning the Audit Committee as set forth in the 45-Day Notice distributed to Designated Members, Candidates, Practicing Affiliates and Affiliates on Sept. 28. 
 
The Board also directed that the 45-Day Notice of proposed amendments to the Code of Professional Ethics be referred back to the Professional Standards and Guidance Committee for further study.
 
The Board also:
  • Adopted a strategic framework for the advancement of enhancements to the Appraisal Institute’s affiliation model.
  • Directed staff to develop a messaging and communications plan to be launched to communicate the enhancements to and value proposition of the Appraisal Institute’s affiliation model. 
  • Directed staff to investigate and report to the Board of Directors no later than the second regular 2021 Board meeting on the possibility of making Appraisal Institute books available both domestically and internationally through online subscription services and Print-on-Demand services.
  • Directed staff to investigate the cost and feasibility for “live-streaming” Non-Executive Session portions of virtual and in-person regularly scheduled Board of Directors meetings for AI Professionals, and for staff to report its findings to the Board at the first regular 2021 Board meeting.
  • Amended the temporary amendments to the Education Network Manual for chapter-sponsored synchronous programs.
  • Adopted the proposed 2021 budget.
  • Adopted the proposed Guide Note, “Compliance with the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute,” as set forth in the Exposure Draft distributed to Designated Members, Candidates, Practicing Affiliates and Affiliates on Sept. 28 and as further modified by the PSGC.
  • Approved 2020 committee appointments.
The following Appraisal Institute Designated Members were elected to fill vacancies on the committees noted below:
  • Admissions and Designation Qualifications Committee: Stephen D. Roach, MAI, SRA, AI-GRS (Jan. 1, 2021 to Dec. 31, 2021 term).
  • International Relations Committee: Ernst. Ulich H. Bergmann, MAI, SRA (Sept. 10, 2020 to Dec. 31, 2021 term).
  • Audit Committee:  Robert L. Moorman, MAI, SRA, AI-GRS beginning Nov. 13, 2020.  Moorman’s term will continue through Dec. 31, 2022.
  • Strategic Planning Committee Chair:  Robert R. Elliott, MAI, SRA (Nov. 13, 2020 to Dec. 31, 2021).
Additionally, the Appraisal Institute conducted its annual membership meeting in accordance with the Illinois General Not For Profit Corporation Act of 1986. President Jefferson L. Sherman MAI, AI-GRS; President-Elect Rodman Schley, MAI, SRA; Vice Pledger M. (Jody) Bishop III, MAI, SRA, AI-GRS; and Immediate Past President Stephen S. Wagner MAI, SRA, AI-GRS reported on their activities on behalf of the Appraisal Institute. CEO Jim Amorin, MAI, SRA, AI-GRS, reported on the activities of Appraisal Institute staff and Vice President Bishop presented the Finance Committee’s report.
 
The Board’s next meeting is scheduled for Feb. 24-26 via videoconference.

Get the Latest News and Updates on How COVID-19 Affects Appraisers

AI will continue to compile vital information about this ever-changing environment. On our Coronavirus Updates page, you’ll continue to find news and updates from government-sponsored enterprises and agencies. You’ll also find all of AI’s resources that are relevant to the pandemic including: AI Answers, webinars, ANO articles, guides, summaries and emails.

Please visit the Coronavirus Updates page on AI’s website.

AI Addresses Alleged Valuation Bias: Message from AI President

As you’re probably aware, the topic of diversity and alleged bias in the valuation profession has been covered in the media recently, and it’s an issue that AI continues to take very seriously.

As the nation’s largest professional association of real estate appraisers with over 17,000 professionals, and with more than 73,000 appraisers in the U.S., there’s no way we, or anyone else, can categorically say that no bias exists in the profession and that no individual appraiser has any bias. “Good” appraisals are credible and well supported – as you know, value is not a fact to be found. Attempting to find a non-appraiser’s opinion of the “correct” value sends us quickly down a rabbit’s hole. Instead, we are springing into action with a range of programs meant to attack whatever unconscious individual biases may exist; addressing matters of diversity within the profession; and developing policy solutions relating to mortgage financing and community and economic development.

Read More

Appraisal Organizations Join Forces to Support Training, Ethics to Combat Bias

The Appraisal Institute, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers and the Massachusetts Board of Real Estate Appraisers today announced their collective support for the development of additional training that addresses unconscious bias in valuation, and for each organization to individually review its Code of Ethics and other governing documents to further ensure awareness and compliance among its membership and the valuation profession as a whole.

“During this important time in our nation’s history, our organizations stand together to enhance existing training and ethics initiatives and work even harder to ensure that the appraisal process is free of bias or discrimination of any kind,” said Appraisal Institute President Jefferson L. Sherman, MAI, AI-GRS.

Specifically, the professional organizations pledge to develop training programs for appraisers covering unconscious bias issues, helping to increase awareness by connecting the appraisal community with thought leaders on bias and discrimination.

“Acknowledging that bias exists is but one small step. Together with our partners, we commit to doing the hard work of educating our members about the various ways bias can affect their work, and provide them the tools necessary to overcome bias. By doing this as a profession, and not merely as individual organizations, we hope to underscore to our members and the public just how important this issue is to all of us,” stated American Society of Appraisers International President Lorrie Beaumont, ASA.

Each of the organizations also commit to take steps to enhance their respective Code of Ethics to more firmly or overtly address bias and discrimination issues with protected classes.

Read more.