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Land Not so Scarce in the Nation’s Biggest Cities, Especially Those in Texas: Report

Originally published on March 28, 2023 by Richard Berger for GlobeSt.com.

There’s plenty of land for development available nationwide, but it’s not cheap and hardly easy to acquire, zone, and develop.

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CRE Prices, Deal Volume Drop as Interest Rates Rise: Report

Originally published on March 30, 2023, by Michael Tucker for the Mortgage Banker's Association.

The commercial property pricing decline steepened in February, pulled down by a sharp fall in the apartment sector, reported MSCI, New York.

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HUD Gives $54M to Groups in 42 States to Fight Appraisal Bias, Housing Discrimination

Originally published on March 21, 2023, by the U.S. Department of Housing and Urban Development Public Affairs.

The U.S. Department of Housing and Urban Development (HUD) today awarded $54 million to 182 fair housing organizations across the country under its Fair Housing Initiatives Program (FHIP). The grants will provide $28,200,000 to support the efforts of national, state, and local fair housing entities working to address violations of the Fair Housing Act and helping to end discrimination in housing. In addition, HUD provided $26,350,000 in funding to its second and third-year Private Enforcement Initiative grantees to continue fair housing enforcement efforts nationwide. A state-by-state breakdown of the awardees is available here.

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Fannie Revises Policy for Appraising Some Manufactured Homes

Originally published on March 1, 2023, by Fannie Mae.

Overview

Fannie Mae requires market-based property valuations for manufactured homes demonstrated by a well-developed sales comparison approach to value that is further supported by the cost approach to value.

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GSE: Climate Risk Should Factor into Mortgage Underwriting

Originally published on March 20, 2023, by Diana Olick for CNBC.

Global warming has already caused irreversible damage to the earth’s ecosystems and communities, according to a critical report just issued from the United Nations Intergovernmental Panel on Climate Change.

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Home Flipping Increased in 2022, Spurred by Investors, Data Shows

Originally published on March 23, 2023, by ATTOM.

ATTOM, a leading curator of land, property, and real estate data, today released its year-end 2022 U.S. Home Flipping Report, which shows that 407,417 single-family homes and condos in the United States were flipped in 2022. That was up 14 percent from 357,666 in 2021, and up 58 percent from 2020, to the highest point since at least 2005.

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Welcome New Members

We’d like to welcome our newest chapter members:

  • Spencer Brown
  • Paul Chambers, Jr.
  • Adria Hardy
  • Wendell Helms
  • Corey Lewis
  • Michael Morris
  • Robin Perry
  • Claudia Ray
  • Melinda Webb
  • Jessica Williams

FHFA Delays Fee for Buyers with Higher Debt-to-income Ratios

Originally published on March 15, 2023, by Adam Russell for FHFA.

​​The Federal Housing Finance Agency (FHFA) has taken a number of steps since January 2022 to update Fannie Mae and Freddie Mac’s (the Enterprises) single-family guarantee fee pricing framework with a special focus on upfront fees. In January 2023, FHFA announced redesigned and recalibrated grids for upfront fees in addition to a new upfront fee for certain borrowers with a debt-to-income (DTI) ratio above 40 percent. These updated pricing grids include the upfront fee eliminations announced in October 2022 to increase pricing support for purchase borrowers limited by income or by wealth.​

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Coworking Spaces are Growing in Popularity, Expanding Reach, Report Shows

Originally published on March 8, 2023, by Laura Pop=Badiu for CoworkingCafe.com.

Demand for flexible workspaces registered significant growth in recent years, mainly due to the wider availability of remote work and hybrid workstyles. At the same time, the uncertain economic waves led many businesses to downsize their office footprints and move past rigid, long-term leases toward more flexible and cost-efficient solutions. What’s more, according to a recent JLL report, the office sector remains under pressure in 2023, with tenants not only looking to increase efficiency and productivity but also to reduce their existing footprint and positively influence their bottom line.

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Median Rents Continue to Drop, Experience Smallest Increase in 2 Years: Redfin

Originally published on March 10, 2023, by Kenneth Applewaith for Redfin.com.

The median U.S. asking rent rose 1.7% year over year to $1,937 in February—the smallest increase in nearly two years and the lowest level in a year, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Rents were up nearly 10 times that much (16.5%) a year earlier.

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CRE Values and Volume Expected to See Significant Drop, Banking Firm Predicts

Originally published on March 13, 2023, by Erik Sherman for GlobeSt.com.

Surge in Multifamily Construction to Create Short-term Oversupply: CBRE

Originally published on March 9, 2023 by Michael Tucker for the Mortgage Banker's Association.

CBRE, Dallas, said delivery of a near-record 716,000 new multifamily units over the next two years will create a short-term oversupply, but noted the new supply will keep long-term fundamentals healthy.

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Pace of Interest Rate Hikes May Increase: Fed

Originally published on March 7, 2023, by Brian Cheung for NBC News.

Federal Reserve Chairman Jerome Powell told lawmakers Tuesday that policymakers may have to speed up their interest rate hikes to tame high inflation.

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Share of $1 Million Homes in the US Drops: Redfin

Originally published on March 6, 2023, by Kenneth Applewhaite for Redfin.com.

Just over 7% of U.S. homes are worth $1 million or more, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That figure is as of January 2023, the most recent data available. The share has dropped from June 2022’s all-time high of 8.6% and remains essentially unchanged from a year earlier–but it’s up from 4.2% just before the pandemic began.

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More Lakefront Properties Available; Lake Michigan Takes the Lead: Report

Originally published on March 15, 2023, by LakeHomes.com.

There are more than 70,000 lake homes and lots for sale in the U.S. with a combined value of more than $33 billion, up from the 60,000 or so properties available last spring with a combined value of around $26 billion, according to the Lake Real Estate Market report released March 9. Lake Michigan has the largest available inventory, followed by Puget Sound in Washington and Lake Norman in North Carolina.

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Racial bias often creeps into home appraisals. Here's what's happening to change that

Originally published on March 13, 2023, by Jennifer Ludden for NPR.

Years of homeowner horror stories and a growing body of research has cast a harsh light on how frequently racial bias can skew home appraisals. It's an industry that's dominated by white men whose methods for valuing homes haven't changed much in decades.

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Member Profile: Michael Elwell, MAI, SRA, R/W-AC

Where do you live and who do you work for?
Greensboro, NC at Cushman and Wakefield - Infrastructure Practice - Valuation & Advisory

How long have you been appraising?
20 years
 
Who was your supervisor as a Trainee and how did you meet them?
My supervisor was Steve Norris, MAI. I met him through a job posting for a real estate researcher position at his company.
 
What is the most unique property you’ve appraised?
All the properties I appraise are unique since they are all impacted by right of way/eminent domain issues that are unique to each property.
 
What is a fact about you, outside of work-life, that people would be surprised to know?
I grew up in Wisconsin, so I am a Green Bay Packers fan (Beer brats and sauerkraut too).

Fannie Mae: Appraisals No Longer the ‘Default Requirement’

Originally published on March 8, 2023, by the Appraisal Institute.

Fannie Mae on March 1 updated its Selling Guide to include a range of options for property valuations as the government-sponsored enterprise moves away from suggesting that an appraisal is a “default requirement.” Fannie notes that home valuation options include value acceptance, value acceptance plus property data and hybrid appraisals.  
 
Read Fannie Mae’s updated Selling Guide
 

US Supreme Court Takes Case that Could Shutter CFPB

Originally published on February 27, 2023, by Nina Totenberg for NPR.

The Supreme Court agreed on Monday to take up a case that could threaten the existence of the Consumer Financial Protection Bureau and potentially the status of numerous other federal agencies, including the Federal Reserve.

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Available Housing Inventory, Home Prices Continue to Rise: Realtor.com

Originally published March 2, 2023, by Sara Wiskerchen for Realtor.com.

 

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