Originally published on December 13, 2023, by Isabelle Novak for Redfin.
The median U.S. asking rent declined 2.1% year over year in November to $1,967—the biggest annual drop since February 2020—according to a report from Redfin (redfin.com), the technology-powered real estate brokerage. This is a 0.6% decline in asking rents since October.
Fellow NCAI Members,
As my term as President of the North Carolina Chapter of the Appraisal Institute ends, I want to take a moment to reflect on the incredible journey we have embarked on together. It has been an honor and privilege to serve as your President and work alongside such resolute individuals who share a common passion for our Chapter and the Appraisal Profession.
On December 6, 85+ members & guests celebrated at the 2023 J. Scott Robinson Installation Ceremony & Q4 Chapter Business Meeting held at the Marriott Greensboro Downtown.
Jim Lynch, MAI gave his final address as the 2023 President and the 2024 officers were installed, including incoming President, Mike Elwell, MAI, SRA. Members mixed and mingled while enjoying food and drinks. We were pleased to welcome Dr. Anthony Nelson, Dean, School of Business, North Carolina Central University, and Jarvis Martin, SRA, Principal with Stewart, Martin, & McCoy, LLC, as they both gave a presentation about NCCU’s new MBA Commercial Real Estate Program – currently the only commercial real estate program at an HBCU - and presented two scholarships for the program.
Originally published on November 29, 2023, by the FDIC.
I am pleased to report on the release of third quarter 2023 performance results for FDIC–insured institutions.
Originally published on November 28, 2023, by the Federal Housing Finance Agency.
The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of $40,350 from 2023.
Originally published in December 2023, by the Appraisal Institute.
Originally published on November 21, 2023, by the Economy Team at CoreLogic.
CoreLogic®, a leading global property information, analytics, and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas.
Originally published on November 22, 2023, by Erik Sherman for GlobeSt.com.
In the minutes of the last Federal Open Market Committee’s meeting, held from October 31 to November 1, the overall take was, “Financial conditions continued to tighten, driven by higher yields on Treasury securities as well as by lower equity prices and a stronger dollar, which themselves partly reflected higher interest rates.”
Originally published on November 14, 2023, by the ATTOM Team.
ATTOM, a leading curator of land, property, and real estate data, today released its October 2023 U.S. Foreclosure Market Report, which shows there were a total of 34,472 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 6 percent from a month ago but up 6 percent from a year ago.
Originally published on November 22, 2023, by Erik Sherman for GlobeSt.com.
Office valuations and rents have been hit hard by changing conditions of work and how companies are being forced to manage their real estate. But what’s happening with tech office use, particularly in the wake of the Biden administration's tech hubs strategy?
Originally published on November 1, 2023, by the Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC).
On Wednesday, November 1, 2023, the Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC) held its third public hearing on appraisal bias to discuss how a residential appraisal is developed and reviewed, the process for reconsiderations of value for residential real estate valuations, and the development of rural appraisals.
Originally published on November 8, 2023, by Zachariah Demuth, Jessica Jahns, Marina Bracciani and Ophelia Makis for JLL.
Originally published on October 31, 2023, by Ella Fertitta for ULI Americas.
The Urban Land Institute (ULI) and PwC US today released Emerging Trends in Real Estate® 2024, the annual industry-leading report unveiling critical data and trends in the real estate sector. In its 45th edition, the report’s overarching theme is “The Great Reset,” determining that the industry must form new ‘norms’ and can no longer rely on past benchmarks to determine how the market will function in the future.
Originally published on November 7, 2023 by Matt Wirz for the Wall Street Journal.
U.S. banks have found a new way to unload risk as they scramble to adapt to tighter regulations and rising interest rates.
Originally published on October 30, 2023, by Nicole Bachaud for ZIllow.com.
The cost of buying a home has soared over the past few years with home values near record highs and mortgage rates higher than they’ve been in 20 years. New home buyers can expect to spend approximately 13.5 years in their house before they would be able to sell at a profit over the purchase, mortgage interest, and sale costs that went into the home.
Originally published on October 27, 2023, by The White House.
Today, the Biden-Harris Administration is announcing new actions to support the conversion of high-vacancy commercial buildings to residential use, including through new financing, technical assistance, and sale of federal properties. These announcements will create much-needed housing that is affordable, energy efficient, near transit and good jobs, and reduce greenhouse gas emissions, nearly 30 percent of which comes from the building sector.
Office and commercial vacancies across the country are affecting urban downtowns and rural main streets. A new blog released today by the Council of Economic Advisers finds that office vacancies have reached a 30-year high from coast-to-coast, placing a strain on commercial real estate and local economies. At the same time, the country has struggled for decades with a shortage of affordable housing units, which is driving up rental costs, and communities are seeking new ways to cut emissions, especially from existing buildings and transportation.
The actions announced today build upon the initiatives in the White House Housing Supply Action Plan, which is lowering housing costs, boosting housing supply, and promoting fair housing, and the Administration’s actions to lower energy costs and tackle the climate crisis. Lowering costs, increasing access to good jobs, and building the clean energy economy are key tenants of Bidenomics — the President’s agenda to grow the economy from the middle out and the bottom up.
Originally published on October 25, 2023, by Elizabeth Thompson for the National Association of Home Builders.
Despite mortgage rates that are at a 23-year high, new home sales posted a double-digit percentage gain in September because of a lack of inventory in the resale market.
