Mon. Sep 25th, 2023

Catching up on the latest appraisal news

The national homeownership rate increased to 66% in the third quarter of 2022. A new report by Fannie Mae looks at the U.S. housing shortage from a local perspective. Mortgage rates dip slightly, but continue to hover around 7%. Federal agencies announce plans to raise the threshold for smaller loan exemption from appraisal requirements. A new episode of Beyond the Numbers with McKissock Appraisal breaks down appraisal value and real estate appraisal bias. Read on for more appraisal news.

Homeownership rate returns to pre-pandemic levels

This DS News story reports, “According to the residential listings database, for the month of September the median listing price of all single-family homes sold during the month was $427,250,” which is down from peak prices reached earlier this year. “While many homebuyers in the market have been sidelined by high prices,” the story continues,”in the third quarter of 2022, the national homeownership rate increased to 66%, 0.6% higher than the third quarter of 2021.”

Read the full article here.

Fannie Mae releases report on U.S. housing shortage

The U.S. Housing Shortage from a Local PerspectiveA newly-published research report authored by Fannie Mae economists “evaluated the housing supply of the 75 largest metropolitan markets in the U.S. and stacked it up against the housing needs of the people living in those markets,” explains Jeffery Hayward, Executive Vice President and Chief Administrative Officer, Fannie Mae. “What emerges from this work is the conclusion that while our housing supply problem is a national issue, solving it is a local one.”

Read the full report here.

Free Guide: Upgrade Your Career with Luxury Home Appraisals

Mortgage rates dip slightly, hover around 7%

The 30-year fixed-rate mortgage averaged 6.95% as of Thursday, November 3, according to data released by Freddie Mac. “Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably,” reports Freddie. “Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint.” Wednesday’s interest rate hike by the Federal Reserve will cool the housing market even further, says Freddie.

View the latest data here.

Feds raise threshold for smaller loan exemption from appraisal requirements

A few weeks ago on October 13, 2022, the Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that “the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000.” The new threshold amount will be effective starting January 1, 2023.

Read the press release here.

Podcast breaks down appraisal value, appraisal bias

In the second episode of our new podcast, Beyond the Numbers with McKissock Appraisal, we interview Doug Potts MAI, AI-GRS, founder of Delta Real Estate Analytics LLC, a real estate consulting startup specializing in valuation products and services for the financial sector. Topics covered include location, market analysis, and appraisal bias, as well as proposed solutions to appraisal bias.

Listen to the full episode on YouTube or wherever you get your podcasts.

CE Course: Learn how to protect yourself against accusations of violations in our course, Fair Housing, Bias and Discrimination.

Want more industry news? Don’t forget to subscribe to our appraisal podcast or follow us on Facebook and Twitter for regular appraisal news updates and insights into all facets of the industry.

The post Homeownership Rate Rebounds, Fannie Reports on U.S. Housing Shortage, and More Appraisal News appeared first on McKissock Learning.

Leave a Reply