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Mortgage fraud risk was down 11.4% year-over-year at the end of the second quarter, according to the Mortgage Fraud Report released Sept. 11 by analytics firm CoreLogic, MBA NewsLink reported. An estimated 0.81% of all second-quarter applications contained indications of fraud, down from 0.91% a year ago.
The Fort Wayne, Indiana, metropolitan market, with a median home price of $162,000, maintained its top spot as the hottest U.S. housing market in August, Realtor.com reported Sept. 12. Also atop the list: Pueblo, Colorado; Midland, Texas; Rochester, New York; and Columbus, Ohio.
Housing starts increased 12.3% in August, led by a spike in multifamily construction, according to data from the U.S. Department of Housing and Urban Development and the Commerce Department, the National Association of Home Builders reported Sept. 18. Single-family starts rose 4.4% to 919,000 units, while multifamily jumped 32.8% to 445,000.
Sales of existing homes inched up in August, marking the second consecutive monthly increase, the National Association of Realtors reported Sept. 19. Sales rose 1.3% from July to August and were up 2.6% compared to the same point last year. Sales increased in the North, South and East, but declined in the West.
Institutional investors are lowering their expectations regarding commercial real estate returns this year, reporting that they expect a 6.5% total return across property types, down from the 7.1% total return they had anticipated, according to the Pension Real Estate Association's Consensus Forecast Survey, MBA NewsLink reported Sept. 12.
The Appraisal Institute reported Sept. 25 that its elected officers and others represented the organization at major industry events in September.
Life insurance companies said they want to increase their multifamily lending volume by approximately $10 billion next year, and ultimately hold between $50 billion and $120 billion in loans backed by multifamily properties over the next five years, the Mortgage Bankers Association reported Sept. 16.
The Appraisal Institute announced Sept. 25 that many services in the My Account section of the AI website (the area that requires a login) will be unavailable Sept. 26-30 as the organization prepares to unveil new online functionality.
More than 80% of markets with rent-control regulation saw an increase in cap rates on multifamily properties during the past year as investors pay less for properties, according to analytics firm Real Capital Analytics, National Real Estate Investor reported Sept. 17. In many markets, investors are spooked by the potential for additional regulation.
The Appraisal Institute on Sept. 20 applauded the U.S. House for passing legislation that addresses residential appraisals. One bill calls for full consumer disclosure of appraisal management company fees in the homebuyer’s Closing Disclosure Form while the other bill would allow state-licensed appraisers to perform appraisals for mortgages insured by the Federal Housing Administration.
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