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September 2018

IRS Final Rules Involve Qualified Appraisers, Standards Flexibility

The IRS on July 30 finalized rules for substantiating and reporting cash and noncash charitable deductions, stating that any tax deduction of more than $500,000 requires a qualified appraisal conducted in accordance with generally accepted appraisal standards. The rules take immediate effect.

 
September 2018

AI Among Organizations Opposing North Dakota Appraisal Waiver Request

The Appraisal Institute on Aug. 13 joined nearly 30 valuation organizations opposing North Dakota's appraisal waiver request to bypass appraisal requirements for business/farm transactions below $1 million and residential transactions below $500,000. The state cited unreasonable appraisal delays, excessive costs and a scarcity of appraisers in rural areas when submitting its request.

 

September 2018

Fannie Mae No Longer Requires Form 1004MC in Updated Selling Guide

Appraisers are no longer required to use form 1004MC, effective immediately, Fannie Mae announced Aug. 7 when releasing its updated Selling Guide. The change was anticipated and is expected to simplify reporting for appraisers and review for lenders. Appraisers still are responsible for analyzing and accurately reporting market conditions.

 
September 2018

President Signs Bill Authorizing 4-month Flood Insurance Extension

President Trump on July 31 signed legislation that extends the National Flood Insurance Program by four months — until Nov. 30, the White House reported. The extension gives lawmakers a small window to craft a longer-term extension for the program, which is underfunded by about $20 billion.

 

September 2018

Existing Home Prices Reach New High; California Cities Top List: NAR

The median price of existing single-family homes during the second quarter reached a record high of $269,000, a 5.3 percent increase from the same point last year, the National Association of Realtors reported Aug. 8. The three most expensive markets were in California: San Jose, San Francisco and Anaheim/Santa Ana.

 
September 2018

National Mortgage Settlement Involving Feds, States and Banks Wraps Up

The National Mortgage Settlement between the federal government and 49 states and five of the nation's largest banks and mortgage servicers has concluded after netting $25 billion in consumer relief and other payments, HousingWire reported Aug. 22. The settlement, announced in February 2012, involved allegations that mortgage documents were being "robo-signed."

 

September 2018

Gen X Only Generation Fully Recovered from Housing Crash: Pew Research

Generation X homeowners (born between 1965 and 1980) saw the biggest drop in home equity during the Great Recession — falling 43 percent — but also experienced the greatest recovery, with equity doubling since 2010, according to data from think tank Pew Research Center, MarketWatch reported July 25.

 
September 2018

Properties with Solar Panels Have Other Energy Features, Survey Finds

More than half of real estate appraisers say they have found that properties with solar panels also have energy-efficient upgrades or are built to a high-energy efficiency standard, such as Energy Star or LEED, according to a joint Appraisal Institute, Lawrence Berkeley National Laboratory and Sandia National Laboratory survey, AI announced Aug. 15.

 

September 2018

Cumberland, Maryland, Top Depreciating Housing Market, Report Shows

The housing market in Cumberland, Maryland, is forecast to depreciate more than any other market over the next 12 months, according to analytics firm VeroForecast, HousingWire reported Aug. 8. The forecast is based on slow population growth, population declines or proximity to a slow-growth metro.

 
September 2018

Existing Home Sales at 2-year Low: NAR

Sales of existing homes dropped for the fourth consecutive month, with purchases in July at their slowest pace in more than two years, the National Association of Realtors reported Aug. 22. Many potential homebuyers are delaying their search until more affordable homes come on the market.

 
Results: 10 Articles found.

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