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Day: December 29, 2020

Dec 2020

Top Economic and Housing Experts Predict Post-Pandemic Rebound With Continued Job Growth, Stable Interest Rates in 2021

WASHINGTON (December 10, 2020) – Expect the post-pandemic economic rebound, improving job conditions and stable interest rates to continue in 2021, according to a survey of more than 20 top U.S. economic and housing experts. Lawrence Yun, NAR chief economist and senior vice president of research, unveiled the consensus forecast today during NAR’s second annual …

Dec 2020

Vaccines, High Hopes And Property Pricing: A Complicated Story

The property market is all about the future — planning it, procuring it, and above all pricing it. Yet as lockdown succeeded lockdown during 2020 the moment when the future could be priced receded into the distance. The new normal never arrived. The nationwide rollout of COVID-19 vaccination in the UK, and the imminent approval …

Dec 2020

Can an AMC Tell Appraisers How to Dress?

I recently saw a Facebook post where an appraiser was quite upset and offended that an AMC asked him to dress professionally for an appraisal walkthrough. Now, this was a request that was made up front as one of the conditions for accepting the order. Reading the post, it sounded like this appraiser was upset for two …

Dec 2020

Pandemic Housing Shifts Will Speed Recovery in 2021

The impact of the housing market on the 2008 financial crisis couldn’t have been more different than what we’ve seen during this year’s recession. While housing acted as a strong headwind slowing the economic recovery 12 years ago, not it’s looking like a tailwind that will help lift the economy as we move past the …

Dec 2020

Housing’s role in consumer confidence and the K-shaped recovery

Consumer confidence is currently “average.” This means that an equal number of people feel positively about the market as feel negatively. Why the divergence? Is it the pulse of political sentiment, or is something more complex at play here? National Association of Realtors (NAR) Chief Economist, Dr. Lawrence Yun stated plainly at today’s 2020 NAR …

Dec 2020

Housing Market Update: Home Prices Up 15%, Pending Sales Rise 32%

New listings were up 13%, but the number of homes for sale fell 30% to a new all-time low. Key housing market takeaways for 400+ U.S. metro areas during the 4-week period ending December 13: The median home sale price increased 15% year over year to $322,616, the highest on record. Pending home sales were …

Dec 2020

Housing Market Forecast: What’s Ahead In 2021?

While 2020 has faced its fair share of ups and downs, we know one thing to be true: the real estate market not only met expert predictions, it surpassed them, breaking records along the way. With that in mind, there’s one big blaring question right now: will the housing market in 2021 follow the same …

Dec 2020

Echoes of the Great Recession in Commercial Real Estate

After facing widespread condemnation for their contributions to the 2008 financial crisis, U.S. credit-rating agencies have largely avoided scrutiny during the coronavirus recession. Indeed, the Federal Reserve used credit ratings to determine whether certain classes of borrowers should get emergency loans and what interest rates to charge them. This move contravened the spirit of Dodd-Frank, …

Dec 2020

New appraisal puts Palisades Center worth half of 2016 value

The appraised value of the Palisades Center mall has been cut in half four years after ownership secured a mortgage for the property in West Nyack, The Journal News/lohud has learned. Real estate financial services firm Trepp reported the value of the property — assessed at $881 million in 2016 — was reassessed in August …

Dec 2020

The GARCast: Steps to take when challenging your assessment

Keenan Communications · Steps to take when challenging your assessment