Category Archives: News

News about the U.S. real estate market and profession.

NAHB Now Accepting Applications for the 2019 Best of 55+ Housing Awards Competition

The National Association of Home Builders (NAHB) 55+ Housing Industry Council is now accepting applications for the 2019 Best of 55+ Housing Awards. All builders, developers, architects, marketers and designers of 55+ housing are invited to enter this prestigious awards competition.

The Best of 55+ Housing Awards honor the people, companies, projects and programs that set the bar for innovative marketing, industry-leading design and construction, and community lifestyle features that appeal to all life stages. 

“The Best of 55+ Housing Awards are the sector’s most influential national awards,” said Chuck Ellison, chairman of NAHB’s 55+ Housing Industry Council and vice-president-Land of Miller & Smith in Mclean, Va. “The awards not only recognize the country’s top builders and developers in the 55+ housing sector, but also highlight the newest and most innovative housing trends for mature buyers and renters.”

All applications must be submitted online by Aug. 24, 2018. For more information, or to access the application platform, please visit www.nahb.org/55plusawards. Complete details, including eligibility requirements, categories and deadlines, can also be found there. Both NAHB members and non-members are eligible to enter. Finalists will be announced Nov. 2, 2018, and the winners will be announced at an awards ceremony on Feb. 19, 2019, during the NAHB International Builders’ Show in Las Vegas.

For additional information, contact NAHB’s 55+ Housing Industry Council at 800-368-5242 x8130 or [email protected].

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Builder Confidence Climbs to 70 in May

Builder confidence in the market for newly-built single-family homes rose two points to a level of 70 in May after a downwardly revised April reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This is the fourth time the HMI has reached 70 or higher this year.

“The solid May report shows that builders are buoyed by growing consumer demand for single-family homes,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La. “However, the record-high cost of lumber is hurting builders’ bottom lines and making it more difficult to produce competitively priced houses for newcomers to the market.”

“Tight housing inventory, employment gains and demographic tailwinds should continue to boost demand for newly-built single-family homes,” said NAHB Chief Economist Robert Dietz. “With these fundamentals in place, the housing market should improve at a steady, gradual pace in the months ahead.”

Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

The HMI chart gauging current sales conditions increased two points to 76 in May while the indexes measuring buyer traffic and expectations in the next six months remained unchanged at 51 and 77, respectively.

Looking at the three-month moving averages for regional HMI scores, the West and Northeast held steady at 76 and 55, respectively. Meanwhile, the South and Midwest each edged down one point to respective levels of 72 and 65.

Editor’s Note: The NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. HMI tables can be found at nahb.org/hmi. More information on housing statistics is also available at housingeconomics.com.

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NAHB Now Accepting Applications for Multifamily Pillars of the Industry Awards Competition

The National Association of Home Builders (NAHB) opened its general call for entries for the Multifamily Pillars of the Industry Awards competition. Multifamily owners and developers, builders, property managers, architects, interior designers and multifamily industry professionals are invited to enter the competition.

The awards highlight excellence in apartment and condominium design and development, interior merchandising and superior property management and marketing. Since its inception in 1990, the Pillars Awards program has earned its reputation as the most prestigious awards program of its kind.

“The Pillars Awards program is a great way to honor those in the industry who use innovative approaches to design and décor and who have the consumer in mind when building their communities,” said Steven Lawson, president of The Lawson Companies in Virginia Beach, Va., and chairman of NAHB’s Multifamily Council. “We expect to receive a wide variety of multifamily communities entered in the competition, and it’s always fascinating to see how the market varies across the country.”

All applications must be submitted online by Aug. 24, 2018. For more information, or to access the application platform, please visit www.nahb.org/pillarsawards. Complete details, including eligibility requirements, categories and deadlines, can also be found there. Both NAHB members and non-members are eligible to enter. Finalists will be announced Nov. 2, 2018, and an awards luncheon will take place on Feb. 19, 2018, during the NAHB International Builders’ Show in Las Vegas.

For more information, call NAHB’s Multifamily Council at 800-368-5242 x8207 or email at [email protected].

For more information on the NAHB Multifamily program, please visit NAHB Multifamily: https://www.nahb.org/en/members/committees-and-councils/councils/multifamily-council/nahb-multifamily.aspx.

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Real Estate Insights: Appraiser Trends

In recent years, NAR has heard concerns regarding a perceived shortage in appraisers, long turnaround times for appraisals, higher and/or rush fees in certain areas, and difficulty in bringing new appraisers into the profession. Earlier this year, NAR released the Appraiser Trends Study. Ken Fears talks with us about the survey’s findings in this episode. 

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Appraisal Exemption in Disaster Areas

Federal agencies announced they have eased Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) appraisal requirements for areas of Florida, Georgia, Puerto Rico, Texas, and the U.S. Virgin Islands that have been declared major disaster areas by President Trump due to Hurricanes Harvey, Irma, and Maria.

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NAR Comments on Commercial Appraisals

NAR sent a comment letter to Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System (collectively the Federal Banking Agencies) supporting a proposed increase to the appraisal threshold for commercial real estate Federally Related Transactions from $250,000 to $400,000.

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