Federal Housing Policy
At the Mortgage Bankers Association (MBA) Independent Lenders Conference, the consensus was that GSE reform, tax reform and regulatory reform will keep the industry busy in 2018. This panel discussion overview provides a summary of views on what to expect in each over the coming year with the overall conclusion being that the status quo is going to end.
Rental Housing
U.S. bank regulators plan to relax commercial real estate lending rules by allowing more deals to go ahead without an independent appraisal of the property’s value. Under existing rules, commercial real estate worth more than $250,000 must have an independent third-party appraisal. That threshold would double to $500,000 under proposed reforms.
Homeownership
HUD has announced that it is launching a “wholesale review” of its manufactured housing rules as part of a “broader effort to identify regulations that may be ineffective, overly burdensome, or excessively costly given the critical need for affordable housing.” For the next 30 days, HUD will accept public comments to help the department identify regulations that may be “outmoded, ineffective or excessively burdensome” and should be “modified, streamlined, replaced or repealed.”
Housing Market Conditions
CoreLogic monitors the health of the housing economy through historic home price changes and other market conditions including sustainability of prices in the market, referred to as the CoreLogic Market Condition Indicators (MCI). In reviewing conditions in the 20 second round markets chosen by Amazon, CoreLogic concludes that half, including Northern Virginia, are currently overvalued.
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