29th April 2011

LEGISLATIVE UPDATE: STATES CONSIDER BARRING DISTRESSED SALES AS COMPARABLES

Three states: Illinois, Missouri and Nevada are considering legislation that would prohibit or restrict the use of “distressed sales,” such as foreclosures and short sales, as comparable sales as a part of a residential real estate appraisal.

Homebuilders and real estate sales agents are concerned that the prevalence of distressed sales and their subsequent use as comparables, is resulting in the appraised value of residential properties not matching the contract sales price, or in the case of new construction, the cost to build.

…continue reading the rest of this post: LEGISLATIVE UPDATE: STATES CONSIDER BARRING DISTRESSED SALES AS COMPARABLES

posted in Appraiser News | 0 Comments

29th April 2011

MARKET ANALYSIS / HOUSING PRICE INDEX (HPI)

MARKET ANALYSIS / HOUSING PRICE INDEX (HPI)
 
When referencing Housing Price Index (HPI) data, the following markets have been defined as those that have experienced the greatest decline. They are areas of interest to the lender and are likely to command the attention of the lender due to their classification as “declining markets.”
 
 
4Q 2010
1 Year
5 Year
Reno-Sparks, NV
-2.87%
-10.28%
-45.36%
Redding, CA
-2.29%
-10.18%
-33.27%
Prescott, AZ
-2.16%
-9.85%
-29.99%
Lakeland-Winter Haven, FL
-2.80%
-9.31%
-28.87%
Phoenix-Mesa, AZ
-3.60%
-8.92%
-38.59%
Orlando-Kissimmee, FL
-2.10%
-8.05%
-33.34%
 
HPI Summary/Purchases: (states experiencing the greatest decline in values for 1st Quarter, 2011)
 
State
Rate of Decline
 
State
Rate of Decline
Virginia
-2.03%
 
Oregon
-3.26%
Arizona
-2.22%
 
Missouri
-3.39%
Montana
-2.44%
 
Georgia
-3.79%
Washington
-3.04%
 
Arizona
-4.52%
Alabama
-3.19%
 
Idaho
-6.12%
 
10 Most Troubled Real Estate Markets in the U.S.: According to Forbes.com, the following markets have been identified as experiencing the greatest decline
 
Market
Delinquency Rate
 
Market
Delinquency Rate
Miami, FL
28.8%
 
Detroit, MI
15.8%
Remainder of FL
16.0%
 
Phoenix, AZ
14.8%
Las Vegas, NV
21.7%
 
Fresno, CA
13.1%
Riverside, CA
19.1%
 
Reno, NV
12.4%
Bakersfield, CA
16.4%
 
Atlantic City, NJ
12.4%
 
NAR: FEBRUARY HOME SALES DROP NEARLY 10%
 
Other parts of the U.S. economy may be improving, but existing home sales continue to struggle. According to the National Association of Realtors, existing-home sales data released March 21, sales were down 9.6% in February for a seasonally adjusted annual rate of 4.88 million homes. That amount compares to the 5.4 million rate in January and was 2.8% less than the 5.02 million rate in February 2010.
 
 
The unevenness of the economic recovery — highlighted by unnecessarily tight credit and contracts being canceled because appraisals do not support prices – is at fault, NAR Chief Economist Lawrence Yun noted in an accompanying news release. “This tug and pull is causing a gradual but uneven recovery,” he said. “Existing home sales remain 26.4% above the cyclical low last July.”
 
February 2011 Summary:
 
1st-time buyers bought 34% of homes, 29% over Jan, down 8% from 1-year ago
 
All-cash sales were 33%, up from 32% in Jan and 27% 1-year ago
 
Distressed homes accounted for 39% of sales, up 2% from Jan and 4% from last year
 
Single-family sales, at 4.25MM, were 9.6% less than Jan’s total of 4.7MM and 2.7% less than the 4.37MM in Feb 2010; median existing price was $157K, 4.2% less than a year ago
 
Condominium and co-op sales decreased from 700K in Jan to 630K, a 10% drop; median existing condo price was $150,400, an 11.1% decrease from a year ago
 
Regionally, the Northeast fared best with existing home sales. The annual rate of $770K was down 7.2% from Jan with the median home price at $230,200, a 9.5% decrease from a year ago
 
Western home sales stood at 1.26MM, an 8% decrease from Jan, with a median home price of $190K, a 5.2% decrease from last year
 
Southern sales were unchanged month over month at a 1.84MM annual rate and a median home price of $134K, a 3.9% decrease from Feb 2010
 
·         Midwest home sales fell the sharpest with a 12.2% decrease from Jan and 1.01MM units sold; at $122K, the median home price was 5.4% less than Feb 2010

posted in Resources | 0 Comments

27th April 2011

Help the fight against low paying appraisal management companies by joining The American Guild of Appraisers!

The American Guild of Appraiser (AGA) /Guild 44 of the Office and Professional Employees International Union (OPEIU)/AFL-CIO is based in Maryland, a short distance from Washington, DC.

The AGA is a non-traditional union that represents independent professionals. The AGA does not engage in collective bargaining, strikes, and does not enforce closed shops. The AGA does not negotiate contracts, does not have shop stewards, and does not have any oversight regarding its member’s work products. What we have is the backing of over 10 million members within the AFL-CIO and 110,000 within the OPEIU. With these numbers, we have a collective voice.

…continue reading the rest of this post: Help the fight against low paying appraisal management companies by joining The American Guild of Appraisers!

posted in Dodd-Frank C&R Topics | 2 Comments

12th April 2011

Customary & Reasonable : enforcement 3 to 4 years away?

It sounds like we are in another waiting game regarding customary & reasonable fees as noted in Dodd-Frank.

Key Notes:
* The minimal timeline set forth in the Dodd-Frank Act indicates that those rules may be promulgated within 18 months of July 21, 2011.

* After the rules are in final form, States have 36 months to implement the minimum requirements established by the rules for registration and supervision of AMCs. (The ASC may grant States up to a 12-month extension, subject to specific limited conditions set forth in the Dodd-Frank Act.)

Please read the entire article below:

…continue reading the rest of this post: Customary & Reasonable : enforcement 3 to 4 years away?

posted in Appraiser News | 0 Comments

4th April 2011

The Busy Appraiser #9 – Stop Rushing, Google Slap, Craigslist Posting

This is the last podcast I will be recording from my car to avoid any further distractions and to provide a much higher quality of audio for my listeners.

This episode I talk about my recent car accident, the power of having a top listed website, the top appraisal management companies that I use the most and the power of getting orders just by posting to CraigsList.org.

Click on the link below to continue reading and to see the photos.

…continue reading the rest of this post: The Busy Appraiser #9 – Stop Rushing, Google Slap, Craigslist Posting

posted in Podcasts, The Busy Appraiser Podcast | 0 Comments

1st April 2011

The Busy Appraiser #8 – Website Keyword Research & Optimization

In this episode I continue to talk a little more about website keyword research and website optimization so you can get more local orders needed for date of death, estate, bankruptcy and divorce appraisal service.

I hope you enjoy!

Bryan

Please subscribe to show in iTunes: itpc://itunes.apple.com/us/podcast/your-boss-blows/id411128864

Rate and Review in iTunes: https://buy.itunes.apple.com/WebObjects/MZFinance.woa/wa/addUserReview?id=411128864&type=Podcast

posted in Podcasts, The Busy Appraiser Podcast | 0 Comments

1st April 2011

The Busy Appraiser #7 – LiveValuation & Website Keywords

I am catching up for not posting any podcasts recently, so I am going to post my last 3 podcasts and will be recording new shows from my office for better audio quality.

In this podcast I talk about my recent article in LiveValuation Magazine, keyword research for your website, targeting specific cities with your website and more.

Enjoy! Please leave comments and comment and rate on Itunes if possible. That would really help me out. Thanks!

Bryan

Please subscribe to show in iTunes: itpc://itunes.apple.com/us/podcast/your-boss-blows/id411128864

Rate and Review in iTunes: https://buy.itunes.apple.com/WebObjects/MZFinance.woa/wa/addUserReview?id=411128864&type=Podcast

posted in Podcasts, The Busy Appraiser Podcast | 0 Comments

1st April 2011

All Appraisal Management companies now paying FULL FEE APPRAISALS

Wow! It is amazing. It looks like all the work banding together as an industry has worked. All the appraisal orders I received today were in the $300-$400 range! Dodd-Frank really came through on this one.

The federal government must have really put the scare in to the appraisal management companies and laid down the law.

The Appraisal Subcommittee even gave me a call back and sent out a few reply emails concerning my questions that were previously left unanswered prior to today, 04/01.

I guess I shouldn’t have been so opinionated regarding comments like ‘I won’t hold my breath’ and ‘business as usual’, etc…

Things really can be different, things really can change.

…continue reading the rest of this post: All Appraisal Management companies now paying FULL FEE APPRAISALS

posted in Dodd-Frank C&R Topics | 40 Comments



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