17th July 2013

The housing appraisers warned us about the crisis but we didn’t listen

The housing appraisers warned us about the crisis but we didn’t listen

By William K. Black

On July 9, 2013 I participated in a radio interview with a lobbyist for the 100 largest financial firms. The San Francisco radio program host asked me what question I would ask the lobbyist and I said that any discussion should begin with allowing him to state his view of what caused the crisis. In the course of his explanation, he bemoaned the fact that there was no warning about the crisis.

I found this ironic because I had just published that morning an article about how the appraisal profession warned us that the senior officers controlling the mortgage lending firms were engaged in pervasive “accounting control fraud.” …continue reading the rest of this post: The housing appraisers warned us about the crisis but we didn’t listen

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17th July 2013

Eighty percent of residential appraisers and 78 percent of commercial appraisers said they are upbeat about their future

AI: Appraisers Optimistic About Future

More than three-fourths of U.S. real estate appraisers are very or somewhat positive about the demand for valuation services over the next one to two years, according to an Appraisal Institute survey released July 17.

Eighty percent of residential appraisers and 78 percent of commercial appraisers said they are upbeat about their future, according to the survey of 591 valuation professionals conducted between May 31 and June 17. The survey had a margin of error of +/- 4 percent.

“Appraisers have faced a challenging real estate market in recent years, and it’s great to see that so many valuation professionals are feeling optimistic about the future,” said Appraisal Institute President Richard L. Borges II, MAI, SRA.

The survey noted that 95 percent of residential appraisers and 49 percent of commercial appraisers said that there is more demand for their services now than just a year ago.

Additional survey results:

• Eighty-four percent of residential appraisers said their local residential real estate market is strong, and 46 percent of commercial appraisers had the same opinion about their local commercial market.
• Eighty-six percent of residential appraisers and 55 percent of commercial appraisers said demand for their services is strong.
• Thirty-two percent of residential appraisers and 45 percent of commercial appraisers said they anticipate more demand for their services during the next 12 to 24 months.

“Real estate trends are typically local in nature, and it’s a positive sign for the nation’s economy that appraisers around the country reported increased demand for their services,” Borges said.

View highlights of the survey.

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