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

6th January 2011

Places to get your company listed

There are numerous places you can go to get your appraisal business listed. I decided for my 5th appraiser podcast to list some of the primary ones I use.

The more marketing you can do for your business, the more orders you will get. Also, by submitting your website information whenever possible, it will greatly increase your chances of your website showing up on the first page of google results, which is what you should aspire for!

Here is a great list of where to get your company listed:

…continue reading the rest of this post: Places to get your company listed

posted in Podcasts, Resources, The Busy Appraiser Podcast | 0 Comments



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