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Simply Appraising

May 8th, 2012 by Bill Collins Leave a reply »

Mountains of Information to Sift Through: How Do Appraisers Deal With Data Overload?

Not only are real estate appraisers dealing with the ever-increasing demands of lenders and asset managers relating to new forms, extra comparable sale requests, “stupid addendum requests”, etc. but the number of information sources and reports released seems to increase weekly. 

Appraisers do have a great responsibility to stay informed regarding changes in the market(s) in which they work.  In order to perform their job properly, it is necessary to review information related to national studies and trends (i.e. changes in mortgage interest rates, numbers of properties coming into the market, pending increases or decreases in foreclosures, REOs, shadow inventory, etc.) as well as information specific to their local markets. 

The ability of information providers and analysts to compile and quickly disseminate large amounts of information is a curse as well as a blessing to appraisers.  Our in boxes fill up quickly with hourly e-mail updates related to housing and mortgage news, a visit to Twitter provides us with instant analysis along with links to lengthy reports and studies. 

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Appraisers Approaching License Renewal: McKissock’s 7 Hour 2012-2013 USPAP Online Course is Now Available in Most States

McKissock Education, the official provider of the Appraisal Foundation’s online 2012-2013 USPAP courses, is now available in most states. Last year, the Appraisal Foundation and McKissock announced their partnership and the online course is now available in most states. See if courses are available in your area and save up to 20% on course fees by going to our Online McKissock Portal.


Start saving up to 20% off of your continuing education course fees today with McKissock and Appraiser Help! 2012-2013 USPAP Courses Now Available!


Angie’s Favorite Quotes About Simplicity (with Kudos to "Sources of Insight")

This week, we have asked Angie to give us some “Simple Quotes”.  After this, we will still provide some of our usual real estate and market data and links to interesting articles but we understand if you feel as though you have pretty much heard this and want to take a break.

“Life is not complex.  We are complex.  Life is simple and the simple thing is the right thing.”  Oscar Wilde

The KISS principle.  “Keep It Simple Stupid.” Attributed to Kelly Johnson

“Everything should be made as simple as possible but not simple.”  Albert Einstein

“For every problem there is a solution which is simple, clean and wrong.” Henry Louis Mencken

“Any intelligent fool can make things bigger, more complex, and more violent.  It takes a touch of genius-and a lot of courage-to move in the opposite direction.”  E.F. Schumacher

“As I grow older, I realized that it was much better to insist on the genuine forms of nature, for simplicity is the greatest adornment of art.” Albert Durer

“Clutter and confusion are failures of design, not attributes of information.” Edward Tuft

“I don’t need a lot of money. Simplicity is the answer for me.” Linda McCarthy

“I have just three things to teach: simplicity, patience, compassion.  These three are your greatest treasures.”  Lao Tzu

“Nothing astonishes men so much as common sense and plain dealing.”  Ralph Waldo Emerson

“Our life is frittered away by detail…simplify, simplify.”  Henry Thoreau

“Writing is no trouble: you just jot down ideas as they occur to you.  The jotting is simplicity itself-it is the occurring which is difficult.”  Stephen Leacock

Twitter CEO Dick Costolo, in discussing why Twitter will outlast Facebook: “We think we can reach every person on the planet, we think the way to do that is to simplify it.”

“Simplicity sells.” David Pogue

“Simplicity is as simplicity does.”

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers support and grow their businesses. Please consider supporting us today by seeing what we and our sponsors have to offer.

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Navigate the Minefield of AMCs With the Assistance of Appraiser Help’s Newly Released March 2012 Comprehensive, Up-to-Date Directory of AMCs and National Appraisal Companies

To help appraisers evaluate which AMCs are right for them, we have compiled this directory of over 200 AMCs and National Appraisal Companies, listing complete, up-to-date contact information and other details for each listing.

If you’re looking to expand your appraisal practice, our Directory of Appraisal Management and National Appraisal Companies is a great place to start.

Download the directory today — at only $49.99, it will pay for itself with your first appraisal order.

Please visit our website now to make your purchase securely or contact us at (877) 434-2825 for more information on this exciting new directory!

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Recent Real Estate Reports

On May 2nd, Bloomberg’s Dakin Campbell reported on how Wells Fargo now originates more than 1/3 of the mortgages in the U.S., more than three times the number two lender, JP Morgan Chase.  A link to this report is found here:  Wells Fargo’s Market Share of US Mortgages Tops 33%

On that same day, CoreLogic reported that 69,000 foreclosures were completed in March, up from 66,000 in February and down from 85,000 in March 2011.  A link to this report is found here: Corelogic Reports 69,000 Completed Foreclosures Nationally in March

Last Monday, CNBC’s Diana Olick discussed how “Despite High Affordability, Renter Nation Reigns” and a link to this report is found here: Despite High Affordability, Renter Nation Reigns

Calculated Risk discussed the Census Bureau’s 1st Qtr report on Homeownership and Vacancy Rates that same day, which showed that the homeownership rate had declined to its lowest point since the mid 1990s.  A link to this is found here: HVS: Q1 Homeownership and Vacancy Rates

Clear Capital released their Home Data Index for April on May 1st.  This report, which included regional breakdowns, is found here: Clear Capital News Room: Market Report

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers build their practices. Please consider supporting us today by seeing what we have to offer.

The All New, Fully Revised Directory of AMCs and National Appraisal Companies is now available for download! Please visit our website to learn more. Current members of our Appraiser Directories are eligible to receive their copies FREE!


CNBC Slideshow of "Europe’s Modern Day Ghost Towns"

Check out this interesting slideshow: Europe’s Modern Day Ghost Towns

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers support and grow their businesses. Please consider supporting us today by seeing what we and our sponsors have to offer.


Start saving up to 20% off of your continuing education course fees today with McKissock and Appraiser Help! 2012-2013 USPAP Courses Now Available!


Rates & Dates

Mortgage interest rates remained at near-historically low levels in the most recent weekly reports issued by Freddie Mac and the Mortgage Bankers Association (MBA).

On May 3rd, Freddie Mac reported that 30-year fixed-rate mortgages declined to 3.84% from the previous week’s 3.88%.  They also noted that last year at this time the 30-year rate was at 4.71%. 

The MBA in its most recent Weekly Mortgage Applications Survey released May 2nd for the week ending April 27th, reported that 30-year rates with conforming loan balances ($417,500 or less) rose slightly from 4.04% to 4.05%.   The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) also increased slightly from 4.27% to 4.32%.  At the same time, the average rates for FHA backed mortgages fell to 3.80% from 3.81%, the lowest rate ever in this survey.

In their press release of May 2nd, the MBA also reported an increase of 0.1% in mortgage applications during this most recent survey.  Refinance applications declined to 72.6% of all applications from 73.4% during the previous week. 

Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS – Freddie Mac

Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts – Mortgage Bankers Association

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers build their practices. Please consider supporting us today by seeing what we have to offer.

The All New, Fully Revised Directory of AMCs and National Appraisal Companies is now available for download! Please visit our website to learn more. Current members of our Appraiser Directories are eligible to receive their copies FREE!


Ask Angie

No questions from Angie this week, she has the week off after completing her complex assignment on "simplicity quotes."

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Tell us what you think!

We invite your responses to any of the issues raised in this newsletter. Please e-mail us at: bill@appraiserhelp.com with your thoughts!

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We really hope you find our newsletter to be informative!  If you have any input on future topics for discussion, please email me your questions and I will do my best to address them in the next issue.  If you want to look back at past issues you can see our archive at www.appraisernews.com

Regards,

Bill Collins, Appraiser Help Inc.

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