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Appraising Fall

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

Busy Fall for Appraisers

After a busy summer, residential and commercial appraisers report that fall is arriving with even more appraisal assignments.  We will keep this newsletter short for this reason and just try to provide you with some information that you may have missed.

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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!

Recent Real Estate Reports

On October 4th, CoreLogic released their National Foreclosure Report which showed 57,000 completed foreclosures in August, down from 58,000 one month earlier and 75,000 in August 2011.  CoreLogic also reported that approximately 1.3 million homes nationally were in the foreclosure inventory, approximately 3.2% of all homes with a mortgage.  This is unchanged from one month earlier but is down from the 1.4 million homes (3.4% of all homes with mortgages) reported in August of 2011.  In the news release, CoreLogic’s president and CEO Anand Nallathambi noted:
“The continuing downward trend in foreclosures and a gradual clearing of the shadow inventory are important signals that the recovery in housing is gaining traction. The reduction in foreclosure volumes is to some degree being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications.”

CoreLogic’s chief economist, Mark Fleming, reported that this was the fourth consecutive month of fewer completed foreclosures but noted that five states (California, Florida, Michigan, Texas and Georgia) accounted for almost half the national figure. The report also indicated that the five with the fewest foreclosures were South Dakota, Washington D.C., Hawaii, North Dakota and Maine.  CoreLogic reported that the states with the highest percentage of foreclosure inventory relative to all mortgaged homes were: Florida (11.0 percent), New Jersey (6.5 percent), New York (5.2 percent), Illinois (4.8 percent) and Nevada (4.6 percent). Conversely, the five states with the lowest percentages were Wyoming, Alaska, North Dakota, Nebraska and South Dakota.

Two days earlier, CoreLogic released its Home Price Index for August in which they reported a 4.6% increase year in real estate prices nationally compared with August of 2011, the biggest increase since July 2006.  On a month to month basis, prices in August increased 0.3% from July. The CoreLogic news release noted that this was the sixth consecutive month in which there were gains in both the year to year and month to month numbers.  These figures were inclusive of distressed sales, increases were also seen when these sales were included.

Inclusive of distressed sales, CoreLogic noted that the five states with the greatest appreciation were: Arizona (+18.2 percent), Idaho (+10.4 percent), Nevada (+9.0 percent), Utah (+8.9 percent) and Hawaii (+8.0 percent).  The five states with the greatest price declines were: Rhode Island (-2.6 percent), Illinois (-2.3 percent), New Jersey (-1.4 percent), Alabama (-0.7 percent) and Connecticut (-0.5 percent). 

Including distressed sales the five states with the highest appreciation rates were Arizona, Idaho, Utah, South Dakota and Colorado; the five states with the greatest rates of price depreciation were Delaware, Alabama, Rhode Island, Connecticut and Illinois.  Mr. Fleming noted that there were only six states nationally which showed declining prices year to year.

Additional information from CoreLogic can be found by going to:

Also on October 2nd, Clear Capital released their Home Data Index for September which showed a fifth consecutive month of gains in nationwide home prices compared with the same month last year.  The news release showed a year over year increase of 3.6%. 

On a quarterly basis, Clear Capital reported a national increase of 1.8% with all four regions showing gains: the West increased 3.7%, the Midwest 1.9%, the South 1.3% and the Northeast 0.2%.

A link to the Clear Capital news release which contains breakdowns by Metropolitan Statistical Areas is found here: Newsroom at Clear Capital: Market Report

On October 3rd, Lender Processing Services released their LPS’ August Mortgage Monitor which showed a significant increase in mortgage prepayments, indicative of refinancing activity, which reached the highest level since 2005.  LPS noted that even though the national foreclosure inventory dropped to its lowest point in two years, it was still eight times greater than the “pre-crisis period” of 1995 to 2005.  LPS reported that the five states with the highest percentage of “non-current” loans were Florida, Mississippi, New Jersey, Nevada and New York.

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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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Real Estate Appraisers in Florida and Real Estate Licensees in Montana and Michigan: October 31st is the Deadline for License Renewal

Renew your licenses with interesting and relevant online courses and webinars with McKissock Education. Check out what courses are available by going to our Online McKissock Portal.

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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!

Robert J. Shiller: "Housing Fever Can Work Both Ways"

The above article by Mr. Shiller appeared in last Sunday’s New York Times. In his piece, Mr. Shiller discusses the annual survey of home buyers which he and Karl Case have been conducting for more than ten years, supported by the Yale School of Management.  He also discusses a paper which they presented (along with Anne Thompson) to the Brookings Institute last month titled “What Have People Been Thinking?”

Robert Shiller concludes his Times’ article with his thoughts on these recent reports on rising home prices and what the future might bring:
“People waiting to buy a home may be waiting for a sense that prices have a rosy long-term future. Home prices in the United States have been rising for several months, and that is generating some optimism that now is the time to buy. However, the social waves also carry other, less encouraging stories that compete with such optimism — for example, foreclosures, unemployment, Europe’s troubles and the Asian slowdown.

Will optimism about real estate emerge as a leading story? If this is a major upturning point for the housing market, it is still sociologically opaque.”

Links to the New York Times’ article and the Brookings Institute paper are found here: Housing Fever Can Work Both Ways

Homebuyers Too Optimistic Long-Term, Helped Inflate Bubble

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The Candidates And Real Estate Issues: Still Mostly Silence

Minnesota appraiser Tim Figge had this to say about our last newsletter (“Candidates Silent About Housing”):  “Romney does have something on his website about housing, but nothing on the economy. Obama’s website has a lot about the economy, but nothing about housing. Evasive Xs 2”.

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Rates & Dates

Mortgage interest rates decreased to historic lows (again) in the weekly reports issued by both Freddie Mac and the Mortgage Bankers Association (MBA).

On October 4th, Freddie Mac reported that 30-year fixed-rate mortgages declined from the previous week’s rate of 3.40% to 3.36%. They also noted that last year at this time the 30-year rate was at 3.94%. 

The MBA in its most recent Weekly Mortgage Applications Survey released October 3rd for the week ending September 28th, reported that 30-year rates with conforming loan balances ($417,500 or less) declined to 3.53% from the previous week’s rate of 3.63%.  The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) also decreased from 3.87% to 3.82% and the average rates for FHA backed mortgages dropped from 3.44% to 3.37%. 

In their press release of October 3rd, the MBA reported a surge of 16.6% in mortgage applications.  Refinance applications increased to the highest level since April of 2009 and represented 83% of all applications, up from 81% the previous week.  Mike Fratantoni, the MBA’s Vice President of Research and Economics is quoted in the press release as saying:

“Refinance application volume jumped to the highest level in more than three years last week as each of the five mortgage rates in MBA’s survey dropped to new record lows in the survey. Financial markets continue to adjust to QE3, as the ongoing presence of the Federal Reserve as a significant buyer of mortgage-backed securities applies downward pressure on rates.  Although there was a slight decline in the HARP share of refinance activity, the level of HARP volume remains steady.”

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

Angie is too busy appraising. She hopes that all will understand.

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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: 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


Bill Collins, Appraiser Help Inc.

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