Online Payday Loans Online Payday Loans

Fiscal Cliff for Appraisers and Real Estate?

October 22nd, 2012 by Bill Collins Leave a reply »

Happy Days Are Here Again, But For How Long?

Residential and commercial appraisers are still busy, thank you, but for how long? How long will serial refinancing continue? Some recent reports suggest that we might see an end to this within the next six months.  Will a strengthening economy and real estate market exert upward pressure on rates and end the “party”?

Will the elections result in policy changes leading to “unintended consequences”?

For example: what will happen to the real estate market if the mortgage interest deduction is eliminated or curtailed? Without delving into the economic or political aspects of tax policy, if this deduction was suddenly extinguished or scaled back, the more positive views towards homeownership we have seen could abruptly reverse.  In conjunction with other possible policy changes (i.e. withdrawing government backing for mortgages and purchases of mortgage-backed securities), the real estate market could “freeze up” and erase the small gains recently seen.

back to top


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!


Shadow Inventory and Underwater Homeowners

Just a reminder: These issues/properties/property owners have not disappeared.  Appreciating market conditions in many locales have improved the position of many distressed homeowners and commercial property owners but the stress level in the marketplace is still higher than at any time since the Great Depression.

By the way, Forbes rates the following cities as the most “stressed out” in the United States, in descending order beginning with #1: Los Angeles, New York, Chicago, Washington, D.C. and San Diego.  Forbes’ stress criteria includes economic (i.e. housing affordability), environmental and quality of life factors.

Stress criteria related to mortgage delinquency, underwater mortgages and the inability to move or refinance because of this produces a different list.

back to top


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.

Superior E&O insurance from the Landy Insurance Agency- click here to apply and receive your policy in about two hours!


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!

back to top

Real Estate Licensees in Montana and Michigan: October 31st is the Deadline for License Renewal. Real Estate Appraisers in Florida: November 30th is Your Deadline For 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.

back to top


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!


Appraising Appraisers: The NAR Blames Faulty Appraisals

Earlier this month, the National Association of Realtors managing director of quantitative research, Jed Smith, blamed appraisers (many of whom are Realtors) for holding back the real estate market.  The New York Times on October 13th attributed this quote to Mr. Smith:

“Sales volume could probably be an additional 10 to 15 percent higher if we had normal lending practices and if we had normal appraisal practices.”

The article by Shaila Dewan quoted Ken Chitester (a spokesperson for the Appraisal Institute) as countering that:
“Appraisers don’t set the market, they reflect what’s happening in the market. So don’t shoot the messenger. Blaming the appraiser for a bad housing market is like blaming the weatherman because you don’t like the weather.”

On October 19th, the NAR reported that existing home sales fell by 1.7% in September from the previous month but were at a pace that was 11% higher than during September of 2011.  The NAR also reported that prices were up 11% from September of 2011.  A footnote indicated that “changes in the composition of sales can distort median price data” along with a disclaimer that sometimes median and mean prices are revised.

Reminder to NAR: If and when these revisions occur, please let us appraisers know as soon as possible (not five years later) so we can correct our “faulty” appraisals.

back to top

Rates & Dates

Mortgage interest rates changed slightly (both up and down), in the weekly reports issued by both Freddie Mac and the Mortgage Bankers Association (MBA).

On October 18th, Freddie Mac reported that 30-year fixed-rate mortgages declined from the previous week’s rate of 3.39% to 3.37%. They also noted that last year at this time the 30-year rate was 4.11%. 

Frank Nothaft, vice president and chief economist of Freddie Mac was quoted in their release as saying: "Mortgage rates remained more or less unchanged this week as home construction builds up steam.  Construction on single-family homes jumped to an annualized rate of 11 percent in August, the strongest pace since August 2008. Over the first nine months of the year, single-family starts were 23 percent higher than the same period last year. Moreover, homebuilder rose for the sixth consecutive month in October to the highest level since June 2006, according to the NAHB/Wells Fargo Housing Market Index."

The MBA in its most recent Weekly Mortgage Applications Survey released October 17th for the week ending October 12th, reported that 30-year rates with conforming loan balances ($417,500 or less) increased to 3.57% from the previous week’s rate of 3.56%.  The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) also increased from 3.74% to 3.81% and the average rates for FHA backed mortgages remained unchanged at 3.34%.

In their press release of October 17th, the MBA reported a decline of 4.2% in mortgage applications.  Refinance applications represented 83% of all applications, up from 82% 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

back to top


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

Today’s questions:

1. Who Said: "Nothing fixes a thing so intensely in the memory as the wish to forget it."

a) Lawrence Yun
b) Barack Obama
c) Mitt Romney
d) Michel De Montaigne
e) None of the above

2. Who said: "The most perfect political community is one in which the middle class is in control, and outnumbers both of the other classes."

a) Caroline Kennedy
b) Barack Obama
c) Mitt Romney
d) Aristotle
e) None of the above

3. Who said: "An empty stomach is not a good political advisor."

a) Karl Rove
b) Barack Obama
c) Mitt Romney
d) Albert Einstein
e) None of the above

The first person to respond with the correct answers wins a choice of one of the following:

One Free Regular Listing on AppraiserHelp.com

A Free Copy of the Directory of Appraisal Management Companies (Available Now to Members of AppraiserHelp.com and FHAAppraisers.com FREE!)

back to top

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!

back to top

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.

Appraiser Help Real Estate Appraiser Directory

Appraiser News Homepage

Business Appraiser Directory

NEWLY RELEASED 2012 Directory of AMCs and National Appraisal Companies!

Landy E&O Insurance Agency

Discounted Appraiser Continuing Education

FHA Appraiser Directory

FHA Roster . com

Tax Grievance and Tax Appeal Appraiser Directory

twitter.com/appraiserhelp

Appraiser News on Facebook

 

 

AppraiserNews and the AppraiserNews Logo and all original content ©AppraiserHelp, Inc. 2009-2012

 


Advertisement

Comments are closed.