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March 12th, 2013 by Bill Collins Leave a reply »

Recent Real Estate Reports

On March 5th, CoreLogic released their Home Price Index for January which reported a 9.7% increase from January 2012, the biggest increase since April 2006.  Excluding distressed sales, the increase was 9.0% on a year to year basis.  Including distressed sales, the five states with the greatest price appreciation were Arizona (20.1%), Nevada (17.4%), Idaho (14.9%), California (14.1%) and Hawaii (14.0%).  The two states which showed market declines were Illinois (0.4%) and Delaware (0.1%). 

One week earlier, CoreLogic reported that completed foreclosures had declined in January for the 15th consecutive month.  The report showed 61,000 completed foreclosures in January 2013, down 17.8% from the 75,000 reported in January of 2012. 

CoreLogic reported that the foreclosure inventory (homes in some stage of foreclosure) had fallen to 1.2 million from 1.5 million in January of 2012.  In their news release dated February 28th, CoreLogic’s chief economist Mark Fleming stated that: “The backlog of distressed assets continues to fade as the foreclosure inventory has fallen to a level not seen since mid-2009, with less than 3 percent of all mortgages in foreclosure.  The improvement is widespread as only six states and 13 of the largest 100 metro areas had an increase in the foreclosure rate year over year.”

Additional information, including detailed breakdowns by geographic area, can be found by going to: Corelogic News – Press Releases

In a news release on March 4th, Trepp, LLC reported that the delinquency rate for U.S. commercial real estate loans in CMBS (commercial mortgage-backed securities) dropped substantially in February, falling to 9.42% from 9.57% one month earlier.  This is a continuation of a mostly steady decline each month since reaching a peak of 10.34% in July of 2012.  Hotel loans improved markedly with a delinquency rate of 10.08, moving from the second worst performing property type to second best behind retail (7.79% in February, same as January).  Delinquency rates for both office and industrial properties increased in January to 10.63% and 11.79% respectively. 

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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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How Many Appraisers are Licensed and Certified in the United States?

The Appraisal Subcommittee’s (ASC) National Registry indicates that 101,899 real estate appraisers are currently listed as maintaining “Active Appraiser Credentials,” a figure that includes many appraisers who are not full-time, along with some who are essentially inactive but wish to remain licensed. The ASC reports that 37.2% are Certified General Appraisers, 51.4% are Certified Residential Appraisers and 11.4% are Licensed or Transitional Appraisers.

What is the trend? We went back into our archives and see that the May 10, 2011 issue of AppraiserNews.com reported the tally at 109,235 as per the ASC, a decline of 7,336 (6.7%).  The percentage of Certified Residential Appraisers remained constant but the percentage of Certified General Appraisers rose by approximately 2%, with fewer appraisers being licensed only.

If you would like to see how many appraisers are in your home state and what the breakdown is, just click on the following link: Active Appraiser Credentials Summary Report

If you would like to check out the may 10, 2011 issue of AppraiserNews.com (“Appraisers Declare Victory”), which includes numerous reports on the declining real estate market at that time, please click on the following link: Appraiser News 5/10/11 – How Many Appraisers Are Active and Licensed in the U.S.?

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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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How Many of the 7,336 Missing Appraisers Have Moved to China?

On March 3rd, Leslie Stahl reported on 60 Minutes on “China’s Real Estate Bubble”.  The report describes how the government financed $2 trillion in “ghost cities” with “miles and miles” of new apartment towers with no residents.  In order to attract potential buyers, fake Starbucks and Kentucky Fried Chicken signs appear in retail buildings which is “all make believe”.  The report notes that “no nation has ever built so much so fast”.

It appears as though there may be a need for professional appraisers in the world’s biggest country.  Here is a link to the 60 Minutes video report for any appraisers thinking of booking the next China Airlines flight to Beijing: China’s Real Estate Bubble – 60 Minutes

At the same time this is occurring in China, the Bank of China has increased lending to United States commercial property developers, as the Wall Street Journal reported on March 1st.  The Journal article by Lingling Wei and Al Yoon cited research by Trepp LLC which indicated that the Bank of China had $3.7billion in commercial property loans in its U.S. branches in the 4th Quarter of 2012, almost quadrupling the level in the same period of 2009.  Trepp also noted that the Bank of China was now the third largest foreign property lender in the U.S. after TD Bank Group’s Toronto-Dominion Bank and BMO Financial Group’s Bank of Montreal.

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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.


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"God’s" Construction Zone for 130 Years: Architect Antoni Gaudi’s Vision

Thanks again to 60 Minutes for another report, this time by Lara Logan on Sunday.  The 60 Minutes report displays the unique genius of Antoni Gaudi whose elaborate design for the Sagrada Familia in Barcelona, Spain.  Construction of this church was delayed not only by Mr. Gaudi’s sudden death and the complexity of the design but also by the Spanish Civil War.  Modern technology is now being utilized to assist in the completion of the architect’s vision and it is estimated that the project will be completed circa 2025.  A link to this most interesting video is found here: God’s Architect – Antoni Gaudi’s Glorious Vision

While we are discussing 60 Minutes: When will they be airing their report on AMCs (Appraisal Management Companies)?  This is long overdue…

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Downsizing

Sunday’s New York Times had an article by internet entrepreneur Graham Hill in which he discussed his transition from a 3,600 square foot dwelling with lots of “gadgets” to his 420 square foot studio which he claims “sleeps four people comfortably” as well as accommodating dinner parties for 12.  Mr. Hill says his home is “well-built, affordable and as functional as living spaces twice the size”.  He ends by saying: “My space is small. My life is big”.

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In Case You Missed This in Our Last Newsletter

The Landy Insurance Agency provided us with a link to their newsletter which included the important article “Errors and Omissions Insurance and Claims Issues for Today’s Appraiser”.  Here it is again for those who missed it: Landy Insurance Agency Newsletter – The Transaction

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Rates & Dates

On March 7th, Freddie Mac reported that 30-year fixed-rate mortgages were up slightly to 3.52% from the previous week’s rate of 3.51%. They also noted that last year at this time the 30-year rate was 3.88%. 

The MBA in its most recent Weekly Mortgage Applications Survey released March 6th, for the week ending  March 1st, reported that 30-year rates with conforming loan balances ($417,500 or less) decreased to 3.70% from the previous week’s rate of 3.77%.  The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) declined to 3.80% from 3.93% the previous week.  Rates for FHA backed mortgages dropped to 3.47% from the previous week’s rate of 3.54%. 

In their press release of March 6th, the MBA reported an increase of 14.8% in mortgage applications.  Refinance applications represented 77% of all applications, unchanged from the previous week. 

On March 8th, HSH Market Trends reported that mortgage rates were trending upward by week’s end largely due to the release of several positive economic reports.

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

Additional information from HSH Market Trends can be found by going to their site at: HSH Market Trends

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Ask Angie

We would first like to congratulate our most recent winner: Maryland appraiser Donald Paige of Paige Appraisals in Largo, Maryland.  Donald was the first to answer correctly that Shirley Jackson was the author of the quote "February, when the days of winter seem endless and no amount of wistful recollecting can bring back any air of summer”; and Henry David Thoreau wrote that "The really efficient will be found not to crowd his day with work, but will saunter to his task surrounded by a wide halo of ease and leisure".

Today’s questions:

1. Who Said: "St. Patrick’s Day is an enchanted time, a day to begin transforming winter’s dreams into summer’s magic."

a) J.K. Rowling
b) J.R.R. Tolkien
c) Adrienne Cook
d) Oscar Wilde
e) None of the above

2. Who said: "We have always found the Irish a bit odd. They refuse to be English"

a) Adele
b) John Lennon
c) Winston Churchill
d) Queen Elizabeth II
e) None of the above

3. Who said: "Life is what happens while you are busy making other plans."

a) Confucius
b) Richard Alpert
c) John Lennon
d) Ram Dass
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 to Members of AppraiserHelp.com and FHAAppraisers.com FREE!)

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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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