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Appraisal Fee Study

July 15th, 2013 by Bill Collins Leave a reply »

Recent Real Estate Reports

On July 11th, RealtyTrac released its Midyear 2013 U.S. Foreclosure Market Report which showed a total of just over 800,000 U.S. properties with foreclosure filings (default notices, scheduled auctions and bank repossessions) in the first half of the year.  This figure represented a 19% decline from the previous six months a  23% drop from the same time period last year.

RealtyTrac reported declines in June from the previous month in both foreclosure filings (-14%) and foreclosure starts (-21%).  These were the lowest numbers reported since December 2006 and December 2005 respectively.  Foreclosure filings were reported to be down 35% from one year ago and foreclosure starts down 45%.

Bank repossessions (REOs) dropped 9% month to month and 35% from the previous year.  While declines occurred in 34 states, a number of states showed significant increases including New York (+21%), New Jersey (+33%), Washington (+71%), Maryland (+74%), Oklahoma (+103%) and Arkansas (+143%).

Judicial foreclosure auctions increased 1% from the previous month and 34% from June of 2012.  Substantial year to year increases were reported in Illinois (+65%), New York (+66%), Maryland (+94%), Florida (+100%) and New Jersey (+103%).

Daren Blomquist, vice president at RealtyTrac is quoted in the report as saying that:
“Halfway through 2013 it is becoming increasingly evident that while foreclosures are no longer a problem nationally they continue to be a thorn in the side of several state and local markets, particularly where a backlog of delayed distress has built up thanks to a lengthy foreclosure process.  The increases in judicial foreclosure auctions demonstrate that these delayed foreclosure cases are now being moved more quickly through to foreclosure completion. Given the rising home prices in most of these markets, it is an opportune time for lenders to dispose of these distressed properties, either at the foreclosure auction to a third-party buyer, or by repossessing the property at the auction and subsequently selling it as a bank-owned home.

A link to the entire RealtyTrac report is found here: U.S. Foreclosure Activity Decreases 14% In June to Lowest Level Since December 2006 Despite 34% Jump in Judicial Scheduled Forelcosure Auctions

CoStar Group reported yesterday on the latest index results from Fitch Ratings which showed a monthly decline in CMBS (commercial mortgage backed securities) delinquencies from 7.37% to 7.18%, the lowest level in more than three years.

CoStar Group also reported yesterday that most industrial real estate indicators were positive at the middle of this year.

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Results of Appraisal Fee Study

Recently, the Business Research Center at Southeastern Louisiana University conducted a survey of appraisers and mortgage lenders on “typical” appraisal fees.  Here are some of their findings:

~Median fees statewide ranged from a low of $300-$350 (Form 2055 appraisals) to $500-$650 (Form 1025).

~Appraisal fees in rural areas were higher than in urban or suburban areas, which were similar.

~Significant differences were found between regions of the state which they noted would preclude “the use of statewide averages for any appraisal type”.

~The “median typical large/complex property fee adjustment” was approximately $125.

~”Additional distance fee” varied from $25 (distances of 16-25 miles) to more than $100 (distances greater than 51 miles).

A link to this survey and report is found here:
Louisiana Residential Real Estate Appraisal Fees (Opens a .PDF File)

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Rates & Dates

Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends all reported increases in mortgage interest rates in their most recent surveys. 

On July 11th, Freddie Mac reported that 30-year fixed-rate mortgages rose to 4.51% from the previous week’s rate of 4.29%. They also noted that last year at this time the 30-year rate was 3.56%. 

The MBA in its most recent Weekly Mortgage Applications Survey released July 10th for the week ending July 5th, reported that 30-year rates with conforming loan balances ($417,500 or less) increased to 4.68% (the highest rate since July 2011) from the previous week’s rate of 4.58%.   The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) rose to 4.86% (the highest rate since July 2011) from 4.68% one week earlier.  Rates for FHA backed mortgages also increased to 4.37% (the highest rate since September 2011) from the previous week’s rate of 4.27%. 

In their press release of July 10th, the MBA reported a decline of 4.0% in mortgage applications.  Refinance applications dropped to 64% of all applications while HARP applications increased to 35% from the previous week’s 34%. 

One day later, the MBA released their “Builder Application Survey” which reported a 15% decline in mortgage applications for new home purchases in June from the previous month.  This new MBA survey will serve to act as a leading indicator of new home sales volume when used in conjunction with data from other sources.  A link to the MBA press release announcing the survey is found here: Applications for New Home Purchases Decline in June 2013

On July 12th, HSH Market Trends reported an increase in 30-year mortgage rates to 4.70% (the highest since July 2011) from 4.55% the previous week.  Rates for FHA-backed mortgages jumped from 4.20% to 4.38%. 

In the news release, HSH noted that:
“The headlines were full of ‘mortgage rates jump’ stories this week as volatility in the market continues. While true, most of the upward bump came early in the week, and things have flattened out and perhaps even eased a little over the last few days. Regardless, there is little suggestion to be seen anywhere that we’ll find any substantial or lasting downturn in mortgage rates anytime soon”.

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 can be found by going to: HSH.Com

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Ask Angie

We would first like to congratulate our most recent winner: Sandy Bass, SRA of AA Action Appraisal LLC in Sunnyvale, California.  AA Action Appraisal covers the counties of Santa Clara, Santa Cruz, San Mateo and Monterey in central California along the Pacific coast.  Sandy was the first to answer correctly that Ronald Coase and Erma Bombeck were the respective authors of the quotes “If you torture the data long enough, it will confess” and You have to love a nation that celebrates its independence every July 4, not with a parade of guns, tanks, and soldiers who file by the White House in a show of strength and muscle, but with family picnics where kids throw frisbees, the potato salad gets iffy and the flies die from happiness. You may think you have overeaten, but it is patriotism.”

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1. Who Said: "Imagination is more important than knowledge."

a) Albert Einstein
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d) Henry David Thoreau
e) None of the above

2. Who said: "Imagination is everything. It is the preview of life’s coming attractions."

a) Mark Twain
b) Albert Einstein
c) Henry David Thoreau
d) Thomas Edison
e) None of the above

3. Who said: "You can’t depend on your eyes when your imagination is out of focus."

a) Thomas Edison
b) Albert Einstein
c) Mark Twain
d) Henry David Thoreau
e) None of the above

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

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Bill Collins, Appraiser Help Inc.

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