Consistent with the fact that most of us believe Spring only rarely comes to New England and that there are only two real seasons in New England, spring did not show up this year, either physically or in real estate. So now we have to look forward to long, dry, hot summer. [Read more…] about Spring only rarely comes to N.E.: This year it didn’t come physically or in real estate
2011
The “new” appraisal era – Is it here or is it already gone?
I was talking with a colleague, a residential appraiser, not too long ago. He was talking about the state of the residential appraiser, how the residential appraiser had fallen even further down in terms of respect from clients, borrowers, and legislators. But he wasn’t entirely sympathetic. He minimized the complaints of many residential appraisers that fees were too low and demands too great. His firm was thriving off the very kind of work – from Appraisal Management Companies (AMCs) – that most appraisers find to be Public Enemy #1 in the appraisal marketplace since the advent of HVCC and its de facto continuation under Dodd-Frank. [Read more…] about The “new” appraisal era – Is it here or is it already gone?
How do they affect appraisal practice?
New appraisal and evaluation guidelines were issued by the Fed, OCC, FDIC, OTS, and the National Credit Union Administration (NCUA) in December 2010. They supersede the 1994 Interagency Appraisal and Evaluation Guidelines. [Read more…] about How do they affect appraisal practice?
Low ball, high ball appraisals: Are we better off? At what cost to the integrity of appraisers?
During the height of the market, no value could be too high; no sale price unjustified by market evidence, whatever and whatever it might be. Appraisers were just “reflecting” the trends of supply and demand in residential markets. The inflated values of the previous decade were an outgrowth of housing markets inflated by cheap and delusional money, buyer and lender greed, and appraisers fueling an upward cycle. Despite protestations, appraisers were so eager to please their clients and collect a fee that they helped facilitate sales, wittingly or unwittingly, that would create the next upward bump in the market. A bunch of appraisers surely should end up in jail for their antics during the boom. [Read more…] about Low ball, high ball appraisals: Are we better off? At what cost to the integrity of appraisers?
What might happen in 2011: Looks like a steady year, need a year like this to recover
The view is a lot different than it was a year ago. It depends a lot on your perspective as to how to spin it. I’m feeling mildly, pragmatically – not wildly – optimistic. [Read more…] about What might happen in 2011: Looks like a steady year, need a year like this to recover
