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Email archives - 12-01
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Go to Edit, then Find in Page. Some of them have been edited from the
original to correct typos and new information! I have been sending them since June, 1994.
12/10/01 Farmers/Income/MAI
New this week from Appraisal Today e-news
+ O'Rourke gets MAI after 25 years
+ O'Rourke N' the Farmers
+ Appraiser income
+ Formfill and Bradford merge
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>>>>>>>>>> O'ROURKE GETS MAI AFTER 25 YEARS <<<<<<<<<<
I finally got my official notice that I am now "an MAI". I started
appraising about 25 years ago.
When I starting appraising in the mid-1970s I thought it was unlikely I
would be able to get an MAI unless I worked for one. Since I worked at an
assessor's office, there wasn't much hope then. Then, as now, there were
few MAIs in the area and little opportunity for being hired. It's still
very hard to get an MAI, but the experience has been opened up so you don't
have to work for an MAI.
So why did I finally do it? The deadline for going from SRPA to MAI was
12/31/00. (It was recently extended.) That was my primary "push". Plus I
don't like to give up on a goal unless there is a really good reason.
Procrastination isn't a good one ;>.
Will it make a difference in my business? Yes. It makes a difference in my
area. Now I will be able to get larger estate assignments and higher fee
jobs. Tomorrow I will turn in a bid for a local government agency
appraisal. I'm sure the MAI will be a plus.
>>>>>>>>>> O'ROURKE N' THE FARMERS <<<<<<<<<<
I had a good time at the American Society of Farm Managers and Rural
Appraisers national meeting in Albuquerque the week before last. I spoke on
marketing your appraisal business. I had heard for quite a while about the
reception/parties put on by the seed companies and other vendors to the
farm managers, but it seems like they have cut way back. So I went out
"touristing" the second day and got back too late for the big party - the
auction. Appraisers were bidding high on both the regular and silent
auctions. And you thought appraisers were cheap ;> . My "test" for the
success of a conference is how many people are in the bar in the late
evening. ASFMRA passed the test after the auction that I missed. Oh well...
I'll know better next time!!
An interesting tidbit... most rural appraisers have an ag background -
usually grew up on a farm or ranch. Per one ag appraiser, "It's easier to
train someone with an ag background in appraising than it is to train an
appraiser in ag." So, if you're stuck in res work and are looking for other
opportunities, consider ag appraising.
For info, go to http://www.asfmra.org .
AOL Users: <a href=http://www.asfmra.org> Click Here</a>
A very interesting presentation by Dave Snook, who works for Farmer Mac.
Seems like they are creating a secondary market for ag loans and have
greatly increased their purchasing of loans. Yes, it is the same Dave Snook
who was on the ASB. He's now shaping up Farmer Mac's appraisal policies.
For more info, go to http://www.farmermac.com
.
AOL Users: <a href=http://www.asfmra.org> Click Here</a>
For an interview with Snook by Appraisal Buzz go to
http://www.appraisalbuzz.com/archive1.php?article_id=24
.
AOL Users: <a href=http://www.appraisalbuzz.com/archive1.php?article_id=24>
Click Here</a>
Thanks to local subscriber Mic Hamilton, former dairyman, for his great
travel advice and tour of Albuquerque at night. I had a great time at Taos
and the nearby mountains. My two favorite trip interests are geologic
formations and ancestral native peoples. This was my best trip for both
topics. I didn't know that the Taos pueblo buildings had been continuously
inhabited since the 1300s. Thanks also to reader Joseph Hafley for his tip
on a great B&B in Taos plus other tourist tips.
>>>>>>>>>> APPRAISER INCOME <<<<<<<<<<
Results of research published in 1999 are quite interesting for appraiser
income. I wrote about both the research studies in Appraisal Today when
they first came out.
Per the abstract of one study,
"This study represents the first investigation of appraiser income at the
national level. It is especially timely because it addresses the value of
Appraisal Institute designations in a post-FIRREA world, in addition to
investigating the impact of gender on appraiser income. The study employs a
worker-productivity, human-capital model and finds that appraiser income is
positively and significantly impacted by the amount of work effort
expended, the level of appraisal experience, and
the formal education and professional training attained by an appraiser.
Appraisal Institute designations are found to have a significant and
positive impact on income, even in a post-FIRREA
world of required appraiser licensing and certification. Gender does not
appear to impact appraiser income. However, questions do arise regarding
the status of female (and minority) appraisers."
To read the article, go to
http://business.fullerton.edu/journal/past/av18n02/v18n2a07.htm
AOL Users: <a
href=http://business.fullerton.edu/journal/past/av18n02/v18n2a07> Click
Here</a>
>>>>>>>>>> FORMFILL AND BRADFORD MERGE <<<<<<<<<<
Another merger in the appraisal forms software business - Formfill and
Bradford Technologies (Appraisers Toolbox). How many will be left in the
next few years?
To read the press release and FAQs, go to
http://www.formfill.com/merginfo.html
======================
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======================
Ann O'Rourke, MAI, SRA
Appraiser and Publisher of Appraisal Today newsletter
2015 Clement Ave.
Alameda, CA 94501
mailto:ann@appraisaltoday.com
phone: 800-839-0227//fax: 800-839-0014
http://www.appraisaltoday.com for appraisal news, info, and a few jokes!
12/16/01 tax tips/cameras/apps down
New this week from Appraisal Today e-news
+ Apps down
+ Year end tax tips
+ Fannie and Freddie increase to $300,700
+ Looking for a new digital camera?
+ Remote access with Gotomypc
+ Delinquencies and foreclosures up
+ Late email newsletters
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Here's what a lender says:
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or call (210) 930-6306.
AOL Users: <a href=http://www.appraisalorder.com> Click Here</a>
+++++++++++++++++++++++++++++++++++++++++
NOTE: you may need to cut and paste long links into your browser.
>>>>>>>>>> APPS DOWN <<<<<<<<<<
The market composite index of mortgage loan applications -a measure of loan purchases and refinances - for the week ending December 7 decreased 7.0 percent to 693.2 on a seasonally adjusted basis from 745.5 the previous week, according to the Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America (MBA), which was released last Wednesday. On an unadjusted basis, the application index decreased 8.8 percent but was up 86.7 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 342.7 from 350.9 the previous week. The Refinance Index decreased to 2731.6 from 3040.7 the previous week. Other seasonally adjusted index activity included the Conventional Index, which decreased to 938.3 from 1005.1 the previous week, and the Government Index, which decreased to 284.2 from 312.5 the previous week.
>>>>>>>>>> YEAR END TAX TIPS <<<<<<<<<<
It's that time of the year again - to reduce your taxes by buying before December 31 at midnight. If you buy by credit card by 12/31/01, or write a check dated before 12/31/01, you can get a tax
writeoff. Depending on your tax bracket, it can be from 15% (self employment tax rate) up.
To get a tax writeoff and subscribe to my monthly "paper" and PDF Appraisal Today newsletter for $99 per year ($149 for 2 years), call 800-839-0227 or fax 800-839-0014 (credit card orders) or send your check (made out to RECR) to 2015 Clement Ave., Alameda, CA. Order online or print out an order form
at http://www.appraisaltoday.com/orderfrm.htm
AOL Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
Here's a few more tips from my December newsletter, written by my CPA, Theresa
Tocci:
-For year 2001, $24,000 of new business equipment can be expensed rather than depreciated.
- For the self-employed, 60% of health insurance premiums is deductible
- If you have stock that has declined in value, consider selling it to offset stock you sold at a gain, or capital gain that is distributed to you in a mutual fund. Remember, only $3,000 net capital losses are allowed in a year. The rest is carried over to future years.
The general rule is to postpone income (by billing out at year end if you are on the cash basis of accounting) or increase expenses (prepaying insurance, purchasing and installing equipment, buying software and newsletters, etc.)
>>>>>>>>>> FANNIE AND FREDDIE INCREASE TO $300,700 <<<<<<<<<<
Effective January 1, 2001, Freddie and Fannie's loan limits will increase 9.6%, to $300,700.
So what does this mean for appraisers? Good news and bad news. Get the answers in the January issue of Appraisal Today! Sorry, can't give it all away ;>
>>>>>>>>>> LOOKING FOR A NEW DIGITAL CAMERA? <<<<<<<<<<
Well, my trusty 3 year old Epson digital camera, held together with tape (dropped a few times) has finally bit the dust. I have a pink streak in all my photos. Nobody has said anything so far, but it is definitely distinctive on some of my photos. So... I'm looking for a new camera to buy before 12/31/01, of course. I need all the tax deductions I can get!
Fortunately, PC magazine has a great summary of web sites for purchasing a camera. Go to
http://www.zdnet.com/anchordesk/stories/story/0,10738,2832478,00.html
AOL Users: <a href=http://www.zdnet.com/anchordesk/stories/story/0,10738,2832478,00.html> Click Here</a>
>>>>>>>>>> REMOTE ACCESS WITH GOTOMYPC <<<<<<<<<<
Before DSL and cable modems, I tried PC Anywhere but it was just too much of a hassle. When my computer guru set up networking for my new Tectronix color laserjet he also configured an IP address form PC Anywhere.
I have computers at home and at my office and I am always forgetting a file, or bringing the wrong zip disk.
Now you can get remote access over the Internet for a monthly fee. Next week I'm going to try
http://www.gotomypc.com for a free 30 day trial. The base rate is $9.95 per month.
AOL Users: <a href=http://www.gotomypc.com> Click Here</a>
If you've used gotomypc or a similar service, let me know how you liked it. Thanks again to Brian Davis, SRA, for his email posting on this service!
>>>>>>>>>> DELINQUENCIES AND FORECLOSURES UP <<<<<<<<<<
The share of homeowners paying their mortgages late, as well as the percentage of mortgages in the foreclosure process increased in the third quarter of 2001, according to a quarterly survey conducted by the Mortgage Bankers Association of America (MBA).
In MBA's latest National Delinquency Survey (NDS), the delinquency rate for loans on one- to four-unit residential properties was 4.87 percent in the third quarter of 2001, up 24 basis points from the second quarter of 2001. The percentage of
loans in which foreclosure started during the quarter rose 2 basis points to 0.38 percent, while the percentage of loans in the process of foreclosure at the end of the quarter rose 4 basis points to 0.95 percent.
Douglas G. Duncan, MBA's Chief Economist, attributes the higher delinquency rate to the economy entering a recession, resulting in increasing unemployment. The events of September 11 may have also played a factor in driving up short-term delinquencies.
"The weakening GDP and job losses in the technology and manufacturing sectors have affected homeowners' ability to keep their mortgage payments current," said Duncan.
The delinquency rate increased for each of the three loan types during the third quarter of 2001. The rate for conventional loans was 3.13 percent, up 20 basis points from the previous quarter, and the rates for FHA and VA loans were 11.36 percent and 8.11 percent_up 57 and 48 basis points respectively.
The inventory of loans in the process of foreclosure at the end of the quarter increased for each of the loan types. The percentage of conventional loans in foreclosure increased 2 basis points to 0.70 percent, while the percentage of FHA loans in foreclosure increased 14 basis points to 1.94 percent. The percentage of VA loans in foreclosure rose 5 basis points to 1.25 percent.
On a smaller sample of loans, the NDS found that the delinquency rate for both fixed-rate mortgages (FRMs) and adjustable-rate mortgages
(ARMs) increased in the third quarter. The rate rose 18 basis points to 3.97 percent for fixed-rate mortgages and rose 30 basis points to 6.26 percent for
ARMs.
About the national delinquency survey: The NDS, which has been
conducted since 1953, currently covers more than 32 million loans on one-to-four-unit residential properties, representing about half of all "first-lien" residential mortgage loans outstanding in the United States. Loans surveyed were reported by approximately 130 lenders, including mortgage bankers, commercial
banks, thrifts, and life insurance companies. Data are adjusted using the Census Bureau's X-12-ARIMA seasonal adjustment program; historical data may have been revised accordingly.
So what's this mean? Bad is good for appraisers....
>>>>>>>>>> LATE EMAIL NEWSLETTERS <<<<<<<<<<
I have been sending out these emails using cable access from my home PC for about 2 years. I use Eudora and send out about 1,000 blind Ccs at a time to about 3,500 subscribers. It takes less than 5 minutes. Until last week I never had a problem. The email was sent out just fine. It just never got delivered to anyone! So when it is ‘rejected' by
AtHome, my cable service, I will send it out Monday morning using my office DSL. Oh well... at least I only had interrupted service for 2 days...
12/24/01 Giving/overcharging/USPAP 2002
New this week from Appraisal Today e-news
+ Giving back
+ Email list for Appraiserstoolbox users
+ USPAP 2001 starts 1/1/02
+ Appraisal overcharging crackdown?
+ Apps down (again)
>>>>>>>>>> GIVING BACK <<<<<<<<<<
Appraisers did very well this year. Most of us were turning down work and
way too busy.
But there are many others who aren't doing well and can use your help.
I prefer to give locally. For many years I have contributed to the San
Francisco Chronicle's Season of Sharing program, where contributions are
distributed for those who need short term help, such as homeless families
who need first and last month's rent for an apartment. Or, a disabled
person who needs a new wheelchair. For several years, instead of giving
gifts to adult family members, I made contributions in their names to the
charity.
Just Do It for your favorite charitable group. Do it by December 31 and get
a tax writeoff for 2001!
>>>>>>>>>> EMAIL LIST FOR APPRAISERSTOOLBOX USERS <<<<<<<<<<
I finally signed up for the Appraiserstoolbox email chat group. It is
active, with about 10 to 15 messages a day. The messages are typical for
appraiser computer email software chat groups, with most of the discussion
about the software and other computer topics plus such regular topics as
collections. The list was started in August 2001 and there are 166 users.
Over 800 messages have been sent in December.
To join the list, send email to toolboxusers-subscribe@yahoogroups.com
stating you want to become a ToolBox Users Group member. It is a bit of a
hassle to get set up with yahoo groups but once you do you can access all
your email groups. A great feature is the archive of email messages.
There are email lists for SFREP, Wintotal, and ACI also. Well worth joining
if you use the software. For a list of groups, go to
http://www.appraisaltoday.com/appr__online.htm
. You may have to join yahoo
groups and then search for the name of the group.
>>>>>>>>>> USPAP 2001 STARTS 1/1/02 <<<<<<<<<<
USPAP 2002 goes into effect 1/1/02. Not much time left to study up ;>
For a summary of changes go to
http://www.appraisalfoundation.org/html/PDF-Images/keyfeatures.pdf
AOL Users: <a
href=http://www.appraisalfoundation.org/html/PDF-Images/keyfeatures.pdf>
Click Here</a>
Not many significant changes. Two are:
- Changes in confidentiality in several places.
- STATEMENT NO. 8 (SMT-8), Electronic Transmission of Reports was retired
To order your very own copy of USPAP 2002, and the very useful FAQ Book, go
to http://www.appraisalfoundation.org/
AOL Users: <a href=http://www.appraisalfoundation.org> Click Here</a>
>>>>>>>>>> APPRAISAL OVERCHARGING CRACKDOWN? <<<<<<<<<<
Seems like someone is noticing what appraisers have been saying for some
time. Sometimes consumer fees for appraisals are much higher than the fee
paid to the fee appraiser. Yes, the article does mention AMC fees. See what
Kenneth Harney has to say at:
http://realtytimes.com/rtnews/rtcpages/20011203_overcharge.htm
AOL Users: <a
href=http://realtytimes.com/rtnews/rtcpages/20011203_overcharge.htm> Click
Here</a>
>>>>>>>>>> APPS DOWN (AGAIN) <<<<<<<<<<
The market composite index of mortgage loan applications - a measure of
loan purchases and refinances - for the week ending December 14 decreased
18.9 percent to 562.4 on a seasonally adjusted basis from 693.2 the
previous week, according to the Weekly Mortgage Applications Survey of the
Mortgage Bankers Association of America (MBA), which was released last
Wednesday. On an unadjusted basis, the application index decreased 21.2
percent but was up 61.4 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 320.6 from 342.7
the previous week. The Refinance Index decreased to 1968.8 from 2731.6 the
previous week. Other seasonally adjusted index activity included the
Conventional Index, which decreased to 749.7 from 938.3 the previous week,
and the Government Index, which decreased to 249.9 from 284.2 the previous
week.
===============
If you don't already subscribe .... To get biz tips plus all the news, not
just the headlines and links, subscribe to my monthly "paper" and PDF
Appraisal Today newsletter for $99 per year ($149 for 2 years), call
800-839-0227 or fax 800-839-0014 (credit card orders) or send your check
(made out to RECR) to 2015 Clement Ave., Alameda, CA. Order online or print
out an order form
at http://www.appraisaltoday.com/orderfrm.htm
AOL Users: <a href=http://www.appraisaltoday.com/orderfrm.htm> Click Here</a>
To order a FREE sample issue or get more information, go to
http://www.appraisaltoday.com/sample.htm
or call 800-839-0227 or fax
800-839-0014 .
|