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Most recent emails
Email archives - 11-01
To get the very latest news,
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NOTE: some of the older links
may be out of date!
Search for a topic using your browser's search function.
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.
11/5/01 Hotels/wireless/median prices
New this week from Appraisal Today e-news
+ Wireless home networking??
+ Apps down but we're way too busy anyway
+ Median home prices??
+ Hotel development pipeline down
>>>>>>>>>> WIRELESS HOME NETWORKING?? <<<<<<<<<<
I've got a cable modem cable running down the staircase in my home to the
downstairs computer that I would really like to get rid of.... Yes,
wireless home networks can be done, but...
Another good PC Magazine article on this topic.
"Wireless networking is riddled with problems, like interference,
incompatibility, and inexplicably unavailable drivers. Interested? Join me
as I find the solutions--well, some
of them--and see how the future promises to be brighter for our wireless
world."
http://cgi.zdnet.com/slink?/adeskb/adt1102/2821895:749925
>>> APPS DOWN BUT WE'RE WAY TOO BUSY ANYWAY <<<
The market composite index of mortgage loan applications — a measure of
loan purchases and refinances — for the week ending October 26 decreased
6.0 percent to 843.5 on a seasonally adjusted basis from 897.3 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 6.2 percent but was up
141.6 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 265.9 from 264.1
the previous week; the Refinance Index decreased to 4203.5 from 4580.3.
Other seasonally adjusted index activity included the Conventional Index,
which decreased to 1164.4 from 1245.1 the previous week, and the Government
Index, which decreased to 308.0 from 316.9 the previous week.
Refinancing activity represented 73.9 percent of total applications,
decreasing from 75.5 percent the previous week. ARM activity increased to
9.2 percent from 8.4 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.47 percent, decreasing from 6.59 the previous week, with points
increasing to 1.28 from 1.21 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans. The 30-year rate of
6.47 was the second lowest
since the Weekly Applications Survey began tracking interest rates in
January 1990. The record low of 6.36 percent was set the week ended October
2, 1998.
>>>>>>>>>> MEDIAN HOME PRICES?? <<<<<<<<<<
Good writeup on median home prices, "Numbers game - Median home
price is good data, but not for its predictive value" at
http://www.inman.com/hstory.asp?ID=26943&CatType=R
>>>>>>>>>> HOTEL DEVELOPMENT PIPELINE DOWN <<<<<<<<<<
"The Total Development Pipeline, hotels Under Construction, In Permitting
(scheduled to start within the next 12 months) and in
Early Planning declined by 23,859 rooms from 2Q to the end of 3Q '01 or
6.4%, Lodging Econometrics (LE) announced in its third quarter report on
the industry."
http://www.hotel-online.com/Neo/News/PR2001_4th/Oct01_DevelopmentPipeline.html
Thanks to Michael Cartwright, the Duke of URL, for posting this Most
Excellent Link!
Ann O'Rourke, MBA, SRPA, 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!
11/11/01 $2 million fine for appraiser?/Fannie and 9-11
New this week from Appraisal Today e-news
+ Fannie nixes 9-11 limiting conditions
+ Apps up again
+ Possible $2 million fine for indicted Texas appraiser
+ Nov. issue of Appraisal Today tips
++++++++ Thanks to our Sponsor!! +++++++++++++
NEW VALUATION PRODUCT – eValu
http://www.evalu-online.com
Appraisal Management Company (AMCO) introduces eValu – a web-based product
providing USPAP compliant valuations.
eValu combines the proven attributes of AVMs with the expert knowledge of
local appraisers. Appraisers like you. Let your knowledge of local markets
provide a new source of income without increasing overhead. There are no
costs to you. By working via our website, you'll be linked to all the tools
you need.
To join our growing team of appraisers, contact
mailto:cristina.lourie@amco.net .
++++++++++++++++++++++++++++++++++++++
>>>>>>>>>> FANNIE NIXES 9-11 LIMITING CONDITIONS <<<<<<<<<<
In Announcement 01-09 Fannie Mae says that appraisal notices or limiting
conditions about the effect of 9-11 on appraisals are not acceptable for
loans they purchase, except for one they approve for use in New York City.
Fannie does not allow modification of their limiting conditions. The
Announcement has not yet been posted on their web site.
The Appraisal Institute has revised their original recommended limiting
conditions. For info go to
http://www.appraisalinstitute.org/valuation_intro.htm
. The new limiting
conditions is available on the members only part of the site.
AOL Users: <a href=http://www.appraisalinstitute.org/valuation_intro.htm>
Click Here</a>
Thanks to Richard Kern for posting this info on the AI email forum!
>>>>>>>>>> APPS UP AGAIN <<<<<<<<<<
The market composite index of mortgage loan applications—a measure of loan
purchases and refinances—for the week ending November 2 increased 23.0
percent to 1037.9 on a seasonally adjusted basis from 843.5 the previous
week, according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released last Wednesday.
That established a new record for the market composite index with the
previous record set at 1015.4 the week ended October 12, 2001. On an
unadjusted basis, the application index increased 22.6 percent and was up
197.1 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 318.4 from 265.9
the previous week. That was the highest the Purchase Index has been since
the week ended July 20, 2001, when the index was 324.9. The all-time record
for the Purchase Index was 344.1 the week ended June 1, 2001. The Refinance
Index increased to 5223.2 from 4203.5. That was the fifth consecutive week
that the Refinance Index was above 4,000 and the second highest value of
the index, with the record of 5252.6 being set the week ended October 12,
2001. Other seasonally adjusted index activity included the Conventional
Index, which increased to 1429.9 from 1164.4 the previous week, and the
Government Index, which increased to 384.0 from 308.0 the previous week.
Refinancing activity represented 74.9 percent of total applications,
increasing from 73.9 percent the previous week. That was the fifth
consecutive week that the refinance percent was above 70 percent and the
seventh consecutive week that the refinance percent was above 60 percent.
ARM activity decreased to 8.3 percent from 9.2 percent the previous week.
Where will all the appraisers come from? Who knows. Few lenders are hiring
trainees. Most want experienced appraisers. I laid off 2 appraisers in the
big appraiser recession of 1994-1997. One had over 20 years of experience.
The other I trained and had 8 years of experience. They both gave up their
appraiser licenses and will not be getting them back - too expensive to
maintain with little or no work. I'm not hiring any trainees. In the past,
the volatility of mortgage volume was handled by lenders hiring, training,
and firing appraisers. Now... it's their problem.
>>> POSSIBLE $2 MILLION FINE FOR INDICTED TEXAS APPRAISER <<<
Four people, including an appraiser, were named in an alleged HUD mortgage
scam in Texas per a November 10 Dallas News story.
If convicted of all charges, the appraiser, Sharon Auffet, faces 40 years
in prison and $2 million fine. A trial date has not been set.
To read the story, go to
http://www.dallasnews.com/metro/stories/STORY.ea14773182.b0.af.0.a4.1ca60.html
AOL Users: <a
href=http://www.dallasnews.com/metro/stories/STORY.ea14773182.b0.af.0.a4.1ca
60.html> Click Here</a>
Thanks to Roger Strahan for posting this info on the very active forum at
http://www.appraisersforum.com
AOL Users: <a href=http://www.appraisersforum.com> Click Here</a>
>>>> New in the November issue of Appraisal Today <<<<
- Best computer hardware buys Page 1
- How to keep your computer working Page 3
- What's new in the revised ERC form Page 4
- Subscriber information Page 5
- How to use temporary help to speed up appraisal delivery - Part 2 Page 6
- Getting started in relocation appraising - Part 1 Page 9
- One appraisal association and designation? Page 11
- Polaroid declares bankruptcy Page 11
Relocation appraisal tip - this is the very best time you will ever have to
get started in relocation appraising due to the appraiser shortage in many
areas. I am turning down relo work for the first time in many, many years
when I get too booked up with other work.
What will you be doing when lender work crashes again, like it always does.
If you don't already subscribe .... To get 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 .
11/19/01 Thanks/soft comml markets
New this week from Appraisal Today e-news
+ Sublease rents drop nationwide
+ Fed sees strong res, weakening comml markets
+ O'Rourke finally gets a color laser jet
+ Thanks
+ Holiday gifts
+ Apps up - again
>>>>>>>>>> SUBLEASE RENTS DROP NATIONWIDE <<<<<<<<<<
With dot-coms failing and traditional firms downsizing, huge volumes of
office space are appearing in major metro areas. Lesley Hensell looks at
the growing sublease glut.
Full Story:
http://realtytimes.com/rtnews/rtcpages/20011114_sublease.htm
AOL Users: <a
href=http://realtytimes.com/rtnews/rtcpages/20011114_sublease.htm X> Click
Here</a>
>>>>>>>>>> FED SEES STRONG RES, WEAKENING COMML MARKETS <<<<<<<<<<
Per the Oct. 24 Summary of Commentary on Current Economic Conditions by
Federal Reserve District commonly known as the "Beige Book":
Real estate and construction activity were mixed, as the residential side
remained strong, while the commercial segment softened further. Residential
sales were relatively steady at high levels in most of the country, even in
the Districts that reported slightly softer sales activity--New York,
Philadelphia, and Atlanta. Softness was noted, however, in the demand for
high-end homes in some reports, while Kansas City and Dallas indicated that
overall home sales were soft in a few high-tech intensive areas. Contacts
in many regions attributed much of the strength to continued low mortgage
rates. District reports indicated that commercial activity remained weak in
nearly all regions, and softened further in most. Downward pressure mounted
on office rental rates as available space continued to increase. The amount
of sublease space becoming available picked up in the St. Louis and
Minneapolis Districts, while it reportedly slowed in the Chicago and Dallas
regions. Industrial real estate markets softened in one-third of the
Districts, while retail development declined from high levels in the
Atlanta and Chicago Districts. Hotel occupancy fell in a few regions,
leading to decreased room rental rates.
See what they say about your district.
To read the report, and previous reports, go to
http://www.federalreserve.gov/FOMC/BeigeBook/2001/default.htm
AOL Users: <a
href=http://www.federalreserve.gov/FOMC/BeigeBook/2001/default.htm >
Click Here</a>
>>>>>>>>>> O'ROURKE FINALLY GETS A COLOR LASERJET <<<<<<<<<<
I've been writing about "EDI", digital cameras, color printers, and
electronic report transmission for at least 5 years. I finally started
electronic report transmission about 5 months ago.
Last week I finally got my new Tectronix color laserjet networked and
printing. Now, for the first time, I can print out the entire report
without having to assemble pages. No more inkjet jams, changing cartridges
in the middle of a job, etc. I love it!!
Before I got it set up, I did whine a little about the cost ($2500 for the
basic stuff and I got the $3800 upgraded version) but I kept telling myself
that my first IBM PC with one floppy cost $5,000, my first fax machine was
$2,000, my LaserJet 2 was around $2,000.
So why did I finally buy it? Earlier this month I had an estate job with 7
residential appraisals and had the wrong trust name on each page of the
reports. 7 reports x 3 copies each x 4 pages of fotos for each report to
print out on my inkjet. The $3700 fee paid for the color laserjet.
I'm really looking forward to upgrading my commercial narratives with color
text and table highlighting.
>>>>>>>>>> THANKS <<<<<<<<<<
Thanksgiving is my family's traditional "all the family" get together at
our house. We will have about 20 family members and friends.
Thinking back to the time of the first Thanksgiving, I wonder at the people
who were willing sail across a hazardous ocean to a place they had never
been. And the natives who helped them survive. And where we are now.
What am I thankful for?
- My husband Zeke had a stroke July 7. His primary physician thought he was
not going to make it. He will be coming home for the first time at
Thanksgiving.
- I was born into a middle class family the U.S., not into a poor family in
Afghanistan or Ethiopia.
- I have my health - more important than money or fame.
>>>>>>>>>> HOLIDAY GIFTS <<<<<<<<<<
I'm working on an article on holiday gifts for clients and referral
sources. Any ideas? Just hit the reply button and send them to me. You may
get your name in print!! A few I have so far - home baked cookies and other
goodies and wine with your own label.
For several years I sent out small desktop calendars but quit during the
appraisal recession of 1994-97.
>>>>>>>>>> APPS UP AGAIN <<<<<<<<<<
The market composite index of mortgage loan applications-a measure of loan
purchases and refinances-for the week ending November 2 increased 23.0
percent to 1037.9 on a seasonally adjusted basis from 843.5 the previous
week, according to the Weekly Mortgage Applications Survey of the Mortgage
Bankers Association of America (MBA), which was released last Wednesday.
That established a new record for the market composite index with the
previous record set at 1015.4 the week ended October 12, 2001. On an
unadjusted basis, the application index increased 22.6 percent and was up
197.1 percent compared to the same
week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 318.4 from 265.9
the previous week. That was the highest the Purchase Index has been since
the week ended July 20, 2001, when the index was 324.9. The all-time
record for the Purchase Index was 344.1 the week ended June 1, 2001. The
Refinance Index increased to 5223.2 from 4203.5. That was the fifth
consecutive week that the Refinance Index was above 4,000 and the second
highest value of the index, with the record of 5252.6 being set the week
ended October 12, 2001. Other seasonally adjusted index activity included
the Conventional Index, which increased to 1429.9 from 1164.4 the previous
week, and the Government Index, which increased to 384.0 from 308.0 the
previous week.
Refinancing activity represented 74.9 percent of total applications,
increasing from 73.9 percent the previous week. That was the fifth
consecutive week that the refinance percent was above 70 percent and the
seventh consecutive week that the refinance percent was above 60 percent.
ARM activity decreased to 8.3 percent from 9.2 percent the previous week.
The average contract interest rate for 30-year fixed rate mortgages was
6.40 percent, decreasing from 6.47 the previous week, with points
decreasing to 1.24 from 1.28 the previous week (including the origination
fee) for 80 percent loan-to-value (LTV) ratio loans. The 30-year rate of
6.40 was the second lowest since the Weekly Applications Survey began
tracking interest rates in January 1990. The record low of 6.36 percent
was set the week ended October 2, 1998.
The average contract interest rate for 15-year fixed rate mortgages was
5.81 percent, decreasing from 5.91 the previous week, with points
increasing to 1.35 from 1.19 (including the origination fee) for 80 percent
loan-to-value (LTV) ratio loans. The 15-year rate of 5.81 is the lowest in
the history of the Weekly Applications Survey. The previous record low of
5.91 percent was set the previous week ended October 26, 2001.
The average contract interest rate for 1-year ARMs was 5.15 percent,
increasing from 5.12 the previous week, with points increasing to 1.21 from
1.14 (including the origination fee) for 80 percent LTV loans.
11/25/01 ASB news/USPAP Q&As/The Future
New this week from Appraisal Today e-news
+ Appraisal Foundation appointments
+ November USPAP Q&As
+ October USPAP Q&As
+ No email newsletter next week
+ O'Rourke speaking in Albuquerque
+ December Appraisal Today - future, tax tips, and humor
>>>>>>>>>> APPRAISAL FOUNDATION APPOINTMENTS <<<<<<<<<<
Sandra Guilfoil of Olympia, Washington was appointed to a three-year term
on the Appraiser Qualifications Board. Ed Morse of Coeur d'Alene, Idaho was
appointed as the 2002 Chair of the Appraiser Qualifications Board and Bruce
Wiley of Wellesley, Massachusetts was appointed as the
2002 Vice Chair of the Board.
Larry Ofner of Portland, Oregon was re-appointed to a three-year term on
the Appraisal Standards Board. Danny Wiley of Nashville, Tennessee was
appointed as the 2002 Chair of the Appraisal Standards Board and Larry
Ofner was appointed as the 2002 Vice Chair of the Board.
ASB 2002 Meeting Schedule
January 25 – San Francisco, CA
April 9 – Scottsdale, AZ
June 11 – Boston, MA
September 24 – Washington, DC
Late November/Early December TBD
>>>>>>>>>> NOVEMBER USPAP Q&AS <<<<<<<<<<
Question #1:
Does USPAP require appraisers to take continuing education courses?
Question #2:
An appraiser was recently asked to review another appraiser's appraisal
review. Must the appraiser comply with STANDARD 3 in completing this
assignment?
Question #3:
Can a business entity, such as a corporation, sign an appraisal report?
For the answers, go to
https://www.appraisalfoundation.org/html/standards.asp
and click on Monthly
Q&As
AOL Users: <a href=XX> Click Here</a>
>>>>>>>>>> OCTOBER USPAP Q&AS <<<<<<<<<<
Question #1:
I was recently asked to review the income approach to value in a real
property appraisal report. The client did not ask me to comment on the
final value conclusion. He simply requested that I review the income
approach and advise him regarding its credibility. Since it only involves
reviewing a part of an appraisal report, does USPAP apply?
Question #2:
Is it ethical to disclose confidential information to a duly authorized
professional peer review committee?
Question #3:
Does USPAP require an appraisal, appraisal review, or appraisal consulting
report to contain a section within the report labeled "Scope of Work"?
For the answers, go to
https://www.appraisalfoundation.org/html/standards.asp
and click on Monthly
Q&As
AOL Users: <a href=XX> Click Here</a>
>>>>>>>>>> NO EMAIL NEWSLETTER NEXT WEEK <<<<<<<<<<
A few times a year I don't send out my weekly email newsletter. I will be
in Albuquerque next weekend and won't be taking a computer, or any
appraisal work with me...
>>>>>>>>>> O'ROURKE SPEAKING IN ALBUQUERQUE <<<<<<<<<<
I will be speaking at the national conference of the American Society of
Farm Managers and Rural appraisers this Friday. If you know of any fun
spots to visit, let me know. I will be taking a few days vacation. If
you're attending the conference, be sure to say "hello".
What's my topic? Marketing, of course!
>>>>>>>>>> DECEMBER APPRAISAL TODAY - TIME AND TAX TIPS <<<<<<<<<<
- What will you do when the appraisal market crashes (again)? - This is the
best time you will ever have to expand into new areas and get new, very
good clients.
- 2001 Year End Tax Tips - Sure, we made lots of money this year, but don't
give too much to Uncle Sam.
- Holiday gifts - easy marketing for appraisers - lots of good ideas from
appraisers
- Getting started in relocation appraising - Part 2
- Don't waste time and money - manage your phone calls - Time is money when
you're busy. One hour a day wasted at $50 per hour is over $1,000 per month.
- Appraiser named in Texas mortgage scam indictment
- Appraisal of Santa's Workshop - Humor
- The Night Before Christmas - for appraisers - Humor
======================
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
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