When the U.S. Postal Service Used Gyrocopters to Deliver the Mail The flying machines hopped from roof to roof of post offices.Excerpt: Sensing opportunity, the United States Postal Service-then the U.S. Post Office Department-decided to invest in the new technology. In 1937, Congress appropriated money to fund a series of experiments on autogyro mail delivery, and within a year the first flight-from Bethesda, Maryland to Washington, D.C.-was made.
My comment: Check out the photos (no videos in 1937). Very interesting!!
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Why Fannie Mae Shouldn’t Keep Data SecretExcerpt: Today’s lenders have access to massive amounts of data. According to (Richard) Hagar, government lenders have access to every recorded sale in most every county across the U.S. via information providers like CoreLogic. He believes appraisal adjustments should be cross-checked against sales metrics of the five million home sales that occur each year.
However, appraisers typically use Multiple Listing Service (MLS) for residential appraising. Data provided by MLS may vary from information shown by providers like CoreLogic. MLS has more detailed information that county records don’t contain. Oftentimes, though, MLS contains errors or missing data. In other words, both types of systems have errors, but not necessarily the same errors.
My comment: Controversial topic!! Fannie says that they want appraisers to be objective, not using Fannie’s data. For example, appraisers changing their building sketches to match public records sq.ft. to avoid underwriter/review hassles. I remember CMDC books (in california) back in the 1980s where appraisers submitted the first pages of their appraisals to go into a shared appraiser database. Before appraisers could get MLS access. Seems like that was okay…
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The super-rich and ultra-paranoid are preparing for the breakup of civilisation by purchasing of apocalypse-safe bunkers worth millions of dollars.Excerpt: Located in the US state of Kansas, the hardened structures were originally missile silos, built by the US Army Corps of Engineers. But in 2008 Larry Hall bought the decommissioned site and has subsequently spent $20m (£15.5m) converting it into luxury apartments… now selling for prices ranging from $1.5m (£1.2m) to $4m (£3.1m). Buyers can purchase a half-floor or full-floor unit.
My comment: I am a big sci-fi fan, particularly dystopian disaster books, tv series, and movies. North Korea is in the news a lot now… reminding me of my childhood in the 1950s crouching under my school desk for a nuclear attack. |
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Quicken Loans penalized over home appraisal valuesExcerpt: Two West Virginia law firms have won a federal case against Quicken Loans that stemmed from allegations the lender suggested home values to appraisers who are supposed to be objective.
The U.S. District Court judge imposed a penalty of nearly $11 million, or $3,500 per violation of the state’s Consumer Credit and Protection Act. The class-action suit involved 2,770 consumers. Two West Virginia law firms have won a federal case against Quicken Loans that stemmed from allegations the lender suggested home values to appraisers who are supposed to be objective.
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2017 E&O update – where to get insurance, state board complaints way up, E&O MythsIn the August 2017 issue of the paid Appraisal Today, available August 1
Excerpt:
Most frequent reasons for claims today
1. Square footage 2. Under-valuation (Borrower doesn’t get the loan.) 3. If there is a buyer defect, within a couple of months. Both the agent and the appraiser are sued. 4. Septic vs. sewer (Borrower failure to disclose) Unfortunately, some appraisers don’t check for this. It can occur in urban areas. Be very careful to check if this is an issue in your area. State appraisal board cases Just like all claims, appraisal board complaints are from dissatisfied borrowers. Lawyers are becoming more savvy about filing complaints with state boards. Some E&O insurance companies offer assistance for these complaints. To read the full article, plus 2+ years of previous issues, subscribe to the paid Appraisal Today.
If this article saved you money on your E&O renewal, it is worth the subscription price!!
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Xceligent Files Antitrust Suit Against CoStar, Alleges Years Of Anticompetitive BehaviorExcerpts:
UPDATE, JUNE 28 8 P.M. ET: This story has been updated to include CoStar’s response to Xceligent’s countersuit. Commercial property data firm Xceligent filed an antitrust countersuit against The CoStar Group Wednesday, alleging the $9B, Washington, D.C.-based data giant has created a monopoly and engaged in years of anticompetitive behavior.
For nearly two decades, CoStar has maintained a dominant perch as the gatekeeper for information on the country’s estimated $17 trillion commercial real estate industry. Xceligent’s countersuit claims CoStar’s methods of keeping its market share have harmed the industry.
Read more at: https://www.bisnow.com/national/news/commercial-real-estate/xceligent-costar-antitrust-lawsuit-76054
https://www.bisnow.com/national/news/commercial-real-estate/xceligent-costar-antitrust-lawsuit-76054
My comment: I started using Costar in 1986, when it was printed books. For many years, like most commercial appraisers. Sometimes the data was good, sometimes not. It was relatively expensive. |
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The Top 10 Lake Towns in AmericaHere are a few:
1. Chelan, WA
Median price in 2017: $585,000
Price appreciation since 2014: 13.6%
6. Lake Placid, NY
Median price in 2017: $419,900
Price appreciation since 2014: 3.8%
8. Sandpoint, ID
Median price in 2017: $374,000
Price appreciation since 2014: 10.8%
My comment: Just for Fun!! Check out the full list. Also are Good Vacation Locations!!
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HOW TO USE THE NUMBERS BELOW. Appraisals are ordered after the loan application. These numbers tell you the future for the next few weeks. For more information on how they are compiled, go to www.mbaa.org
Note: I publish a graph of this data every month in my paid monthly newsletter, Appraisal Today. For more information or get a FREE sample issue go to https://www.appraisaltoday.com/products.htm or send an email to info@appraisaltoday.com . Or call 800-839-0227, MTW 8AM to noon, Pacific time.
Mortgage applications increased 6.3 percent from one week earlierWASHINGTON, D.C. (January 30, 2015) – WASHINGTON, D.C. (July 19, 2017) – Mortgage applications increased 6.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 14, 2017. Last week’s results included an adjustment for the Fourth of July holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 6.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 33 percent compared with the previous week. The Refinance Index increased 13 percent from the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index increased 27 percent compared with the previous week and was 7 percent higher than the same week one year ago.
The refinance share of mortgage activity increased to 44.7 percent of total applications from 42.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 6.7 percent of total applications. The FHA share of total applications increased to 10.7 percent from 10.4 percent the week prior. The VA share of total applications decreased to 10.7 percent from 11.5 percent the week prior. The USDA share of total applications remained unchanged at 0.7 percent from the week prior. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.22 percent, with points decreasing to 0.31 from 0.40 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased to 4.18 percent from 4.19 percent, with points remaining unchanged at 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.10 percent from 4.12 percent, with points decreasing to 0.30 from 0.40 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.48 percent from 3.50 percent, with points decreasing to 0.39 from 0.45 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 5/1 ARMs remained unchanged at 3.32 percent, with points decreasing to 0.21 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100. |
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