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To read more of this long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on USPAP, Appraiserville, mortgage rates in 2018, mortgage origination stats, Covid tips for appraisers, etc.

10 Homes for Under $100k

Here are a few:
1701 Cleveland Ave, Waco, TX Price: $97,000
1724 Myrna Ln, Memphis, TN Price: $85,000
94-6428 Palaoa Rd, Naalehu, HI Price: $92,000

Click on each one for the full listing info. They are not all fixers or tiny homes!!

Check them out at:

My comment: I want the Hawaii house ;>


Mortgage rates to increase past 4.5% in 2018

One expert predicts rates could hit 5% mark

Excerpt: As mortgage rates usually follow the Treasury Yield, the federal funds rate sets the tone for the direction mortgage rates will take.

The Mortgage Bankers Association predicted mortgage rates will increase, but they will stay below 5%.

“The Federal Reserve has begun reducing its holdings of Treasury securities and mortgage backed securities, and this will put additional, modest upward pressure on mortgage rates,” MBA Chief Economist Mike Fratantoni said. “We expect that the 10-Year Treasury rate will stay below 3% through the end of 2018, and 30-year mortgage rates will stay below 5%.”

The MBA predicts rates will increase to 4.6% in 2018, 5% in 2019 and 5.3% in 2020.

My comment: I love my 3.5% mortgage rate!! I don’t think that rates were ever that low in the past, except they have been slightly lower in recent years.

Is it jUSt PAP? – Part 1

By Barry Bates
Excerpt: My central thesis today, children, is still that a bunch of crusty old MAIs and soulless bank appraisers saw an opportunity in 1986 to create a bureaucracy that funds free trips to meetings where crusty old MAIs and soulless bank appraisers can assemble to get pleasantly drunk. This entity became The Appraisal Foundation, an organization designed to foster high appraisal standards that are written in weasel words even Donald Trump could circumvent.

Click here to read more and leave a comment!

My comment: Barry Bates has been writing a monthly article for the paid Appraisal Today since May 2017 and was a contributor in the past. I will be publishing very brief excerpts from in my blog: controversial, humorous and really Out There comments from his 42 years of appraising ;> This is the first blog post.

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Appraiserville, Jan. 5

By Jonathan Miller
Looking back at the appraisal industry in 2017 excerpt: The AMC grip on our industry formed cracks after the misleading “appraisal shortage” narrative was crushed by our providing enlightened economic facts.

Just say NO (superfluous addenda requests, etc) excerpt: Life is too short. Don’t put up with what isn’t right.

Worthwhile reading. Check out the full commentary at:
My comment: Scroll down past the commentary, graphs, videos, etc. to Appraiserville. Stop at some interesting stuff along the way down..
The Top 16 High-Risk Housing Markets

Excerpts: In order to determine whether a market is a high, normal, or low risk, the report analyzes several economic factors. The first is a comparison of home prices using CoreLogic’s Home Price Index and the long-run sustainable levels that can be supported by local fundamentals, such as disposable income.

The second factor considered is the appreciation of home prices relative to rents-as renting is an alternative to homeownership-and if home prices veer too far from rents, then it is eventually due for a correction. The final factor is if housing flipping is too high…

Top 10 housing markets of 2018
Only one California city makes the list

Excerpt: “People are going to continue to seek out pockets of affordability that remain in the market,” says Danielle Hale, chief economist of realtor.com. “A lot of these places are more affordable than surrounding areas, yet still have strong economies. Even though prices are expected to grow, most of these markets will still remain relatively affordable in 2018.”

So which will be the hottest markets in 2018? Be prepared for some surprises.

My comment: Stockton CA is one. About 70 miles east of me but 2 hour+ commute to work. Median home price: $385,050. Median price in Bay Area: $850,000.

Luxury Homes Market – Year in Review 2017
Excerpt: So although 2017 was another strong year for the luxury housing market, it was outperformed by the U.S. market overall. Age of inventory in the top 5 percent of the market slowed significantly over last year – a tell tale sign that the luxury sector as a whole has weakened. Much of this slowing can be attributed to a wider selection of luxury homes for buyers and increased uncertainty over the last 12 months.

Unlike the rest of the housing market, luxury homes did not experience an inventory shortage at the same rate as the rest of the country. Nationally, we actually saw more luxury homes entering the market, up 3.4 percent compared to 2016.


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 7AM to noon, Pacific time.

Mortgage applications up 8.3%

Wednesday, January 10
  • The Market Composite Index, a measure of mortgage loan application volume, increased 8.3 percent on a seasonally adjusted basis from one week earlier.
  • On an unadjusted basis, the Index increased 46 percent compared with the previous week.
  • The Refinance Index increased 11 percent from the previous week.
  • The seasonally adjusted Purchase Index increased 5 percent from one week earlier.
  • The unadjusted Purchase Index increased 44 percent compared with the previous week and was 1 percent lower than the same week one year ago.
  • The refinance share of mortgage activity increased to 52.9 percent of total applications from 52.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.0 percent of total applications.
  • The FHA share of total applications increased to 11.1 percent from 10.8 percent the week prior. The VA share of total applications remained unchanged from the week prior at 11.4 percent. The USDA share of total applications decreased to 0.7 percent from 0.8 percent the week prior.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 4.23 percent from 4.22 percent, with points decreasing to 0.35 from 0.37 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate remained unchanged from last week.
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to 4.16 percent from 4.14 percent, with points increasing to 0.23 from 0.22 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.16 percent from 4.17 percent, with points increasing to 0.42 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 increased to 3.66 percent from 3.64 percent, with points increasing to 0.42 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 5/1 ARMs decreased to 3.50 percent from 3.53 percent, with points decreasing to 0.51 from 0.53 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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