Newz: Forecasts, Appraisal Forgery,
Excel Appraiser Resources
January 9, 2026
What’s in This Newsletter (In Order, Scroll Down)
- LIA ad: A Case of Forgery
- 5 Excel Resources and How-To Guides for Appraisers
- Appraisal By Jim Amorin, MAI
- Rare Sculptural Masterpiece by Architect Charles Haertling Hits the Market in Boulder for Under $4 Million
- USPAP and the State Board By Timothy Andersen, The Appraiser’s Advocate
- 2026 Housing Market Forecast: The Great Recalibration Appraisal By Kevin Hecht
- When Protecting Tenants Starts With Targeting Property Rights By Desiree Mehbod
- MBA: Mortgage applications decreased 9.7 percent from two weeks earlier
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5 Excel Resources and How-To Guides for Appraisers
By Jim Amorin, MAI
Excerpts: Are you getting the most out of Excel in your real estate appraisal work? If you’ve ever found yourself drowning in data or spending too much time on tedious tasks, it’s time to transform how you complete your appraisal tasks.
We’ll dive into five essential functions that can streamline your appraisal process and boost your efficiency as well as provide real-world examples to help you master these Excel tools and revolutionize your workflow.
VLOOKUP: Your Go-To for Vertical Data Retrieval
Imagine this: You’re working on an appraisal, and you need to verify the sale price of a property quickly. Instead of sifting through pages of data, VLOOKUP does the heavy lifting for you to pull information in a snap.
HLOOKUP: The Horizontal Companion
Now, let’s talk about HLOOKUP. If VLOOKUP is your vertical search tool, HLOOKUP is the horizontal counterpart. It’s perfect for those times when your data is organized across columns rather than rows.
XLOOKUP: The All-Rounder
XLOOKUP was introduced in 2019 as the successor to the VLOOKUP and HLOOKUP functions. XLOOKUP empowers real estate appraisers to navigate vast datasets seamlessly and enhance the precision of their valuations.
IF Statements: Decision-Making Made Simple
In Excel, the IF statement acts like a swift decision-maker, constantly asking, “Is this true or false?” Based on the response to this straightforward yet powerful question, Excel takes a divergent path, calculating different outcomes for the true condition compared to the false one.
To read more, Click Here
My comments: Understandable. I had never heard of this software. Detailed answers on how to use the tools by an expert: Jim Amorin, MAI
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Rare Sculptural Masterpiece by Architect Charles Haertling Hits the Market in Boulder for Under $4 Million
Excerpts: 5 bedrooms, 2.5 baths, 3,654 sq.ft., 9,074 sq.ft. lot, Built in 1976
Defined by twin cone-shaped towers, the estate rises from the street like a double tent, yet it looks more like a cassette tape when viewed from above.
Inside, approximately 3,654 square feet of living space unfold in an open, intuitive layout that feels surprisingly practical given the unique design.
According to the listing, virtually no other Haertling home has ever been restored with this level of care, and the result is a highly livable space that balances museumlike elegance with everyday comfort.
A meditation room, hot tub, and more than 1,600 square feet of decks and patios provide ample space to connect with the outdoors.
Discreet sustainable upgrades, including a 4.5-kilowatt solar PV system, in-floor radiant heating, an EV charger, and two mini-splits, bring the home’s amenity list into modern times while ensuring comfort in all weather.
To read more, Click Here
To see the listing with aerial view, video view and 50 photos, Click Here
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USPAP and the State Board
By Timothy Andersen, The Appraiser’s Advocate
Excerpts: When you think of USPAP and the state board, chills run up and down your spine, right? In any given year, the typical real estate appraiser has less than a five percent chance of getting that letter from a state appraisal board. But what happens when that letter thuds on your desk? It is not a time to panic, but it is a time to pay attention. Close attention. Life will go on. You will still be able to appraise real estate so you can make a living. But you will need help. (Remember, you can reach me by email at tim@theappraisersadvocate.com to help you when that letter does arrive.)
So, what is going to happen when USPAP and the state board become foremost in your professional life? It is likely the state board will send you a questionnaire to complete and return to the investigator. These questions will become the basis for the state’s investigation into any complaint filed against you. Therefore, you must answer those questions completely, fully, and truthfully. But, in the same vein, you must not give the state the rope to hang you with. For example, one question might be, “Were you compensated for the assignment?” Assuming you did not work for free, the entirety of your answer would be, “yes”. No more, no less. The state has no reason, frankly, to know your professional fee for that job. But one more thing:
Before we get into the questions, if you do get that letter from the state, you need to act now and not ignore it! You’ll need counsel from your E&O people, an attorney, and a USPAP expert. To fight the state appraisal board is not a job you do alone, so don’t try!
Now, let us get into some questions. Your state will want to know if you received an engagement letter and if that engagement letter is in the workfile. Remember, the engagement letter is an employment contract between you and the client. Examining this letter gives the state’s investigator the opportunity to determine if you complied with the conditions and stipulations of your contract.
Here is another question state investigators commonly ask: “did you complete and deliver the completed appraisal report as agreed in the engagement letter?”
When you think of USPAP and the state board, chills run up and down your spine, right? In any given year, the typical real estate appraiser has less than a five percent chance of getting that letter from a state appraisal board. But what happens when that letter thuds on your desk? It is not a time to panic, but it is a time to pay attention. Close attention. Life will go on. You will still be able to appraise real estate so you can make a living. But you will need help. (Remember, you can reach me by email at tim@theappraisersadvocate.com to help you when that letter does arrive.)
Before we get into the questions, if you do get that letter from the state, you need to act now and not ignore it! You’ll need counsel from your E and O people, an attorney, and a USPAP expert. To fight the state appraisal board is not a job you do alone, so don’t try!
Now, let us get into some questions. Your state will want to know if you received an engagement letter and if that engagement letter is in the workfile. Remember, the engagement letter is an employment contract between you and the client. Examining this letter gives the state’s investigator the opportunity to determine if you complied with the conditions and stipulations of your contract. True, USPAP mentions nothing of contracts or engagement letters. However, if you agree to conditions and stipulations, but then do not comply with them, that is misleading the client. Typically, state appraisal boards do not look kindly at this.
Here is another question state investigators commonly ask: “did you complete and deliver the completed appraisal report as agreed in the engagement letter?”
So, between now and the arrival of that letter, what can you do to prepare? First, check your workfile. It should be killer. If you need to bolster its contents, the time to do so is now, not after that letter arrives from the state. Next, check your reports. Please look at the boilerplate you use. Does that boilerplate make sense in the context of the appraisal report it is in? If not, do not use it anymore. For example, a statement such as, “the adjustments are as shown” does not mean anything, does not explain anything, and does not support your value conclusion. So, why is it in your report?
Does your boilerplate reference outdated editions of USPAP or old editions of The Appraisal of Real Estate? If so, please update them. Errors such as these are unprofessional, reflect poorly on you and, by extension, on the rest of us, too.
To read more, Click Here
My comments: Tim is definitely a USPAP Expert. We all worry about state boards. They can take away your license! Many good suggestions, both before and after getting that darn state board letter.
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How to stay positive with slow business
In the April 2024 issue of Appraisal Today
Excerpts:
Become an optimist
Maintaining a positive attitude is very important to being happily
self-employed. All appraisal practices have bad periods. Sometimes they last for quite a while. Maintaining a positive attitude can seem impossible.
Anticipate regulations getting less onerous. Avoid pessimistic people. Listen
to motivational recordings or read a book on it. They really help. Take charge of your business. Don’t let it run you.
Athletic competitors have been successfully using visualization techniques
for years. A figure skater visualizes completing a perfect triple axel, and does it at a major competition. A downhill racer who has difficulty starting well, while at the starting gate visualizes making a perfect start. It really does work.
Visualize finding and getting work from a few AMCs with good fees and that
are not a big hassle to work for. Or,getting a new good direct lender client, such as a local bank. Or, successful marketing to get lots more non-lender work.
Appraiser self-esteem
Many appraisers were lacking in self-esteem according to a study
conducted in the past for the American Society of Appraisers (ASA). The study
was done before AMCs took over and appraisers were accused of bias. The study said that “clients and the public have a generally positive image of appraisers, but appraisers themselves don’t think so.”
Motivational books and recordings help you stay up when business is
stressful
To most appraisers, the idea of listening to a motivational recording seems
odd or somehow implies there is something wrong with them. I got many strange looks from appraisers when I asked them which motivational books or recordings they like.
The classics: Dale Carnegie and Napoleon Hill
Dale Carnegie was one of the first, if not the first, of the widely read authors
and speakers on using the mind to achieve success. Napoleon Hill based his
books on Dale Carnegie’s insights. Both books use many real-life examples.
Of all the books I read, Dale Carnegie’s “How to Win Friends and Influence
People” spoke most directly to the basics and being client-oriented and having successful business relationships. Some of the principles are: become genuinely interested in other people, be a good listener, and don’t criticize, condemn, or complain.
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2026 Housing Market Forecast: The Great Recalibration
By Kevin Hecht
Excepts:
Mortgage Rates: Expected to stabilize in the low-6% range, averaging around 6.3% for the year, providing modest relief to buyers.
Inventory Levels: Projected to increase by approximately 8.9% to 12%, though remaining below pre-pandemic averages.
Policy Influences: The Trump administration’s housing policies, including potential tariffs and deregulation, introduce a significant element of uncertainty.
Regional Trends: A distinct divergence is expected, with the Northeast and Midwest showing price strength while the South and West cool down.
Setting the Stage: What 2025 Changed
In my 2025 forecast, I described the housing market as entering a period of incremental recovery and stabilization. That assessment largely held.
What 2025 accomplished was something less visible but more important: it reset expectations. Buyers adjusted to higher rates, sellers became more price-sensitive, and the market began re-anchoring itself to income fundamentals rather than cheap credit.
What This Means for Appraisers in 2026
For residential appraisers, 2026 is less about volume surges and more about judgment quality. In a more balanced and nuanced market, clients will rely more on appraisers’ expertise to navigate complex pricing and market conditions.
Increased Transaction Volume: The projected rise in home sales will naturally lead to more appraisal assignments.
Demand for Expertise: Market conditions will require clearer explanation, not stronger adjustments. Clients will rely on appraisers to interpret mixed signals rather than confirm price momentum.
Navigating Policy Shifts: Appraisers who stay informed about the impacts of new housing policies and economic shifts will be positioned as invaluable advisors.
Data-Driven Analysis: Time-based adjustments, listings analysis, and concessions data will carry greater weight in valuation.
To read more, Click Here
My comments: Written for appraisers, by an appraiser and economist. We all want to know the future. If I knew I would be rich and famous. Nobel Prize???
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When Protecting Tenants Starts With Targeting Property Rights
By Desiree Mehbod
When officials start treating property rights like a rounding error, every appraiser in the room knows the market’s about to need a stress test.
Excerpts: New York City has never been short on bold ideas, but Mayor Zohran Mamdani’s latest appointment to the city’s Office to Protect Tenants has managed to ignite a firestorm before even warming the chair.
His pick, Cea Weaver, arrives with a resurfaced video and a digital paper trail that would make any seasoned housing professional pause. Between her past social‑media proclamations like “seize private property” and her declaration that homeownership is “a weapon of white supremacy,” many are now wondering whether the city is trying to protect tenants or simply dismantle the concept of property rights altogether.
And for those of us in the real estate world, especially appraisers, who live and breathe the principles of market value, ownership, and equity, the rhetoric isn’t just eyebrow‑raising. It’s a flashing red warning sign.
Real estate appraisers are the quiet backbone of the housing ecosystem. We’re the ones who document market realities, protect lenders from risk, protect buyers from overpaying, protect sellers from being undercut, and provide the data that policymakers should be using.
When someone in a position of power starts floating ideas that undermine the very foundation of property rights, appraisers feel the tremors first. Because when ownership becomes unstable, value becomes unstable. And when value becomes unstable, the entire housing system starts to wobble.
To read more, Click Here
My comments: I had never read about any of the issues in this blog post. Worth reading.
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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, Click Here.
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 go to www.appraisaltoday.com/order Or call 510-865-8041, MTW, 7 AM to noon, Pacific time.
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My comments: Rates are going up and down. We are all waiting for rates to drop lower in 2026
Mortgage applications decreased 9.7 percent from two weeks earlier
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 2, 2026. The results include an adjustment for the holidays.
The Market Composite Index, a measure of mortgage loan application volume, decreased 9.7 percent on a seasonally adjusted basis from two weeks earlier. On an unadjusted basis, the Index decreased 28 percent compared with two weeks ago. The holiday adjusted Refinance Index decreased 14 percent from two weeks ago and was 133 percent higher than the same week one year ago. The unadjusted Refinance Index decreased 31 percent from two weeks ago and was 108 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 6 percent from two weeks earlier. The unadjusted Purchase Index decreased 23 percent compared with two weeks ago and was 10 percent higher than the same week one year ago.
“Mortgage rates started the New Year with a decline to 6.25 percent,
the lowest level since September 2024. Refinance applications were up 7 percent for the week but were at a slower pace than in the weeks leading up to the holidays,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “FHA refinance applications saw a 19 percent increase, although that was a partial rebound from a drop the week before. MBA continues to expect mortgage rates to stay around current levels, with spells of refinance opportunities in the weeks when rates move lower.”
Added Kan, “Purchase applications were 10 percent higher than the same week a year ago but were down over the week following decreases in conventional and FHA applications. The average loan size was $408,700, the smallest in a year, driven by lower average loan sizes across both conventional and government loan types.”
The refinance share of mortgage activity increased to 56.6 percent of total applications from 53.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.3 percent of total applications.
The FHA share of total applications increased to 20.0 percent from 18.4 percent the week prior. The VA share of total applications increased to 17.3 percent from 16.3 percent the week prior. The USDA share of total applications increased to 0.4 percent from 0.3 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) decreased to 6.25 percent from 6.32 percent, with points decreasing to 0.57 from 0.59 (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 $806,500) decreased to 6.32 percent from 6.46 percent, with points increasing to 0.42 from 0.32 (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 6.09 percent from 6.15 percent, with points remaining unchanged at 0.77 (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 5.64 percent from 5.69 percent, with points decreasing to 0.64 from 0.65 (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 increased to 5.90 percent from 5.61 percent, with points decreasing to 0.19 from 0.23 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The survey covers U.S. closed-end residential mortgage applications originated through retail and consumer direct channels. The survey has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, thrifts, and credit unions. Base period and value for all indexes is March 16, 1990=100.
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Ann O’Rourke, MAI, SRA, MBA
Appraiser and Publisher Appraisal Today
1826 Clement Ave. Suite 203 Alameda, CA 94501
Phone: 510-865-8041
Email:
Online: www.appraisaltoday.com
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