Deeds and Leases

The Appraisal Institute http://www.appraisalinstitute.org has come out swinging against the HVCC and the critical problem of ‘geographic competency.” Simply put, an appraiser, regardless if they are a member of the AI or not, is REQUIRED to be competent and knowledgeable about the market they are working in. USPAP (the Uniform Standards of Professional Appraisal Practice) require [...]

After a wonderful relaxing Cape Cod vacation I am back, and there is a lot to blog about. From the passing of the great Lion of the Senate, Bronxville native Sen Ted Kennedy, to the increasing virulent battle against the HVCC (Home Valuation Code of Conduct), and the apparent hitting bottom and possible stabilization of [...]

The controversy over the Home Valuation Code of Conduct (HVCC) which applies to all Fannie Mae and Freddie Mac loans (which is basically all loans) continues to cause problems and fear among buyers, sellers & Realtors. Low priced appraisals due to the Appraisal Management Firms (AMC’s) cutting payments to appraisers has caused sloppy work and [...]

To view a video about the rise in home sales, please click HERE. Washington, August 04, 2009 Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®. The Pending Home Sales Index,1 a forward-looking indicator based on contracts [...]

I am glad to see that NAR is asking for a moratorium on HVCC. This knee-jerk regulation is poorly crafted and has held the market back by killing deals with incompetent appraisers, greedy AMC’s, and overdone regulations. Should all appraisals be performed by competent, ethical appraisers with proper guidelines? Of course. Appraisal ethics has always [...]

Yes, I admit it, I have a bug somewhere for the current problems with the appraisal industry and how it is hurting the recovery of the housing market (YES, I said RECOVERY). I really do not blame appraisers; having been one for two decades and having worked with some great MAI’s (John Cicero and Richard [...]

 The New York State housing market continued to show positive sales growth as the second quarter came to a close, fueled by a 30-percent increase in statewide sales between May and June, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. Statewide existing single-family sales also posted a 55-percent [...]

NAR (National Association of Realtors) has reported some impressive numbers for June that suggest that the market is continuing to stabilize and that the worst is over. While sales are down on a year-to-year comparative basis, from May to June 2009 some impressive gains across the board have been observed. The biggest increase has been [...]

It looks like Fannie & Freddie are starting to finally listen. The media has been full of reports about complaints from Realtors that the appraisers being sent by Appraisal Management Firms (AMC’s) are from outside the area and do knot know the market they are working in. Besides potentially violating the competency provision of USPAP [...]

Given all the innuendo and rumours about the real estate market that are postulated today, I believe ”the facts” are the only appropriate way of discussing what is really going on. Anything else can be misleading. There is a good deal of fear out there, and the so-called experts sometimes make a difficult situation worse.  Now by [...]