Wednesday , 25 November 2015
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Are 39 Percent of Appraisals Wrong?


A study by a company that analyzes appraisals to reduce lender risk found that 39 percent of more than 300,000 appraisals contained property quality or condition ratings that conflicted with previous ratings of the same property. Conflicting property condition and quality ratings cause delays that generally range from one day to several days—a costly and risky setback for lenders concerned ... Read More »

More homes are losing value


  The number of homes nationwide losing value on a monthly basis has more than tripled over the past year while the number of appreciating homes has fallen more than 12 percent, Allan Weiss, CEO of Weiss Residential Research reported today. Depreciating homes increased from 7.60 percent to 23.40 percent while the number of appreciating homes has fallen from 65.20 ... Read More »

Wake-Up Call: Depreciation Soars in Top Markets

wake up call

Though rising median home prices paint a favorable picture of current housing markets, the population of houses losing over 2 percent of value per year has increased to 24 percent from just 6 percent a year ago in ten of the nation’s largest markets. According to June data, in three major urban markets–New York City, Washington DC and Chicago–more than ... Read More »

Grand Canyon Separates Appraisers and Homeowners


Quicken Loans, the nation’s second largest retail mortgage lender, today reported appraiser opinions of home values were 2.33 percent lower than homeowner estimates in July, according to the company’s national Home Price Perception Index (HPPI). Homeowners valued their homes higher than appraisers for the sixth consecutive month. The gap between homeowner estimates and appraiser opinions of value in July was ... Read More »

Homeowners’ High Prices Spawn Low Appraisals

low appraisal

  Quicken Loans reports appraiser opinions of home values fell further below homeowner opinions in March, according to the lender’s national Home Price Perception Index (HPPI). On a national scale, appraiser opinions are 0.40 percent lower than homeowner estimates. Home values also declined in March. The national Home Value Index (HVI) showed home values dipped 0.56 percent according to the ... Read More »

Appraisals Dip Below Homeowner Estimates For First Time in 17 Months


Appraiser opinions of home values fell below homeowner estimates by 0.13 percent in February for the first time since August 2013 according to Quicken Loans’ Home Price Perception Index (HPPI), which measures the difference between what owners think their homes should be worth and what appraisers decide they actually are worth. Despite the drop in the national HPPI, appraiser opinions ... Read More »

Appraisal Institute says Lower Your Expectations


The Appraisal Institute is advising homeowners to choose upgrades instead of major remodeling projects for the greatest potential return on investment. “In general, simpler, less expensive projects have the best cost-to-value ratio,” said Appraisal Institute President M. Lance Coyle, MAI, SRA. “With the spring home buying season around the corner, homeowners should invest in projects that are most likely to preserve ... Read More »

Appraisers: Does CU Mean See You Later?


Will Fannie Mae’s roll out this year of Collateral Underwriter (CU), its proprietary automated appraisal risk assessment tool, reduce appraisers to be nothing more than servants of a computerized tool?  Or is it “just another tool that is reviewing appraisers just as other processes have all along.” as a Fannie spokesperson put it? Will it meld underwriting and appraisal into ... Read More »

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