News

New  Fannie Mae Updates can be found at:

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1009.pdf

Pinellas Residential 10 May 09-May % Change

Total Property Sales 1,276 971 31.41%

Total Dollar Volume $232,300,200 $191,934,000 21.03%

Average Sales Price $182,100 $197,700 -7.89%

Median Sales Price $132,300 $140,000 -5.50%

Total Active Listings 11,645 13,144 -11.40%

Total Pending Listings 1,076 1,259 -14.54%

Month Supply of Inventory 9.9 15.4 -35.71%

This year has seen a much anticipated increase in business.  Our company has been seeing quite a bit of purchase transactions, as well as refinancing.  FHA 203K seems to be a popular obtion for many people buying REO sales.

Many changes have come our way, which include hiring a part time office person to assist with some of the day to day activities.  our client base is growing every day.  Many appraisers that I talk to are too busy now.  Doesn't seem possible as this time last year many were thinking about leaving the profession.   

My son in in Iraq once again. This is his second tour in Iraq. 

The following link will take you to the new FHA Mortgagee Letter addressing Appraiser Independence. 

http://www.alamode.com/e-mails_new/2010/Lender/0210/ML%2009-28.pdf?ClickID=CPEMAPFHA0210_1&ClickThruEmail=ppringle@tampabay.rr.com&ClickThruCustomerNumber=0&cm_mmc=email-_-appraiser-_-customer-_-CPEMAPFHA0210_1

I have been busy for the past month, which is a very good thing.  I have seen quite a bit of work for the purpose of mortgage investigation. I have also seen some purchase work which is encouraging.  Things are looking up.  Hopefully I will still be in the business next year at this time. 

There has been some rumblings that the HVCC will be overturned.  I don't think that is gong to happen, but we will see. 

There has also been a lot of complaints about Geographical Competency.  In my opinion, an appraiser can perform appraisal anywhere.  It is up to the appraiser to research the area extensively, contact real esate agents to gather information about the area and neighborhoods, and most importantly have access to the local MLS.   A good appraiser does extensive research on the area whether they are 1 mile from their office or 50 miles.  That is part of the job and you must do this to conform to USPAP. 

Wishing everyone a much more productive future!

It is getting busy.  This week I have received 6 new orders for appraisals - which is a huge increase over the past few weeks.  Every day my phone is ringing.  Thanks to all my past and present clients who have referred new clients to me.  Referrals are the backbone of a growing business and I appreciate the confidence that my clients have shown in my appraisals.

I have been meeting some wonderful people here in Florida and am enjoying our new life here.  It has only been 3 years, but it feels like home now.  Although I miss Maine, the Tampa Bay area has so much to offer that I don't think I would ever want to leave.

Real estate brokers and loan officers are feeling more confident in the market.  Purchases seem to be picking up - which is a good indicator of things to come.  I hope that we have seen the bottom and those of us who have hung in there through the bad times will be able to rebuild our businesses.

Again, thanks for the referrals.

The Code of Conduct is being met by some resistance in several areas.  I am not finding much of an issue with it, except that lenders are now choosing to use appraisal management companies instead of setting up their own firewall within their companies.  The Mercury Network is a good alternative to appraisal management companies, for those companies that opt not to go with full fledged management companies.  Here in Florida one management company has been closed down by the government.  Go to Appraisal Active to read more about this.  As always, competency and honesty are two traits that any appraiser should meet with every appraisal they prepare. Our industry as a whole is changing drastically - some changes are good, others not so good.  Appraisers are leaving the profession to move on to more profitable ventures.  As I have said before, I love the profession that I have chosen and want to continue in it.  I enjoy meeting people and doing appraisals and I look forward to a long and fruitful career in Florida.  We will all adjust to the new face of our industry and go on.  And hopefull it will be better for all.

It is hot in Florida!!!  But I guess that is why we live here.  I never thought I would say I look forward to wintertime. 

Appraisal orders are still slow - but at least they are somewhat steady.  People in the industry are struggling.  I talk to so many people that have left the appraisal profession.  But hopefully it will improve so that people can make a living at it.