Just like the FEDs to release bad news and then take a holiday. :lol: Most of you probably already saw this: the largest decrease in new homes sold in ten years. But, many may not have seen the other info concerning the "steady" but "unspectacular" expansion of the economy. http://www.msnbc.msn.com/id/6749875/ Actually, some parts of the report were pretty promising, but for residential appraisers, it doesn't look too good. If consumer confidence and manufacturing employment improve while at the same time interest rates increase and housing starts decline, that is kind of the "perfect storm" for decreased need for appraisals. It could lead the way to fewer orders for new housing and fewer orders for REO's at the same time. Of course, the ERC market might improve some and this doesn't say anything about existing housing sales. Note that mortgage applications were still strong, but don't count on that to last if rates start going up on a steady incline. My favorite quote: Of course... with all the bad press they've been dealing with lately, the last thing they need is a "significant downturn."