Blanket denials?

[timd354]

The MB has no clue.... although declining markets can cause conventional lenders to not do mortgages or to reduce the LTV's for a loan, both the FHA and VA have no problem lending in declining markets. This is one of the reasons that I have been seeing a much larger amount of FHA appraisals versus Conventional, since most areas within my coverage area declining markets.

 

[tjcou812]

my last 15 appraisal assignments have all been FHA

 

[444nutman]

A majority of my work is FHA. I can not remeber the last time I marked stable. I have marked less than 6 months marketing time and I even had an odd one where it was not in oversupply but all are in decline. Freddie/Fannie are cutting all loans in FLA 5% anyways. All my clients have gotten over the declining value issues and the ones that haven't don't send me any more work. Good riddance.

 

[hglenbetts]

Thanks

To those of you that commented on the question, Thank you, you confirmed my thoughts. (Greg, The leisure suited ex-car salesmen comment hits the spot)

To those of you that commented on the content, Yes I exaggerated, it's only 82.5% of the market, or 41.25 states, the rest haven't sold any real estate lately.


Lee, I actually compare 3 years back, month for month (as opposed to month to month) trend the median sales price, High sales, low sales, price per foot, days on the market, both for the "market" as it relates to the subject and the larger overall community. Some times I still check stable, state my findings. No complaints yet. Only problem is my supervisor is sending me all the office work to "review" and comment on the market. And you better believe she's paying me for it!