Is work picking up in California

[CURT VAN HOOSER]

Comp checks?

 

[ZZGAMAZZ]

I am on a crusade to usurp USPAP.

If you sell me a new car for $20,000 and the finance manager inside offers me an invoice to sign for $40,000, the quote I gave you out in the lot isn't worth much and I'll eventually lose my job. Ditto comp checks if i can't deliver what I promise. It's a business decision rather than an appraisal decision...

 

[CURT VAN HOOSER]

I, for one, believe a comp check can be completed IAW USPAP. I respect your business decision. I hope it is paying off for you.

 

[xmtraterbcra]

I am in the So cal area.

I seem to be a tad busier in July.

Thinking appraisers must be going out of business. Anyone else see work pick up a little?

Orders pick up with a down turn in interest rates. Usually, there is a delay of a week or so. One of my old MB clients (in California) said he felt that most of his problem was due to the fact that short sales and foreclosures are now a large part of the business, and that the lenders putting the properties up for sale are steering potential buyers to get loans directly through them.

I think, unless the ecomony gets a lot worse, that many home prices have bottomed out in the SF Bay Area. This is particularly true on the low end - for example, condos located on the Peninsula. Shelter Creek, San Bruno Condos list for as little as $209,000 for a 1 Bed/1 Bath. A great location - clean air, just of 280, centrally located, within commute distance of San Francisco, Oakland, San Jose, etc.., - and BART and SAMTRANS just down the street. It should be noted that the $209,000 list is just to get the bidding going. Offers will come in $240,000- $285,000 depending on location within the complex and quality. Young professional couples are moving in and remodeling. Tenant ownership is up to 75%. We may see more listings as ARMs reset ... but I doubt the price will go down, because there is pent-up demand for housing at this price. And that same logic works its way up to the larger and better quality properties, as well as laterally to other condo complexes in the area.

... Now, I'm not saying the median price won't come down some more ... but if some certain candidate gets elected as president, we get out of Iraq (expected anyway ... because Iraq is brother to Iran and it's kind of a waste of money when you think about it (note Iraq is already starting to beef up resistance to US influence)), ..., then it is quite likely the economy will begin to stabilize and expectations improve - and that's the key to prices improving. But who knows for sure, a big hurricane in Houston, another terrorist attack, ....

Bert Craytor, SRA

 

[RitaB]

I'm not sure but in my area I think what apears to be stabilization may be related to the summertime "rush" that usually occurs this time of year.

 

[laurielutton]

The past 3 weeks down in San Diego have been great. Non stop work, 7 days a week, 12 hour days. All purchases, all REO's, about 25% of the work FHA's. But I could easily hear the crickets churping tomorrow. That is how quickly things can change for me. Still waiting and holding my breath to see what the HVCC is going to do to us. I worry about that ALL the time!!! Anyone else???

 

[panappr]

Everyone here thinks about the HVCC everyday. No one is responding, Coumos office won't discuss, Freddie & Fannie are not talking. When all of the associations went to New York to confront Coumo, he didn't even show up, he sent some of his office staff to take notes. They are the most disrespectful people you will ever encounter. My feeling is there are allot of deaf ears here and they will engage their own indisha without regard for anyone.

 

[Mystery man3]

0 orders last week

Ick hope that was a fluke.

Thought work was picking up could have been more mistaken.

 

[ZZGAMAZZ]

The appraiser is searching for multi-unit residential comps in San Bernardino (City)...Results reveal more than 100 active listings relative to a handful of sales within the past 3 months . . . leads one to conclude that volume of sales in scant, and that the downward pressure on price among the competitive listings will result in significantly lower prices in the future...