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NAR/LIBOR 1st Qtr 08 stats are now posted

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KenRossman

Senior Member
Joined
Oct 20, 2004
Professional Status
Certified General Appraiser
State
Florida
Year over year stats by zip code for Nassau, Queens & Suffolk - many areas are now showing significant decline...

Found on the Realtors Only section of the LIBOR/MLS site under Research & Data - Housing Data

I use this in comparison to the same Qtr prior year (1st qtr 07) along with other published indicators, etc. to back up my market condition/time adjustments and declining...
 

Claude From NY

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
New York
Hey thanks Ken. I was looking for Q1 the other day and it had not been posted yet. Figured you would know.
 

larryellis

Sophomore Member
Joined
Aug 14, 2006
Professional Status
Certified Residential Appraiser
State
New York
Do you indicate declining market on every appraisal in these areas? Some lenders have been giving me greif both ways.
 

KenRossman

Senior Member
Joined
Oct 20, 2004
Professional Status
Certified General Appraiser
State
Florida
If I can reasonably conclude a market is in decline, I check the box declining. I always provide ample support for same. Clients that can't handle the truth get fired.
 

Claude From NY

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
New York
It is what it is

I agree with Ken and use most of the same stats and indicators. If I conclude the market is declining, there is an oversupply and marketing time is over six months then those boxes get checked. I don't have many clients, but the ones I do have appreciate and understand the research and work that goes into a report.

Just last week a client's review appraiser called to thank me for the detailed market research in an appraisal report and for factually reporting market conditions. Something he had not seen in a while.
 
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