NAR/LIBOR 1st Qtr 08 stats are now posted

[KenRossman]

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]

Hey thanks Ken. I was looking for Q1 the other day and it had not been posted yet. Figured you would know.

 

[larryellis]

Do you indicate declining market on every appraisal in these areas? Some lenders have been giving me greif both ways.

 

[KenRossman]

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]

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.