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November Edition of CONSUMER REPORTS

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David C. Johnson

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Jan 15, 2002
__________ Consumer Reports ____________

<span style='font-size:25pt;line-height:100%'>*
You should get it this month (not optional)

* You may not agree with everything said, but you need to know what's being said

(There sure is a mistake or two. For instance, the AI, probably
Don Kelly, should write a letter that the CR can publish in their next
edition in their "letter section," to straighten out the 10% return on
investment for fixing deferred maintenance such as exterior painting.
I contend (and suspect most appraisers would agree) that if a house
is in need of painting, the return for the costs involved will be MUCH
higher than 10%. Actually I suspect the answers provided by the AI
appraisers for the CR poll were misinterpreted by the CR as presented
in their chart.)

* You will see the work of AppraisersForum in action in this cover story article

(And you will not have to look hard to find it.)

* Someone else posted earlier about this month's edition, I just cannot find the post

(Hell, I thought I had gotten pretty good with this site's search
engine -- guess not.)

* Buy it, You'll like it

(Well, you'll like most of it anyway -- but you'll still be glad you
read it anyway you look at it -- if for no other reason than to be
aware of what advice the public is receiving en masse.)
__________________

dcj</span>
 

David C. Johnson

Thread Starter
Senior Member
Joined
Jan 15, 2002
Just want to slip in another plug for reading this month's CR cover story:

You will see the results of a changing underwriting emphasis from collateral to credit (un)worthiness. Foreclosures and bankruptcies are way up. (That's not real good.) It's become more productive to relax responsible screening of applicants for approving taxpayer-backed real estate loans than to force appraisers to overvalue properties, so this is what has been happening.

But take comfort, responsible residential real estate appraiser: Your being forced out of business not only affects you and your family and friends, it's damaging and endangering the entire country -- so you're not really all alone. And there's another bright side to consider: A very few are making a HellOfaLot of money from all this -- so maybe all's not lost in the end. At very least, we should feel thankful for this part of deal, right?

What's happened to all the good the Maes and HUD did in the 60s, 70s and part of the 80s to responsibly increase homeownership and thereby strengthen our country? Harvest time has arrived.

The whole big business concept these days is Socialize the Cost, Privatize the Profits. It's the name of the game. If you are not part of the Privatize the Profits Club, you might should reconsider your business plan/game. While this is a tiny, very exclusive, invitation-only club, perhaps there's room for just one more? Who knows?

Also, based on statistical modeling, this article points out residential bubbles in numerous areas/cities across the country. I feel obligated to point this out as I previously directed attention (via a posted hyperlink in a thread in this forum) to a TIME article a couple of months ago that downplayed the concern at that time. Maybe correct then; maybe not so correct today. And, more to come. Yep, things change fast.

As the one independent, noncommissioned, unendowed industry/profession whose job it is to watch and report these trends, regardless how besieged and under-appreciated we may be, I believe we should still keep our eyes open and report what we see, paid or not.

You will need to read between the lines a bit with this article. Even Consumer Reports may have now met its match. We understand, CR. We've known for some time that The Club is quite formidable.

Regards,

David C. Johnson, Raleigh
NC State-Certified General R.E. Appraiser
 

Terry Russell

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Joined
Feb 24, 2002
Professional Status
Appraiser Trainee
State
Montana
David,

I have not read the report. But it makes me think, when you speak of “what happened to?, back when?, things are changing. And invariably when one speaks of change, it is the decline of some previous economic plateau that they toiled to reach and now it may be slipping away.
Things changes, ALL things change and All things change consistently, relentlessly and for perpetuity. You can not stop it.
If you want to dwell on something try this, (you probably already know this from your biology studies) did you know that when you look at an object you change it. And the act of you looking it changes you. Now I am talking about a physical, measurable shift of chemistry just by looking at anything, any body whatever?
I am not too concerned about Consumer Reports today, tomorrow it will have changed.

terry
 
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