Who else is dead slow lately?

[Vermonter]

On track for the busiest February I've had since before covid so not sure what is happening everywhere else

 

[Bobby Bucks]

As opposed to a fee shop where there are four orders to be spread between five appraisers? Been there done that. Dissention among the ranks happens pretty quickly when you are the odd man out.

That brings back memories of the “sort of good old days”. I was busier then than now. When I was a trainee, I was a part time appraiser, still a part time broker, some days full time with both, burning both ends of the candle. In our fee shop the system was fair, any orders that came to the shop, old clients, etc. were divvied up evenly. Any clients you got on your own were yours, of course the fee shop still extorted their 50%. I was calling on mortgage brokers, banks, etc. and was very busy. Some of the others there got resentful. They never made sales calls, but still considered it an unfair system. I would come in with a stack of orders and they were standing around glaring, mumbling and smoking cigarettes. One guy had been appraising 15 years and despised me for being busy. There are Bernie Sanders type appraisers out there who think everything should be spread around, even if it involves taking orders from a lowly trainee.

 

[Terrel L. Shields]

I'm pretty sure you don't have access to it." He was asked to leave.

I had a buddy in Carlsbad who kept getting shorted on his check and called the office mgr who refused to do anything about it. So, he calls the boss at 7 am at home to complain and they got in an argument. When the guy threatened to fire him, he replied, "I've been fired by better men than you." The boss took stock, dang sure didn't want to replace him mid-job 200 miles from Midland, apologized and made sure his check made up the missing money. It was epic.

We suddenly slowed but likely due to weather. We can stand the chill but not prepared for snow and -2 degrees weather. I guess borrowers weren't either.

 

[alebrewer]

More airline crashes on news this year. It must be Trump.

Or.... and hang with me here, as this is some crazy stuff - but maybe the media is just reporting more airline stuff as it appeals to their anti-DT base...

 

[Terrel L. Shields]

One guy had been appraising 15 years and despised me for being busy.

A bunch of appraisers I know had absolutely no idea how to make a cold call on a potential customer.

Over the years, I no longer need to make such calls, but I do know how. I have been in virtually every community bank in 4 counties. I also networked some of the regionals and generally avoided the mortgage brokers. I still have an abstract company in Oklahoma that recommends me to people for private work. That cost me a few cartons of "Little Debbies" from the company store over the years. They will have a case of cookies on sale sometimes for $10-15 and they got an annual Xmas gift of same...you know those Little Xmas Tree shaped cakes.

It must be Florida.

Just read that price reductions were happening on rentals in Florida. Not sure what's going on.

This is the NW Arkansas market

• In the first half of 2024, the average selling price for a single-family home in Benton County was $432,956, a 2.5% increase from the previous year.
  
  
• In Fayetteville, the median home price increased to $474,500 in June 2024, a 10.6% increase from the previous year.
  
  
• The median sales price in Benton County increased from $362,000 in 2023 to $365,000 in 2024.
• 
  
• Commercial market
  • The vacancy rate for all commercial space in Northwest Arkansas remained flat at 6.4% in the first half of 2024.
    
    
  • The vacancy rate in the retail submarket declined from 7.9% in the second half of 2023 to 6.2% in the first half of 2024.
    
    
  • There was strong leasing activity in the class A submarket.
    
  
  Apartment market
  
  • The apartment market is expected to rebound in 2024, with net absorption exceeding 1,000 units.
  • Rent growth in Northwest Arkansas is expected to recover to 4.2% by the end of 2024.

 

[Tim Hicks (Texas)]

That brings back memories of the “sort of good old days”. I was busier then than now. When I was a trainee, I was a part time appraiser, still a part time broker, some days full time with both, burning both ends of the candle. In our fee shop the system was fair, any orders that came to the shop, old clients, etc. were divvied up evenly. Any clients you got on your own were yours, of course the fee shop still extorted their 50%. I was calling on mortgage brokers, banks, etc. and was very busy. Some of the others there got resentful. They never made sales calls, but still considered it an unfair system. I would come in with a stack of orders and they were standing around glaring, mumbling and smoking cigarettes. One guy had been appraising 15 years and despised me for being busy. There are Bernie Sanders type appraisers out there who think everything should be spread around, even if it involves taking orders from a lowly trainee.

That's exactly my experience when I was a trainee, then certified appraiser at a fee shop in the early 1990's.

 

[Joe Flacco]

The data for Feb in my area is looking like 20% decline YoY in both new listings and new pendings YoY. Both are going to be new lows for February.

 

[TallRedd]

As far as FED rates go, those are not the issue. Look at 10 year Treasuries.

DT has very little to do with anything as far as borrowing rates go, but he and this administration LOVE high asset prices for what that is worth. Did anyone see the recent FHFA newsletter concerning extension of COVID emergency protocols and LTV ratios for lenders performing in-house valuations? That is the real driver.....no conflict of interest there at all....

 

[TC]

As opposed to a fee shop where there are four orders to be spread between five appraisers? Been there done that. Dissention among the ranks happens pretty quickly when you are the odd man out.

Yeah, when the market slows down, it can get ugly in the office. Been there.

 

[alebrewer]

Did anyone see the recent FHFA newsletter concerning extension of COVID emergency protocols and LTV ratios for lenders performing in-house valuations? That is the real driver.....no conflict of interest there at all....

Citation, please. I'd like to see that.