Mapping America — Census Bureau 2005-9 American Community Survey - NYTimes.com
Very Cool
Wednesday, December 15, 2010
Monday, December 13, 2010
Real estate health: Nashville's 'underwater' mortgage rate flat | Nashville Business Journal
Real estate health: Nashville's 'underwater' mortgage rate flat Nashville Business Journal
The number of Nashville-area homeowners with negative equity — meaning they owe more on their mortgage than their home is worth — remained flat in the third quarter despite a slight decrease nationwide, according to data released today by CoreLogic.
But Nashville's numbers remain far better than the nation's overall.
Read more: Real estate health: Nashville's 'underwater' mortgage rate flat Nashville Business Journal
The number of Nashville-area homeowners with negative equity — meaning they owe more on their mortgage than their home is worth — remained flat in the third quarter despite a slight decrease nationwide, according to data released today by CoreLogic.
But Nashville's numbers remain far better than the nation's overall.
Read more: Real estate health: Nashville's 'underwater' mortgage rate flat Nashville Business Journal
Sunday, August 8, 2010
Manier and Exton Updates Market Reports
Manier and Exton has updated is Market Reports for select Middle Tennessee markets as of 8/8/2010. The reports can be found at http://exton.biz/
Sunday, July 11, 2010
Wall St. Hiring in Anticipation of an Economic Recovery - NYTimes.com
Wall St. Hiring in Anticipation of an Economic Recovery - NYTimes.com
While much of the country remains fixated on the bleak employment picture, hiring is beginning to pick up in the place that led the economy into recession — Wall Street. MORE
While much of the country remains fixated on the bleak employment picture, hiring is beginning to pick up in the place that led the economy into recession — Wall Street. MORE
Tuesday, June 29, 2010
The financial reform bill and appraisers
The "Dodd-Frank Wall Street Reform and Consumer Protection Act" passed a joint House/Senate conference committee was sent to Congress for voting.
Hopefully, the bill will be approved by Congress this week. The bill makes changes to FIRREA, RESPA, and other regulations. In particular, an amendment backed by the Appraisal Institute and its partner professional appraisal organizations was accepted by the House-Senate Conference Committee last week that effectively defines “cram downs” of appraiser fees as an “unfair and deceptive” practice under the Truth in Lending Act. Under the amendment included in the final Conference Report, evidence of “customary and reasonable” fees would include government fee schedules and independent studies that exclude appraisal orders from known appraisal management companies.
Other significant provisions within the Conference Report include:
• Establishment of a federal appraisal independence standard, sunsetting the HVCC
• Provisions to separate AMC and appraisal fees on the HUD-1 Statement
• State AMC registration requirements
• Enhanced appraiser competency provisions, including clarification regarding consideration of professional appraisal designations
• Financial resources for oversight and enforcement
Click here to read the full Dodd Bill (appraisals start on page 2205)
Hopefully, the bill will be approved by Congress this week. The bill makes changes to FIRREA, RESPA, and other regulations. In particular, an amendment backed by the Appraisal Institute and its partner professional appraisal organizations was accepted by the House-Senate Conference Committee last week that effectively defines “cram downs” of appraiser fees as an “unfair and deceptive” practice under the Truth in Lending Act. Under the amendment included in the final Conference Report, evidence of “customary and reasonable” fees would include government fee schedules and independent studies that exclude appraisal orders from known appraisal management companies.
Other significant provisions within the Conference Report include:
• Establishment of a federal appraisal independence standard, sunsetting the HVCC
• Provisions to separate AMC and appraisal fees on the HUD-1 Statement
• State AMC registration requirements
• Enhanced appraiser competency provisions, including clarification regarding consideration of professional appraisal designations
• Financial resources for oversight and enforcement
Click here to read the full Dodd Bill (appraisals start on page 2205)
Wednesday, April 21, 2010
The United States is projected to grow by 3.1 percent
The world economy is rebounding from recession "better than we thought likely" and will expand by more than 4 percent this year, the International Monetary Fund's top economist says.
The United States is projected to grow by 3.1 percent -- better than the 2.3 percent average growth projected by the IMF for the advanced economies.
For more information, visit washingtonpost.com:
http://link.email.washingtonpost.com/r/AADB45/BA781/GK4RGU/JLEEO7/EJWYP/UP/t
The United States is projected to grow by 3.1 percent -- better than the 2.3 percent average growth projected by the IMF for the advanced economies.
For more information, visit washingtonpost.com:
http://link.email.washingtonpost.com/r/AADB45/BA781/GK4RGU/JLEEO7/EJWYP/UP/t
Monday, April 5, 2010
Wednesday, March 3, 2010
24 Percent of U.S. Homes Underwater
24 Percent of U.S. Homes Underwater
The number of residential properties nationwide with mortgages that were "underwater" at the end of 2009 rose by 3 million over year-end 2008, according to a First American CoreLogic report released Feb. 23. An additional 620,000 properties fell into negative equity in the fourth quarter alone, bringing to 11.3 million (or 24 percent) the 2009 total. That marks an uptick from the 23 percent represented by the 10.7 million underwater mortgages at the end of the third quarter, according to MSN Money.
Overall, the problem loans remain concentrated in five states: Nevada, with 70 percent of home mortgages underwater; followed by Arizona, with 51 percent underwater; Florida at 48 percent; Michigan at 39 percent; and California at 35 percent. Those states were in stark contrast with the lowest three: Iowa with 9 percent of home mortgages, New York with 6.3 percent and Oklahoma with 6 percent, according to MSN Money.
California (2.4 million) and Florida (2.2 million) have the largest number of negative equity mortgages, accounting for 41 percent of all negative equity loans, according to MSN Money.
Despite bleak findings in the First American CoreLogic report, a Standard & Poor's/Case-Shiller report released Feb. 23 showed that home prices increased modestly in December. The Standard & Poor's/Case-Shiller index of home prices in 20 metropolitan areas rose 0.3 percent in December, the index's seventh consecutive monthly increase, MSN Money reported.
The number of residential properties nationwide with mortgages that were "underwater" at the end of 2009 rose by 3 million over year-end 2008, according to a First American CoreLogic report released Feb. 23. An additional 620,000 properties fell into negative equity in the fourth quarter alone, bringing to 11.3 million (or 24 percent) the 2009 total. That marks an uptick from the 23 percent represented by the 10.7 million underwater mortgages at the end of the third quarter, according to MSN Money.
Overall, the problem loans remain concentrated in five states: Nevada, with 70 percent of home mortgages underwater; followed by Arizona, with 51 percent underwater; Florida at 48 percent; Michigan at 39 percent; and California at 35 percent. Those states were in stark contrast with the lowest three: Iowa with 9 percent of home mortgages, New York with 6.3 percent and Oklahoma with 6 percent, according to MSN Money.
California (2.4 million) and Florida (2.2 million) have the largest number of negative equity mortgages, accounting for 41 percent of all negative equity loans, according to MSN Money.
Despite bleak findings in the First American CoreLogic report, a Standard & Poor's/Case-Shiller report released Feb. 23 showed that home prices increased modestly in December. The Standard & Poor's/Case-Shiller index of home prices in 20 metropolitan areas rose 0.3 percent in December, the index's seventh consecutive monthly increase, MSN Money reported.
Zillow Values No More Accurate Than Homeowners' Estimates: The Appraisal Journal
CHICAGO (Feb. 25, 2010)- Estimates of home values from Zillow.com may be no more accurate than homeowners' estimates of value, according to a new study in The Appraisal Journal's Winter 2010 issue.
The Appraisal Journal is the quarterly technical and academic publication of the Appraisal Institute, the nation's largest association of real estate appraisers. (The materials presented in the publication represent the opinions and views of the authors.)
"Zillow's Estimates of Single-Family Housing Values," by Daniel R. Hollas, Ph.D., Ronald C. Rutherford, Ph.D., and Thomas A. Thomson, Ph.D., examines how Zillow's estimates of value, known as Zestimates, compare to actual sale prices. Zillow.com is an automated valuation model Web site.
The authors looked at home sales in Arlington, Texas, a location where Zillow has indicated its data has the highest accuracy level. The authors' study found that 40 percent of the homes in the sample were overvalued by Zillow by more than 10 percent compared to actual sale prices. The study's authors suggested that Zillow may not take into account the occupancy of properties, which has been shown to affect sale prices.
Other studies have shown that on average homeowners' overestimate the values of their homes by 5.1 percent and new owners overvalue their homes by about 8.4 percent. The authors conclude, therefore, that while Zillow is a helpful tool, it may not be more accurate than the owners' own estimates of value.
The Appraisal Journal is the quarterly technical and academic publication of the Appraisal Institute, the nation's largest association of real estate appraisers. (The materials presented in the publication represent the opinions and views of the authors.)
"Zillow's Estimates of Single-Family Housing Values," by Daniel R. Hollas, Ph.D., Ronald C. Rutherford, Ph.D., and Thomas A. Thomson, Ph.D., examines how Zillow's estimates of value, known as Zestimates, compare to actual sale prices. Zillow.com is an automated valuation model Web site.
The authors looked at home sales in Arlington, Texas, a location where Zillow has indicated its data has the highest accuracy level. The authors' study found that 40 percent of the homes in the sample were overvalued by Zillow by more than 10 percent compared to actual sale prices. The study's authors suggested that Zillow may not take into account the occupancy of properties, which has been shown to affect sale prices.
Other studies have shown that on average homeowners' overestimate the values of their homes by 5.1 percent and new owners overvalue their homes by about 8.4 percent. The authors conclude, therefore, that while Zillow is a helpful tool, it may not be more accurate than the owners' own estimates of value.
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