Appraising in Delaware, the Blog...

In a report released today describes a 7.4% increase in existing homes sales in the month of November.  Economists anticipated a 3.3% increase, so the 7.4% was a positive suprise.  Read more about the report on the Wall Street journal's website click here .  At Appraising in Delaware, we have also noticed a spike in volume in existing home sales in Kent and Sussex Counties. 

Looks like Santa may have come early this year!

According to new data, the existing homes sales increased 10% last month in the US.  The best part is that the numbers surpassed expectations.  Here is a link to the story in Bloomberg.com.  click here

So what do you think?  Has the bottom been met in the housing market?  Send us your stories and we will share more interesting links when we find them.

Milford, DE, 11/9/09 — Appraising In Delaware, Inc., local real estate appraisal firm, added a 2009 Volkswagon Jetta TDI to the fleet in an effort to reduce carbon foot print and increase miles per gallon.  “45.9 miles per gallon!” exclaims Jamie Burk, marketing and operations manager.  After a month of driving, the miles per gallon keep getting better.  “With the number of miles we drive per year up and down Kent county and Sussex county, we needed to find a vehicle that was efficient.  Finding something that also has super low emissions was a huge plus.” 

It was not easy to buy this car.  “We called and called dealerships from Virginia to Pennsylvania.   Those dealerships in turn called all the way to the entry port in Rhode Island.  We ended up holding two with credit cards over the phone.  Buying a car without driving it is new to me,” explains Patti Persia owner of Appraising in Delaware, Inc.

The new vehicle is so clean that it qualifies for a $1,500 green vehicle tax credit. 

Appraising in Delaware, Inc. provides real estate appraisal services in Kent and Sussex Counties.  For more information call (302)424-7550 or visit www.appraisinginDE.com

Appraising In Delaware, Inc.
Jamie Burk, Marketing Director
(302)424-7550
(302)424-4755 - fax
Appraising@hotmail.com
www.appraisinginDE.com

Appraising in Delaware, Inc. valuing homes in Kent and Sussex counties…..now cleaner!

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http://www.free-press-release.com/news-delaware-appraiser-adds-green-vehicle-1257785526.html

Stocks charted higher numbers this morning from the opening bell on Wall Street.  The Dow climbed up to 9930 at 10:40am setting record numbers for 2009.  Meanwhile, the dollar pulled back against the yen and euro as Central banks unloaded the US currency.   The dollar sell off pushed crude future prices up $1.81 to $73.58. 

Here is an article from the Wall Street Journal. click here

Meanwhile a CNNMoney.com article released today notes that many economists think the worst of the global recession is over.  This article is based on a survey of top economists also notes that more pain is expected before recovery is complete.  Read the full article click here 

Today reports indicate that housing starts increased.  These starts did not increas as much as expected, but that sure beats a decline.  Read more from the following links:

Wall Street journal story

Market Watch story

Starting tomorrow, the HVCC begins and we will all enter a new era in appraisal management. From what I have been reading in the news, many lenders are not aware of what the changes mean for them.  Because of this, I have collected several news links to help educate brokers and lenders on new requirements. 

• http://www.santacruzsentinel.com/business/ci_12226273
• http://www.housingwire.com/2009/04/28/are-lenders-ready-for-the-hvcc/
• http://www.boston.com/realestate/news/blogs/renow/2009/04/sam_schneiderma.html

If anyone has any more info or a better link, please email it to appraising@hotmail.com

Good Luck!

The Obama administration has a new plan for homeowners to refi.  If you are not behind in payments and your loan is backed by Fannie or Freddie, a new program will allow you to refi for rates as low as 5%.  This program will also help people with credit scores as low as 620.  Below is a link to a story in the LA Times from Sunday April 5th.

http://www.latimes.com/business/la-fi-cover5-2009apr05,0,3086950.story

If you do not want to read the story and see if you qualify a website has been created. 

• http://makinghomeaffordable.gov

To check to see if your loan is backed by Freddie and Fannie here are a few ways you can check:

• 1(800)7FANNIE
• 1(800) FREDDIE
• www.fanniemae.com/loanlookup
• www.freddiemac.com/

Caution!  Fannie and Freddie have approved the use of computerized appraisal systems that can help "speed up" the process of refinancing.  These computerized appraisals might be fast, but tend to be very misleading.  We have had several lenders call saying the AVP came in at one price but in reality the property is worth drastically more or less.  If an automated system overinflates your home's value, you will be underwater from the time you settle your refi.  If home values then drop even slightly, the problem will be compounded.