An appraiser perspective on real estate market trends, happenings, and events

From the Appraisal Newscast.

A proposal from the Obama administration could prevent lenders from initiating foreclosure on any loan until they have determined that it does not qualify for the Home Affordable Modification Program or efforts to contact delinquent borrowers no less than four times by phone and twice by mail during a month's time have failed. Lenders also would not be allowed to continue foreclosure proceedings when borrowers have been granted a trial modification.

A sign of the times. If you complete the math on appraiser attrition, you end up with a 2.2% drop in license renewals during the one month span.  Add to this the fact that the average aged appraiser is likely receiving a copy of AARP magazine in their mailbox.

Calling it Quits: New Stats Show High Attrition for Appraisers

Not unexpectedly, the Appraisal Subcommittee is beginning to release statistics from the end of 2009 which show a large number of appraisers not renewing their licenses. On January 30th, the ASC released the names of 2,138 appraisers in 22 states whose licenses expired on December 31st. 
The Appraisal Subcommittee reported a grand total of 114,422 on its website (www.asc.gov) as of February 1st.   Approximately 33% are Certified General Appraisers, 49% are Certified Residential Appraisers and 18% are Licensed/Transitional Appraisers.  This is down from the 117,083 reported on the site as of December 7th, 2009.  Individual state totals along with breakdown by license type can be viewed by clicking on the following link:  Appraisal Subcommittee

This is perhaps the most informative and encapsulating and, at times, humorous perspective of the subprime / credit crisis from origins to aftermath. It's a little lengthy but definitely worth the listening time devoted. 

This American Life: The Giant Pool of Money    Date aired May 15th, 2008