Have you ever wondered if the advertising you have seen is correct? I am referring to the flier you receive in the mail or the advertisement on television late one evening. Believe it or not, many

websites lead you to legitimate real estate properties owned by the government and represented by reputable real estate companies.

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anuary 6th, 2011 5:55 pm ET



Hundreds of thousands of families nationwide are granted a very Happy Holiday season today when President Obama and his administration announced almost $73 million in housing grants to over 500 national, regional, and local organizations nationwide. These grants will provide the opportunity for many families in Richmond to keep their homes as the result of counseling awarded today by U.S. Housing and Urban Development Secretary Shaun Donovan.

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Speaking from the top floor of the SunTrust building here, Mark Zandi, addressed members and guests of the Richmond Association for Business Economics (RABE) today with a speech entitled, “Righting the Wrongs”.

Zandi often quoted here and throughout the world, was greeted with much anticipation by many business professionals and academia. Mark Zandi is the Chief Economist for Moody’s Analytics and the author of his “Financial Shock” book series, which successfully predicted the recession in 2007.

To summarize, Mark Zandi Believes…

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2010 Could Be A Very Challenging Year For Home Appraisers!
The current economic news suggests 2010 will be a very challenging year for home appraisers in the form of less demand for appraisal orders. First, the stability of the entire U.S. Financial System is in question. Commercial mortgage delinquencies continue to rise. CNBC just reported that 9.97% of home loans are now delinquent. It’s predicted in 2010 that a housing crash looms as we will reach shadow inventory of 7 million. As we reach this 7 million, the demand for housing will decline and housing prices will follow. With less equity, there will be less refinance appraisal orders. The Crabtree Report says home prices slide as inventories rise. Home price slides mean more people walking away, less refi’s, and less appraisal work.

Secondly, home mortgage rates are expected to increase. The Mortgage Bankers Association just said yesterday that as interest rates rise and the unemployment increases, it expects home loan originations to fall by 40% this year -their lowest level in a decade. HousingWire said today: “Yield Curve Can’t Drive Profits If Banks Won’t Lend,” banks are not lending on real estate, and banks won’t lend until rates rise. Fannie Mae, Freddie Mac and FHA are all raising loan qualification standards. All of this indicates less appraisal orders.

However, FHA & RD Appraisal Orders Are BOOMING!
Given the current mortgage market conditions, FHA and USDA Rural Development (RD) appraisal orders are booming. RD Appraisal Assignments require FHA standards and placement on the FHA Roster. FHA work is expected to remain a large portion of mortgage lending into 2010.

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When selling the home several years ago, agents commented on the profit I was to gain
since they could see the original price paid in 1993. What they didn’t know was that we
either hired someone or completed the work ourselves including bathroom and kitchen renovations, installation of central air, lots of painting, and resealing all of the hardwood floors. All total, the cost of the repairs and improvements were minimal compared to our attachment to the house. After all, ten years ago, I happily took a week off to replace drywall and re-paint a walk-in pantry that we had built years earlier.

Since we are still friends with our former neighbors, seeing our previous home well maintained over the past few years has been enjoyable. The new owners even mentioned how little maintenance they had incurred since moving in. What took me by surprise was the fact that this economy had affected a happy family that loved our previous home as much as we did. At this point, the news about the economy seems personal. What these new owners did not know was they should have sold the house before it had gone into foreclosure since the home has increased in value.

If you or someone you know is about to lose their home, please consult an attorney who can help you with this process. Who knows, it may save you lots of heartaches and money.

by Lore DeAstra, MBA, SRA, CDEI, ACB, CL