Norris Bruce
Jul 14, 2015

Gap Between Home Value Opinions Continues to Widen Between Appraisers and Homeowners


Today’s News Synopsis:


Foreclosures of all kinds have decreased as much as over 20%, down into double-digits.  The gap between opinions on home values of appraisers and homeowners continues to widen.  More and more consumers have a more positive outlook on the economy while also continuing to remain cautious.


In The News:

Bloomberg – “Offices in California’s Orange County Rebound From Plunge” (7-14-15)

“Office rents are surging in Orange County, California, an area that was plagued by vacancies after the collapse of the subprime-mortgage industry.  Asking rents for top-tier office properties in Orange County, home to Pacific Investment Management Co., Disneyland and bond investor Bill Gross, jumped almost 26 percent in the second quarter from a year earlier, compared with 8.1 percent growth for Southern California as a whole, brokerage Cushman & Wakefield Inc. said in a report Tuesday.”

DS News – “Foreclosure Metrics Experience More Double-Digit Declines” (7-14-15)

“Completed foreclosures, foreclosure inventory, and serious delinquencies all experienced double-digit declines again in May, falling even further toward pre-recession levels, according to CoreLogic’s May 2015 National Foreclosure Report released Tuesday.”

Housing Wire“Chasm developing between homeowner, appraiser opinions” (7-14-15)

“Appraiser home value opinions fell further below homeowner estimates in June, marking the fifth consecutive month of this trend at the national level, according to Quicken Loans.”

Mortgage Professional America – “Industry pushes back against TRID” (7-14-15)

“It may have already been pushed back a number of times, but industry professionals across the country are calling for even further delays of the “Know Before You Owe” rule change.”

DS News – “House Subcommittee Examines Fed’s Transparency and Accountability” (7-14-15)

“A House Subcommittee convened Tuesday to discuss the accountability and the transparency of the Federal Reserve Board, as well as the Fed’s expanded powers under the Dodd-Frank Act which was passed into law five years ago this month.”

Housing Wire“NY Fed: Consumers cautiously optimistic about economy” (7-14-15)

“Consumer expectations in the June 2015 Survey of Consumer Expectations generally show a slightly more positive outlook of the U.S. economy, according to the Federal Reserve Bank of New York.”

DS News – “Investors Prefer Flipping Over Hold-to-Rent Strategy for Third Straight Quarter” (7-14-15)

“Investors bidding on properties online and at live events nationwide appear to prefer flipping these purchased properties more than renting them., LLC, recently revealed the findings from its second quarter 2015 Real Estate Investor Activity Report, a nationwide survey of real estate investors.”

Mortgage Professional America – “Big bank’s mortgage revenue dwindling” (7-14-15)

“JPMorgan’s second quarter results may have surpassed expectations, but its mortgage revenue waned.  The big bank posted earnings of $1.54 per share on Tuesday, surpassing the estimated $1.45 per share. It also posted revenue of $24.3 billion. Shares, meanwhile, are up one per cent.”

Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC tonight at 6:30.

Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.

Bruce Norris of The Norris Group will be presenting the California Real Estate Market Update with TIGAR on Thursday, August 13.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.


Looking Back:

Citigroup resolved a $7 billion settlement to cover charges of not being honest to investors about the quality of their mortgage-backed bonds.  Expectations by consumers over the improvement in the economy increased slightly by .5% month-over-month and 2.5% year-over-year.  Janet Yellen of the Federal Reserve was expected to speak before Congress this week regarding the economy’s health and the status on what the Fed was doing to help improve the economy.

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