Bringing Evaluations Under USPAP’s Umbrella
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Evaluations: Concept Paper, Webinar, Public Meeting
In early August, The Appraisal Foundation announced that the The Appraisal Standards Board would be considering adopting standards for evaluations in the Uniform Standards of Professional Appraisal Practice (USPAP). On September 3, 2019, they announced three opportunities to learn more and share your insights.
The Appraisal Standards Board is seeking your feedback on the concept of developing standards for performing evaluations in USPAP. Submit your comments to ASBcomments@appraisalfoundation.org. The comment period closes on October 11, 2019.
Read the evaluations concept paper here
Wayne Miller, chair of the Appraisal Standards Board, and John Brenan, vice president, appraisal issues at The Appraisal Foundation will discuss the recently published Concept Paper – Evaluation Standards in USPAP, and they will also answer your questions and comments. The Webinar will be held September 10, 2019 at 1:00 pm eastern. If you already have a question in mind, send your questions to email@example.com.
Learn more and share your thoughts at the ASB public meeting on October 18, 2019. The Board will take your questions and welcomes your thoughts concerning creating standards for evaluations in USPAP. You can attend by either watching the meeting livestream or attend in person.
Final Rule Would Mean Fewer Home Appraisals
On August 26th 2019, Amy Scott of NPR’s National Market Place did a story on the increases of the appraisal threshold.
The new rule raised the appraisal threshold from from $250,000 to $400,000. Though it could make the homebuying process faster and less expensive, critics say it could also put more buyers at risk of owing more than their homes are worth.
Listen to the full story below.
Home Values Reach Highest Point Since January 2007, While Owner Perceptions Continue to Improve
The average home appraisal in July came in an average of 0.63% lower than owners’ estimates, according to Quicken Loans’ National Home Price Perceptions Index (HPPI). This is the third consecutive month of a tightening gap between the two data points, showing that owners are becoming more in tune with their homes’ current value.
Quicken Loans’ Home Value Index (HVI), which is based solely on the appraisal data of America’s largest mortgage lender, shows that values increased 0.6% nationally in July, though the year-over-year increase is identical to last month’s 4.78% jump. July’s HVI level, is at its highest since January 2007.
Appraisal values rose in every region, with the Northeast experiencing a 1.34% increase in home values, and the South measuring a 0.04% bump in appraisal values. All regions continue to enjoy significant year-over-over increases, which range from 3.51% in the South to 5.45% in the Midwest.