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September 2007 |
A Publication of ELLIOTT®
& Company Appraisers |
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ELLIOTT®
ANNOUNCES ONE-STOP SHOPPING |
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 Effective
immediately, all orders for ELLIOTT® & Company Appraisers are being
processed from the Central Office.
"Having all of our work done out of the Central Office allows us to
guarantee all of our clients the competitive pricing that we strive to
offer," said Charlie Elliott, president of Elliott® & Company Appraisers.
"This also permits us to control the service and work quality from one
single geographic location."
Those wishing to place an order can call our Client Services Department
at (800) 854-5889 or visit us online at www.appraisalsanywhere.com.
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FANNIE
MAE EXEC PREDICTS HOME-PRICE DECLINE WILL SPEED UP |
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 Enrico
Dallavecchia, the chief risk officer at Fannie Mae, predicted an average
housing-price decline of 2% for the remainder of 2007 and a 4% drop in
American housing prices next year.
"This is clearly a market poised for more severe overall credit losses,"
Dallavecchia said in a conference call with investment experts.
The risk officer noted that as adjustable-rate mortgages require
escalating monthly payments, more foreclosures could be expected.
"This could have a cascading effect on the market," Dallavecchia said.
Executives at Global Insight, an international economic analysis firm,
note that the current decline in housing is the steepest since the Great
Depression.
"This time, the problem with housing is not so much that interest rates
became especially high; it was that house prices became especially
high," said Global Insight’s Nigel Gault. "What was unusual this time is
that we had such a long period without any downturn."
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COMMERCIAL REAL
ESTATE CUSHIONS
DROP IN RESIDENTIAL SECTOR |
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With the demise of the housing boom,
the saving grace for the real estate industry has been the
increase in commercial business.
The U.S. Census Bureau reported that nonresidential construction
spending rose 17% in June to $346.6 billion. Leading the way for
this commercial boom was construction of hotels, schools, office
buildings and utility plants.
"We have unprecedented public infrastructure being built," said
Barry Broome, president of the Greater Phoenix Economic Council.
Commercial developers in that part of Arizona are said to be
scrambling to find enough skilled laborers, such as electricians
and plumbers, who have sufficient knowledge of nonresidential
construction. The Houston and Las Vegas markets, among others,
report a similar situation in their respective commercial real
estate markets. |
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QUOTES OF WIT &
WISDOM |
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 "Creativity
is allowing yourself to make mistakes. Art is knowing which
ones to keep." -- Scott Adams
"A strong, positive mental attitude will create more
miracles than any wonder drug." -- Patricia Neal
"If your success is not on your own terms, if looks good to
the world but does not feel good in your heart, it is not
success at all."
-- Anna Quindlen
"There’s no trick to being a humorist when you have the
whole government working for you." -- Will Rogers
"Desire makes everything blossom; possession makes
everything wither and fade." -- Marcel Proust
"Humility is the embarrassment you feel when you tell people
how wonderful you are." -- Laurence Peter
"Usually, terrible things that are done with the excuse that
progress requires them are not really progress at all, but
just terrible things." -- Russell Baker
"The word ‘politics’ is derived from the word ‘poly,’
meaning many, and the word ‘ticks,’ meaning blood sucking
parasites." -- Larry Hardiman
"It is said that power corrupts, but actually it’s more true
that power attracts the corruptible. The sane are usually
attracted by other things than power." -- David Brin
"Courage is being scared to death, but saddling up anyway."
-- John Wayne
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