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| December 2002 |
A Publication of
ELLIOTT® & Company Appraisers |
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Happy Holidays
from ELLIOTT® & Company Appraisers |
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 All of us at ELLIOTT® & Company Appraisers wish you a joyous and safe
holiday season and a prosperous New Year.
We appreciate the confidence our clients have
placed in us, making 2002 another record year for our company.
Our offices
will be closed December 24 and 25 and January 1 for the holidays. We will
be open for business on all other weekdays during this holiday season,
offering appraisal service in each of the 50 states. |
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Refis Account
For Three Fourths of Mortgage Market |
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According to Frank Nothaft, Freddie Mac’s chief economist, mortgage
refis accounted for 75%
of the September market. Nothaft predicted that the refi market would
remain strong throughout the winter before dropping off sharply in 2003.
By the third quarter of next year, the refi market should drop to 25%,
he stated.
"Mortgage rates in the last few weeks of
September dropped to levels not seen since about 1965," Nothaft said. |
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Delinquencies and Foreclosures on
Subprime Loans Rising |
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A published study by LoanPerformance indicates serious delinquency and f oreclosure rates of B&C
loans are rising again after falling earlier in the year. According to
this study, conducted by the company with the largest database of
high-risk mortgage loans, the foreclosure rate moved up to 6.96% in
September after dipping to a yearlong low of 6.79% in July. After
bottoming out at 4.14% in July, the serious delinquency rate crept back to
4.17% in September.
Also, HUD reports that 11% of its loans are in
default and the number of foreclosed properties with FHA loans is
increasing by 10% per month. |
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Retail Mortgage
Lenders Gaining Market Share |
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According to National
Mortgage News, retail mortgage lenders accounted for 42.7% of all
loans produced during the third quarter of 2002, while wholesale funders
accounted for 31.2% and correspondent buyers lending the remaining 26.1%.
Last year in the third quarter, retail mortgage
lenders accounted for 38.5% of the total while wholesalers had a market
share of 28.5% and correspondents had 33%.
A major reason for the increase in
retail-mortgage-loan share and the drop in correspondent percentage is
that many large lenders are refinancing their own customers directly,
therefore, at the retail level. |
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Quotes
of Wisdom and Wit |
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The beginning is the most
important part of the work.
-- Plato
I don’t know
the key to success, but the key to failure is trying to please
everybody.
-- Bill Cosby
I find that
the harder I work, the more luck I seem to have.
-- Thomas Jefferson
The best doctor in the world is a
veterinarian. He can’t ask his patients what’s the matter; he’s
just got to know. -- Will Rogers
Any sufficiently advanced technology is
indistinguishable from magic. -- Arthur Clarke
I never did anything worth doing by
accident, nor did any of my inventions come by accident; they
came by work. -- Thomas Edison
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ELLIOTT® & Company Appraisers
currently offers appraisal service throughout all 50 of the United
States. Clients are encouraged to place orders directly to any
office local to properties to be appraised or to the central office
for assignment.
Orders may
be placed via telephone, fax or through the company's Web site. All
Internet orders will be processed through the central office.
Some
Offices Are Independently Owned and Operated
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3316-A Battleground Avenue
Greensboro, NC 27410
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subscriber of Elliott® & Company Appraisers.
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click here. |
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