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April 2007 |
A Publication of ELLIOTT®
& Company Appraisers |
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ELLIOTT®
ADDS "QUOTE ME A FEE" SERVICE |
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ELLIOTT®
& Company Appraisers has added a new feature to its Web site and its
monthly electronic newsletters.
Potential clients with a need for an appraisal can click the red
button at the top of the home page on our Web site (www.appraisalsanywhere.com)
and fill out the resulting online form, giving contact information
and the address of the property. Shortly after the quote request is
submitted, an ELLIOTT® representative will contact the client and
provide any requested quotes.
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HOUSE VALUES AT LESS THAN
CARS IN DETROIT |
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 The
average cost of a new car is about $29,000, but in Detroit, the home of
the U.S. automobile industry, some houses are actually selling for less
than that.
Ironically, it is the loss of jobs formerly offered by the auto
industry, which has caused houses in the Motor City to be sold so cheap.
That and rising interest rates are the primary reasons why Detroit has
the dubious distinction of being the No. 1 city in the United States in
foreclosures.
As a result, one of the hottest industries there is that of foreclosed
property. Investors come around looking for bargains. These investors
are well aware that most real estate that was conceived as a bargain
there just a few months ago has not produced a financial return.
"These people are investors, and they know the difficulty of finding
financing," said Realtor Stanley Wegrzynowicz about registered bidders
at a Detroit real estate auction. "They know the difficulty of finding
good tenants. They’re cautious."
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ECONOMISTS DIFFER ON
SUBPRIME'S EFFECT
ON TOTAL MORTGAGE MARKET |
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Recently the Wall Street Journal
interviewed 60 economists in order to get their opinion on
whether the problems in the subprime mortgage market would have
a negative effect on the mortgage market as a whole. Slightly
over half of the surveyed economists said they indeed felt that
the subprime problems would indeed seep into the entire
mortgage-loan industry.
"Mortgage credit-quality problems go well beyond the subprime
sector," said Jan Hatzius, chief U.S. economist of Goldman
Sachs. The underlying problem is not the subprime market per se,
but the reset of large quantities of adjustable-rate debt.
Meanwhile, almost half of these economists stated a different
point of view.
"You can tell a lot of scary stories, but they’re not broadly
accurate," said Richard Dekaser, an economist with National City
Corporation. "We’re still talking about a small segment of the
nation’s homes that are affected." |
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QUOTES OF WIT &
WISDOM |
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"Eat breakfast like a king,
lunch like a prince and dinner like a pauper."
-- Adelle Davis
"Winners can tell you where they will be going, what they
plan to do along the way and who will be sharing the
adventure with them."
-- Denis Watley
"The only thing wrong with immortality is that it tends to
go on forever."
-- Herb Caen
"Fear is that little darkroom where the negatives are
developed."
-- Michael Pritchard
"The real distinction is between those who adapt their
purposes to reality and those who seek to mold reality in
the light of their purposes." -- Henry Kissinger
"I like trees because they seem more resigned to the way
they have to live than other things do."
-- Willa Cather
"There is only one success -- to be able to spend your life
in your own way." -- Christopher Morley
"Of those who say nothing, few are silent." --
Thomas Neill
"The only thing that’s been a worse flop than the
organization of nonviolence has been the organization of
violence." -- Joan Baez
"Always acknowledge a fault. This will throw those in
authority off their guard and give you an opportunity to
commit more." -- Mark Twain
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