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February 2008 |
A Publication of ELLIOTT®
& Company Appraisers |
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THREE
MAJOR APPRAISAL TRADE ORGANIZATIONS
TALK CONSOLIDATION |
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Executives from the Appraisal Institute (AI), the American Society of
Appraisers (ASA) and the American Society of Farm Managers and Rural
Appraisers (ASFMRA) have been discussing the possibility of the three
trade organizations consolidating.
If the three organizations indeed do consolidate, AI board members insist
that its designations, including MAI and SRA, remain intact and that the
real estate appraisers must dominate the consolidated board. ASA
represents not only real estate appraisers, but also appraisers of
jewelry, machinery and other valuables. |
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DROP IN
INTEREST RATES REVIVE MORTGAGE ACTIVITY |
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 In a refreshing change of pace from the mostly gloomy news of the recent
past, mortgage lending activity has picked up in the aftermath of the
three-quarter-point interest-rate reduction by the Federal Reserve Board
on January 22 and an additional half-point drop on January 30, during its
regularly scheduled meeting. According to Freddie Mac's Primary Mortgage
Market Survey, fixed-rate mortgages have dropped to their lowest interest
rate levels in four years.
"When the Federal Reserve cut the target federal funds rate by three
quarters of a percentage point, the action was extraordinary in both the
magnitude and the timing of the rate cut," said Frank Nothaft, vice
president and chief economist of Freddie Mac. "It is the largest cut since
October 1984 and also the first time in more than six years since the Fed
took such action outside of a scheduled Federal Open Market Committee
meeting."
The result of this historic rate cut has led to an improvement mortgage
lending activity. Countrywide Financial's Dave Doyle reportedly
experienced a 50% increase in incoming calls at the lending institutions
call centers, which he is in charge of.
ELLIOTT® & Company Appraisers is pleased to see the increased volume in
activity of our friends in the mortgage-lending industry and stands by
ready to assist them in their appraisal needs. |
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ELLIOTT® OFFERS
INSURANCE REPLACEMENT COST EVALUATIONS |
As we reported in a previous newsletter, insurance experts
estimate 60-70% of homes in this country are underinsured. We
suspect this also may be true of businesses. We do know that a
replacement cost analysis of the real estate and other physical
assets of a business can remedy the situation.
An appraisal of a company's physical assets can be very useful.
It prevents the business from the danger of under-insurance and
the economic waste of over-insurance. Once the appraisal has been
completed, if a disaster occurs, the company can satisfy its
"burden of proof" requirements. An independent listing of the
assets has been documented. Insurance companies and the courts
accept this as proof of loss. This evaluation can also be used
for other purposes.
ELLIOTT® provides complete insurance evaluation throughout the
United States, including insurable value appraisals, replacement
cost analyses and insurance/casualty loss evaluations.
Our experienced professionals provide insurance evaluations on
all types of commercial properties, from large manufacturing
plants and factories to small hotels and apartment complexes.
We can also assist with personal property evaluations for all
types of manufacturing and production machinery, office
furnishings, hotel and apartment furnishings, professional office
and retail furnishings, computers and office machines. |
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 QUOTES OF WIT &
WISDOM
"A judge is a law student who
marks his own examination papers."
-- H.L. Mencken
"Do not accustom yourself to use big words for little
matters."
-- Samuel Johnson
"A good listener is not only popular everywhere, but after a
while, he gets to know something." -- Wilson Mizner
"Whenever you are asked if you can do a job, tell them,
'Certainly I can.' Then get busy and find out how to do it."
-- Theodore Roosevelt
"Life is just a mirror, and what you see out there, you must
first see inside of you." -- Wally Amos
"The beginning of knowledge is the discovery of something we
do not understand." -- Frank Herbert
"Luck is what you have left over after you give 100
percent." -- Langston Coleman
"The worst loneliness is to not be comfortable with
yourself." -- Mark Twain
"Love is an exploding cigar we willingly smoke." --
Lynda Barry
"The best liar is he who makes the smallest amount of lying
go the longest way." – Samuel Butler
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