I did an appraisal several days ago.  There were plenty of recent, conventionally financed sales in the area that were very similar to the subject.  There were also REO sales (bank foreclosures) and some creatively financed and traded houses.  The appraisal was pretty easy, but the market is a bit dicey.

I went to a neighborhood that is about five years old several days ago.  There are about 150 houses in the sub division.  As I looked for sales data I found that there haven’t been a sale in that development in the last six months that was not a foreclosure, and there were a number of foreclosure sales.  There were no cash, conventionally financed or even creatively financed sales to be found.

It is difficult these days to read the data.  It is very mixed.  Some neighborhoods are doing pretty well.  Others are not doing well at all.  It will be interesting to look at the NTS statistics at the end of this month.

Ralph Olsen, IFA appraiser

Pacific West Appraisal Services, Inc.

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