April 2007

A Publication of ELLIOTT® & Company Appraisers

 

ELLIOTT® ADDS "QUOTE ME A FEE" SERVICE

 

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.

 

HOUSE VALUES AT LESS THAN CARS IN DETROIT

 

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."

 

ECONOMISTS DIFFER ON SUBPRIME'S EFFECT
ON TOTAL MORTGAGE MARKET

 
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."
 

QUOTES OF WIT & WISDOM

 

"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

For previous newsletters or columns written by Charlie Elliott, MAI, SRA, president of ELLIOTT® & Company Appraisers, for mortgage publications visit our Web site at www.appraisalsanywhere.com.

 
CONTACT US
Newsletter Editor: kevin@elliottco.com    Web Site: www.appraisalsanywhere.com
3316-A Battleground Avenue • Greensboro, NC 27410
 

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