
AUGUST 2004	A Publication of ELLIOTT® & Company Appraisers



HOUSING PRICES RISE DRAMATACALLY

The National Association of Realtors (NAR) recently reported that median home prices in the United States rose a whopping 9.1% in the second quarter of 2004 compared to that of the second quarter last year. According to the NAR, the median value for a home is now $183,800. Leading the way for such a dramatic increase in median home price is Las Vegas, where median home values rose 52.4% to $269,900. Orange County, CA, in suburban Los Angeles, saw a 39% increase driving its median home prices to $655,300, making it higher than that of homes in the San Francisco Bay area (median home price $647,300) for the first time in history. Of the 128 metropolitan areas covered in this NAR survey, these two in California had the highest median home prices. The lowest median home prices were in South Bend/Mishawaka, OR ($93,800) and Syracuse, NY ($94,700). In South Bend, the values rose 3.1% and in Syracuse, they were up 2%. A few of these metropolitan areas actually saw a drop in median home values. The biggest decline was in Knoxville, TN, where home values went down 7% to $131,400.

ELLIOTT® HOLDS FACTORY BUILT HOMES CONFERENCE

The Factory Built Homes Conference held by ELLIOTT® & Company Appraisers earlier this month was a success, both in attendance of mortgage professionals and real estate appraisers and in the education provided, which helped the attendees in their careers.

“Since factory built housing is such a large part of today’s housing market, we wanted to have a joint seminar with our trading partners and our appraisers so that we could learn from each other,” said Charlie Elliott, president of ELLIOTT® & Company Appraisers.

Participating in the conference were Maury Kennedy of Clayton Homes Inc., who conducted a seminar on manufactured and modular home construction, Tom Zdanio of Barna Financial Inc., who held a seminar on log home construction and Mike Cole of M&T Mortgage Corp., whose seminar was on lending.

QUOTES OF WIT & WISDOM

“In the world of business, it is useless to be a creative thinker unless you can sell what you create.” – David Ogilvy

“Computers make it easier to do a lot of things, but most of the things they make it easier to do don’t need to be done.” – Andy Rooney

“An executive is a person who always decides. Sometimes he decides correctly, but he always decides.” – John Patterson

“Journalism largely consists of saying, ‘Lord Jones is dead,’ to people who didn’t know Lord Jones was alive.” – G.K. Chesterton

“History is the version of past events that people have decided to agree upon.” – Napoleon Bonaparte

“Knowledge and timber shouldn’t be used much until they are seasoned.” – Oliver Wendell Holmes




Contact Us
Newsletter Editor: kevin@elliottco.com	Web Site: www.appraisalsanywhere.com

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

3316-A Battleground Avenue
Greensboro, NC 27410