[Bugs]

As you can imagine, this has created quite the buzz in appraiser circles. The reason there even is an agreement is because AG Cuomo wants to sue Fannie and Freddie (and a lot of other lenders) for their lending practices. In exchange for agreeing to change the way they do business, Cuomo will agree to drop his suits.

It looks like there will be some collateral damage to some innocents, and some borrowers are certainly going to be unhappy with the results. But the general concensus among most appraisers is that any steps taken to separate the appraisers from the loan originators will be helpful over the long term.

It is no coincidence that the lenders with the cleanest loan pools are those who played by the rules, did their underwriting, and separated their appraisers from the loan officers as much as possible. Of course, these lenders were also heavily penalized during the runup by losing the competitive edge.

If the agreement does go into effect, I would anticipate many of the other lenders to sign on as well.

[Bugs]

As you can imagine, this has created quite the buzz in appraiser circles. The reason there even is an agreement is because AG Cuomo wants to sue Fannie and Freddie (and a lot of other lenders) for their lending practices. In exchange for agreeing to change the way they do business, Cuomo will agree to drop his suits.

It looks like there will be some collateral damage to some innocents, and some borrowers are certainly going to be unhappy with the results. But the general concensus among most appraisers is that any steps taken to separate the appraisers from the loan originators will be helpful over the long term.

It is no coincidence that the lenders with the cleanest loan pools are those who played by the rules, did their underwriting, and separated their appraisers from the loan officers as much as possible. Of course, these lenders were also heavily penalized during the runup by losing the competitive edge.

If the agreement does go into effect, I would anticipate many of the other lenders to sign on as well.

[Bugs]

As you can imagine, this has created quite the buzz in appraiser circles. The reason there even is an agreement is because AG Cuomo wants to sue Fannie and Freddie (and a lot of other lenders) for their lending practices. In exchange for agreeing to change the way they do business, Cuomo will agree to drop his suits.

It looks like there will be some collateral damage to some innocents, and some borrowers are certainly going to be unhappy with the results. But the general concensus among most appraisers is that any steps taken to separate the appraisers from the loan originators will be helpful over the long term.

It is no coincidence that the lenders with the cleanest loan pools are those who played by the rules, did their underwriting, and separated their appraisers from the loan officers as much as possible. Of course, these lenders were also heavily penalized during the runup by losing the competitive edge.

If the agreement does go into effect, I would anticipate many of the other lenders to sign on as well.

[Bugs]

As you can imagine, this has created quite the buzz in appraiser circles. The reason there even is an agreement is because AG Cuomo wants to sue Fannie and Freddie (and a lot of other lenders) for their lending practices. In exchange for agreeing to change the way they do business, Cuomo will agree to drop his suits.

It looks like there will be some collateral damage to some innocents, and some borrowers are certainly going to be unhappy with the results. But the general concensus among most appraisers is that any steps taken to separate the appraisers from the loan originators will be helpful over the long term.

It is no coincidence that the lenders with the cleanest loan pools are those who played by the rules, did their underwriting, and separated their appraisers from the loan officers as much as possible. Of course, these lenders were also heavily penalized during the runup by losing the competitive edge.

If the agreement does go into effect, I would anticipate many of the other lenders to sign on as well.

[Bugs]

As you can imagine, this has created quite the buzz in appraiser circles. The reason there even is an agreement is because AG Cuomo wants to sue Fannie and Freddie (and a lot of other lenders) for their lending practices. In exchange for agreeing to change the way they do business, Cuomo will agree to drop his suits.

It looks like there will be some collateral damage to some innocents, and some borrowers are certainly going to be unhappy with the results. But the general concensus among most appraisers is that any steps taken to separate the appraisers from the loan originators will be helpful over the long term.

It is no coincidence that the lenders with the cleanest loan pools are those who played by the rules, did their underwriting, and separated their appraisers from the loan officers as much as possible. Of course, these lenders were also heavily penalized during the runup by losing the competitive edge.

If the agreement does go into effect, I would anticipate many of the other lenders to sign on as well.

[Bugs]

A couple questions here –

gdcox, I’ll have to look around a little at Bressi for their current pricing. It gets a little tricky on that because Lennar built 6 “communities” at Bressi with different sizes and pricing, but there’s a lot of overlap as you go up in sizing. That means I have to look at current sales and then dig into their prior sales to see what happened.

gn, almost nobody has been buying land in the last couple years. Actually, a better way to put it is that none of the buyers have been closing escrow in the last couple years. A lot of developers enter into escrow while they develop their subdivision maps and do all their preliminary developer-guy stuff. They don’t close escrow until they’re ready to start building. So while deals may have been made and deposits put down in 2006, a lot of the land deals have died on the vine. The developers are smart enough to know that if/when the market slows down it’s not smart to get caught with a lot of expensive subdivisions sitting around.

4S Ranch is a great example of what not to do. I think they were too big and got started a little too late to completely get out of the market in time. I’m guessing they’re not liking their current situation much.

But yeah, land prices are dropping even faster than home prices right now, and I don’t see them rebounding any time soon.

[Bugs]

A couple questions here –

gdcox, I’ll have to look around a little at Bressi for their current pricing. It gets a little tricky on that because Lennar built 6 “communities” at Bressi with different sizes and pricing, but there’s a lot of overlap as you go up in sizing. That means I have to look at current sales and then dig into their prior sales to see what happened.

gn, almost nobody has been buying land in the last couple years. Actually, a better way to put it is that none of the buyers have been closing escrow in the last couple years. A lot of developers enter into escrow while they develop their subdivision maps and do all their preliminary developer-guy stuff. They don’t close escrow until they’re ready to start building. So while deals may have been made and deposits put down in 2006, a lot of the land deals have died on the vine. The developers are smart enough to know that if/when the market slows down it’s not smart to get caught with a lot of expensive subdivisions sitting around.

4S Ranch is a great example of what not to do. I think they were too big and got started a little too late to completely get out of the market in time. I’m guessing they’re not liking their current situation much.

But yeah, land prices are dropping even faster than home prices right now, and I don’t see them rebounding any time soon.

[Bugs]

A couple questions here –

gdcox, I’ll have to look around a little at Bressi for their current pricing. It gets a little tricky on that because Lennar built 6 “communities” at Bressi with different sizes and pricing, but there’s a lot of overlap as you go up in sizing. That means I have to look at current sales and then dig into their prior sales to see what happened.

gn, almost nobody has been buying land in the last couple years. Actually, a better way to put it is that none of the buyers have been closing escrow in the last couple years. A lot of developers enter into escrow while they develop their subdivision maps and do all their preliminary developer-guy stuff. They don’t close escrow until they’re ready to start building. So while deals may have been made and deposits put down in 2006, a lot of the land deals have died on the vine. The developers are smart enough to know that if/when the market slows down it’s not smart to get caught with a lot of expensive subdivisions sitting around.

4S Ranch is a great example of what not to do. I think they were too big and got started a little too late to completely get out of the market in time. I’m guessing they’re not liking their current situation much.

But yeah, land prices are dropping even faster than home prices right now, and I don’t see them rebounding any time soon.

[Bugs]

A couple questions here –

gdcox, I’ll have to look around a little at Bressi for their current pricing. It gets a little tricky on that because Lennar built 6 “communities” at Bressi with different sizes and pricing, but there’s a lot of overlap as you go up in sizing. That means I have to look at current sales and then dig into their prior sales to see what happened.

gn, almost nobody has been buying land in the last couple years. Actually, a better way to put it is that none of the buyers have been closing escrow in the last couple years. A lot of developers enter into escrow while they develop their subdivision maps and do all their preliminary developer-guy stuff. They don’t close escrow until they’re ready to start building. So while deals may have been made and deposits put down in 2006, a lot of the land deals have died on the vine. The developers are smart enough to know that if/when the market slows down it’s not smart to get caught with a lot of expensive subdivisions sitting around.

4S Ranch is a great example of what not to do. I think they were too big and got started a little too late to completely get out of the market in time. I’m guessing they’re not liking their current situation much.

But yeah, land prices are dropping even faster than home prices right now, and I don’t see them rebounding any time soon.

[Bugs]

A couple questions here –

gdcox, I’ll have to look around a little at Bressi for their current pricing. It gets a little tricky on that because Lennar built 6 “communities” at Bressi with different sizes and pricing, but there’s a lot of overlap as you go up in sizing. That means I have to look at current sales and then dig into their prior sales to see what happened.

gn, almost nobody has been buying land in the last couple years. Actually, a better way to put it is that none of the buyers have been closing escrow in the last couple years. A lot of developers enter into escrow while they develop their subdivision maps and do all their preliminary developer-guy stuff. They don’t close escrow until they’re ready to start building. So while deals may have been made and deposits put down in 2006, a lot of the land deals have died on the vine. The developers are smart enough to know that if/when the market slows down it’s not smart to get caught with a lot of expensive subdivisions sitting around.

4S Ranch is a great example of what not to do. I think they were too big and got started a little too late to completely get out of the market in time. I’m guessing they’re not liking their current situation much.

But yeah, land prices are dropping even faster than home prices right now, and I don’t see them rebounding any time soon.

[Bugs]

They switched to EI at the tail end of the project so as to hide their price cuts from their previous buyers. Prior to that it was cafeteria style. I saw the contracts.

[Bugs]

They switched to EI at the tail end of the project so as to hide their price cuts from their previous buyers. Prior to that it was cafeteria style. I saw the contracts.

[Bugs]

They switched to EI at the tail end of the project so as to hide their price cuts from their previous buyers. Prior to that it was cafeteria style. I saw the contracts.

[Bugs]

They switched to EI at the tail end of the project so as to hide their price cuts from their previous buyers. Prior to that it was cafeteria style. I saw the contracts.

[Bugs]

They switched to EI at the tail end of the project so as to hide their price cuts from their previous buyers. Prior to that it was cafeteria style. I saw the contracts.

[Author]

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