The national appraisal volume dropped again in the last week of July, tracking alongside the drop in mortgage applications through the end of July.

HousingWire is partnering with a la mode, inc., an appraisal forms software company which has since 2006 tracked the appraisal volume throughout the country, to provide a weekly read on appraisal volume.

Appraisal volume is an indicator of the market strength and has a few advantages over mortgage applications, especially since fallout is less for appraisals since they are ordered later in the mortgage process after credit worthiness has been approved. 

a la mode captures 50% of the appraiser market – more than 6 million appraisals per year since 2007, making it the most comprehensive record of national appraisal. 

Here are the latest figures.

3/29/15

-1.82%

4/5/15

1.59%

4/12/15

3.73%

4/19/15

2.00%

4/26/15

-0.82%

5/3/15

0.40%

5/10/15

-0.71%

5/17/15

0.18%

5/24/15

-14.23%

5/31/15

13.00%

6/7/15

2.36%

6/14/15

-3.11%

6/21/15

0.50%

6/28/15

-10.06%

7/5/15

7.47%

7/12/15

3.34%

7/19/15

-2.14%

7/26/15

-3.07%

Appraisal Institute President M. Lance Coyle says he feels very good about the overall condition of the Appraisal Institute, but does believe the institute suffers from a lack of new members joining the industry. What are the reasons for this “declining enrollment,” and what steps are being taken to build up the organization’s numbers?

Read the whole thing here (Sub. Req.)

This week North Carolina appraisers won a victory.

State Rep. Jon Hardister passed HB 651 – Appraisal Board Recordkeeping and Background Checks – which provides regulatory relief for the real estate appraisal industry.

The bill eliminates the discovery rule for civil action related to real estate appraisals and establishes a five year statute of limitations, which puts North Carolina in line with the United States Standards of Professional Appraisal Practice.

This will reduce insurance and compliance costs for real estate appraisers, many of which are small businesses and independent contractors.