VALUAT ION
BUILT ON SAND?
Will 2010 be the year that
real estate rebounds, or
will its recent short-term
gains be washed away?
Get the residential and
commercial forecasts,
starting on page 18.
FIRST
QUARTER
2010
The State of the Market
18 This two-part feature takes a look at what to expect in the residential and commercial real estate markets in the year
ahead. Will the dreary conditions that dominated 2009 continue, or
will 2010 be marked by a rebound? See what experts are saying.
By Karen Schwartz
Flop Houses
26 Six appraisal insiders discuss the unethical practice of property flopping. Find out what the practice entails, how
it could impact your appraisals and how to avoid its consequences.
By Aaron Hultgren, Appraisal Institute communications specialist
Second Handouts
30With the number of short sales on the rise, a new type of raud is emerging: second lien holders demanding kickbacks. And they’re not getting reflected on the HUD-1s.
By James Sobiesczyk, Appraisal Institute communications specialist
PUBLISHED BY THE APPRAISAL INSTI TU TE ❚ VOLUME 15, NUMBER ONE
05 BEHINd THE ScENES
By Adam Webster, executive editor
Entering the tens dressed to the nines.
06 ON POINT
By Leslie P. Sellers, MAI, SRA, president
Let’s not let a good crisis go to waste!
38 APPRAISAL REPORT
Additional CE requirements instituted for Associate members, an
Iowa Chapter tradition continues, noncompliant Associate members
face suspension and newly designated members announced.
10 MARKET PLAcE
By Gregory Go
Forget the Yellow Pages. Here are three Web-based advertising
venues you should use instead.
12 REST INSUREd
By Peter christensen, general counsel, Liability Insurance Administrators
How to avoid liability problems caused by erosion of the concepts of
client, intended use and intended users.
15 PUBLIc VALUES
By Joseph Palumbo, SRA
Ten common misconceptions about USPAP.
36 FAcE VALUE
By Heather Norgaard, Appraisal Institute marketing specialist
An appraiser in NYC takes on a $1 billion condo-to-apartment
conversion venture.
08 UP FRONT
Fourth annual Federal Agency Update, lax appraisal administration,
First American’s controversial AVPOs and more.
32 TEcH BYTES
Wireless SD-card technology, a “smarter” laptop, iPhone-enabled
field sketching and the latest in external hard drives.
33 maps & comps
By John cirincione, SRA
Looking to add cartography to your skill set? Here’s how
to put a new street on a GPS map.
34 cool tools
By R. Wayne Pugh, MAI
Our resident tech guru reviews a new video-mail service
and an iPhone app for voice dictation.
40 THE NEWS IN NUMBERS
CMBS delinquencies, Korpacz National Market Indicators
for fourth quarter 2009, market rates and bond yields, and
conventional home mortgage rates by metropolitan area.
44 AdVERTISERS’ ANNEx & Ad dIREc TORY
