What's New at Moore Appraisals

San Jose, California (May 24, 2010) —  Zone Data Systems, LLC (ZDS) with 233 member Appraisal Companies in 25 states that operate in 32 of the top 40 MSA's in the country and employ over 500 appraisers, announced today it is partnering with Bradford Technologies to provide their clients with the new Collateral Valuation Report (CVR™), a statistically supported appraisal, as part of its ongoing efforts to use best-of-breed valuation products.

The CVR™ is an innovative, USPAP-compliant appraisal product that incorporates regression analysis performed by the appraiser to support the value conclusion. The valuation report and software were developed by Bradford Technologies, Inc. headquartered in Silicon Valley, as part of their suite of AppraisalWorld Services for appraisers.

Leo Savoie, SRA, Chairman of the Board of ZDS noted that "the CVR product compliments our efforts to re-engineer the appraisal process. We will be working with Bradford Technologies to create a superior valuation product that takes advantage of their technology and our dynamic, appraiser-based valuation database." Peter Pensotti, Operations Manager at ZDS noted "the CompCruncher application is an extremely powerful tool that allows the appraiser to analyze and interpret data like never before. Using CompCruncher, Zone Appraisers will be able to leverage our "GeoScoreTM" system and deliver a winning combination for users of valuation products."

"We are thrilled to be working with the ZDS Partners", noted Jeff Bradford, CEO of Bradford Technologies.  "Their desire to break out of the status quo and develop advances in appraising methodology parallels the work we are doing. I believe coupling the refined zone data with our analytical technology will produce exceptionally reliable valuation products." ZDS appraisers will undergo a strict training program that includes a statistics component with exam, and hands-on training in their local markets.  "CVR certified appraisers are the local experts in their markets, with more experience, education and knowledge of local market conditions" noted Sylvia Kainz, AppraisalWorld COO.

"This is the perfect marriage of technology, appraisal expertise and data" Bradford noted.  "A local appraiser empowered with these tools can effectively and efficiently meet client needs, all at a lower cost".

About ZDS
Zone Data Systems is the North American leader in developing and maintaining a site-verified database of photos, valuations and property information of virtually every residential property for entire cities, using a proprietary "GeoScore™" property rating system. ZDS and its network of premiere, local appraiser experts, photograph and appraise entire cities, one building at a time from the street.

About AppraisalWorld
AppraisalWorld is an innovative, appraiser-centric technology company that leverages data and analytics to create turnkey solutions for appraisers, AMCs and lenders. From the company's innovative, patent-pending national appraiser directory that locates and ranks appraisers by their level of work experience in the subject property neighborhood, to the company’s Collateral Valuation Report, AppraisalWorld leads the industry in providing powerful tools to empower appraisers. The company's strategic partnerships with industry-leading companies such as Microsoft®, Marshall & Swift™, Fidelity Data Services, Flood Insights™, and Veros, coupled with its exceptional analytics tool-set and appraisal identity authentication, ensure that clients are powerfully positioned to meet the needs of the market in a challenging economic environment.

A total of 15,359 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was virtually unchanged from 15,361 in January, and up 0.8 percent from 15,231 in February 2009.

The median price paid for a Southland home was $275,000 last month, up 1.3 percent from $271,500 in January, and up 10.0 percent from $250,000 for February 2009.

The median peaked at $505,000 in mid 2007 and appears, so far, to have bottomed out at $247,000 in April last year. The peak-to-trough drop in median was due to a decline in home values as well as a shift in sales toward lower-cost homes.

While 44.8 percent of all Southland purchase mortgages since 2000 have been adjustable-rate (ARMs), it was 4.0 percent last month, down from 4.3 percent in January and up from 2.1 percent in February last year.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 14.8 percent of last month’s purchase lending, up from 14.2 percent in January and from 10.7 percent in February 2009. Before the credit crisis in the fall of 2007, jumbos accounted for 40 percent of the market.

Foreclosure resales accounted for 42.3 percent of the resale market last month, up from 42.1 percent in January, and down from 56.7 percent a year ago, which was the all-time high.

Government-insured FHA loans, a popular choice among first-time buyers, accounted for 38.5 percent of all home purchase loans in February.

Absentee buyers – mostly investors and some second-home purchasers – bought 18.9 percent of the homes sold in February. Buyers who appeared to have paid all cash – meaning there was no indication that a corresponding purchase loan was recorded – accounted for 29.3 percent of February sales. In January it was a revised 29.7 percent – an all-time high. The 22-year monthly average for Southland homes purchased with cash is 13.8 percent.

The “flipping” of homes has also trended higher over the past year. Last month the percentage of Southland homes flipped – bought and re-sold – within a three-week to six-month period was 3.4 percent, up from 1.6 percent a year ago. Last month the flipping rate varied from as little as 2.8 percent in Riverside and Ventura counties to as much as 4.1 percent in Los Angeles County.

An estimated 41,837 new and resale houses and condos were sold statewide last month. That was up 16.7 percent from 35,860 in November, and up 10.6 percent from 37,836 for December 2008. An increase in sales from November to December is normal for the season. California sales for the month of December have varied from a low of 25,585 in 2007 to a peak of 65,793 in 2004, the average is 44,708. MDA DataQuick's statistics go back to 1988.

The median price paid for a home last month was $264,000, up 1.1 percent from $261,000 in November, and up 6.0 percent from $249,000 for December a year ago. The year-over-year increase was second in a row, following 27 months of year-over-year decline. The median peaked at $484,000 in early 2007 and hit a low of $221,000 last April.

Of the existing homes sold last month, 41.0 percent were properties that had been foreclosed on during the past year. That was up from a revised 40.1 percent in November and down from 55.2 percent in December a year ago. It peaked at 58.8 percent last February.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,125. That was up from $1,106 in November, and up from $1,110 for December a year ago. Adjusted for inflation, last month's mortgage payment was 47.3 percent below the spring 1989 peak of the prior real estate cycle. It was 57.3 percent below the current cycle's peak in June 2006.