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Real Estate Appraisal

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BUSINESS
October 18, 1987 | Cornelius F. Foote Jr., The Washington Post
Faced with growing concern about the credibility of real estate appraisers, Congress and appraisal groups are moving to regulate the industry. In separate efforts, Rep. Doug Barnard Jr. (D-Ga.) and the eight major real estate appraisal associations are working to develop stricter standards by which appraisers assess the value of property and to toughen the requirements for becoming certified appraisers. "We feel we have taken some whacks during the past year," said Donald E.
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BUSINESS
January 29, 2012 | By Kenneth R. Harney
The new Consumer Financial Protection Bureau is working on a real estate issue that gets to the core of the agency's purpose: bringing clarity and better disclosures about the often opaque and costly fees that home buyers, sellers and refinancers are hit with at closings. One of the disclosures under review might surprise you: appraisal charges. Why do they need clarifying? Doesn't just about everybody who applies for a mortgage, whether it's to buy a house or refinance, have to pay $450 to $600 — sometimes more — to find out what the property is worth?
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NEWS
August 29, 1985 | TOM FURLONG and JOHN M. BRODER, Times Staff Writers
Real estate appraiser Basil B. Clements didn't even come close when he estimated the total value of 20 1/2 lots in the Hollywood Hills at $380,500 in late 1980. It was an appraisal that American Home Mortgage, a Newport Beach real estate investment firm, used as the basis for a $250,000 real estate loan. Today, the loan is in foreclosure, the properties are for sale for $70,000 and American Home Mortgage is being liquidated by a court-appointed bankruptcy trustee.
BUSINESS
August 1, 2010 | By Kenneth R. Harney
The financial reform bill signed into law by President Obama may look like a giant cornucopia of helpful changes for home buyers and loan applicants, not the least of which will be the creation of a powerful Consumer Financial Protection Bureau to ride herd on the mortgage lending industry. But how soon will anyone see hard, tangible results of the law? When will the bureau begin writing new rules and cracking down on problems and abuses in areas such as home real estate settlements, credit scores, "truth in lending" and equal credit opportunity?
CALIFORNIA | LOCAL
November 6, 1998 | JOSH MEYER, TIMES STAFF WRITER
Michael Yanfeng Shen is an affluent man, as evidenced by his large house in Walnut, his two Mercedes-Benzes and his booming real estate appraisal business. But whether Shen intended to help hundreds of fellow Chinese emigres follow in his golden footsteps isn't nearly as apparent. State authorities, in fact, say Shen got rich by preying on members of the local Chinese and Taiwanese communities--and not by helping them land good jobs as he had promised.
REAL ESTATE
May 12, 1985
A move to consolidate the nation's two largest real estate appraisal groups failed to pass when it did not receive the required two-thirds approval vote of the membership of the American Institute of Real Estate Appraisers of the National Assn. of Realtors. The plan, as approved by the Society of Real Estate Appraisers last October, would have merged that group, the nation's largest appraiser organization, with the institute, the nation's oldest, to form the Real Estate Appraisal Institute.
BUSINESS
February 9, 2006 | Annette Haddad, Times Staff Writer
"Crash" is not an image you'd want when launching a real estate website. Yet crash is what real estate appraisal site Zillow.com did Wednesday within hours of its much-ballyhooed debut. The Seattle-based start-up began a public test of its website at 9 p.m. Pacific time Tuesday. By 6 a.m. Wednesday, it was staggering under the weight of more than 300,000 page views, the company said. The site remained inaccessible until the afternoon.
REAL ESTATE
December 20, 1987 | RUTH RYON, Times Staff Writer
Two major new California laws that will change the way real estate licensees and appraisers do business after Jan. 1 are creating some confusion along with expected future benefits. A bright young principal of a Southern California realty firm took several courses on the new law affecting licensees but then admitted that because of its complexities, he still didn't understand it.
CALIFORNIA | LOCAL
February 10, 1985 | TED ROHRLICH, Times Staff Writer
While preparing to preside over the John Z. DeLorean drug trafficking trial, U.S. District Judge Robert M. Takasugi got word that he might have to stand trial himself. Takasugi was named as defendant in a civil lawsuit that arose from his investments in East Los Angeles real estate. It was a small matter--a workman accused the judge of failing to pay $6,600 for repairs on a house. But its backdrop was an embarrassment.
NEWS
October 27, 1993 | PAUL JACOBS, TIMES STAFF WRITER
Two politically well-connected California probate referees resigned from their jobs Tuesday after The Times asked Controller Gray Davis how they could perform the part-time estate appraisal work while they were residing in China and Maryland. One of the out-of-state referees who stepped down is attorney Michael R. Steed, 44, a former director of the Democratic National Committee and a voter in Montgomery County, Md. The other is Laurence E.
CALIFORNIA | LOCAL
February 21, 2009 | Valerie J. Nelson
Frank C. Ashby Jr., who cultivated a niche as a real estate appraiser to the stars, died Monday of Alzheimer's disease at a Las Vegas nursing home, said his daughter, Pamela Romano. He was 76. Soon after Ashby established his Los Angeles appraisal company in 1965, Charlton Heston reportedly became his first celebrity client.
BUSINESS
December 21, 2007 | E. Scott Reckard
Federal regulators are looking into allegations that mortgage lender Washington Mutual Inc. pressured First American Corp. of Santa Ana to inflate appraisals of homes nationwide. Washington Mutual, the nation's largest savings and loan, said Thursday that it was "voluntarily and fully cooperating" with probes by the Securities and Exchange Commission and the Office of Thrift Supervision, a U.S. Treasury Department agency that regulates federally chartered S&Ls.
BUSINESS
February 9, 2006 | Annette Haddad, Times Staff Writer
"Crash" is not an image you'd want when launching a real estate website. Yet crash is what real estate appraisal site Zillow.com did Wednesday within hours of its much-ballyhooed debut. The Seattle-based start-up began a public test of its website at 9 p.m. Pacific time Tuesday. By 6 a.m. Wednesday, it was staggering under the weight of more than 300,000 page views, the company said. The site remained inaccessible until the afternoon.
BUSINESS
January 5, 1999 | JESUS SANCHEZ, TIMES STAFF WRITER
With the exception of a giant Home Depot, the stretch of Jefferson Boulevard south of Marina del Rey is a rather unremarkable mishmash of auto repair shops, low-rise offices and drab industrial warehouses. But the profile and property values of this isolated commercial district and surrounding neighborhoods are headed higher now that construction is to finally begin this year on the long-delayed Playa Vista project, where DreamWorks SKG will build a headquarters and production facilities.
CALIFORNIA | LOCAL
November 6, 1998 | JOSH MEYER, TIMES STAFF WRITER
Michael Yanfeng Shen is an affluent man, as evidenced by his large house in Walnut, his two Mercedes-Benzes and his booming real estate appraisal business. But whether Shen intended to help hundreds of fellow Chinese emigres follow in his golden footsteps isn't nearly as apparent. State authorities, in fact, say Shen got rich by preying on members of the local Chinese and Taiwanese communities--and not by helping them land good jobs as he had promised.
BUSINESS
July 25, 1998 | PATRICE APODACA, TIMES STAFF WRITER
A leading real estate information company will no longer make public the results of its research on housing values near the proposed El Toro airport because of the heat the company has taken since it began the study early last year. Dave Ross, vice president of Anaheim-based Experian, said the response has become increasingly "vitriolic" from both sides of the contentious debate over the proposed airport at the El Toro Marine Corps Air Station.
BUSINESS
February 7, 1998 | From Times Staff and Wire Reports
Recovery in California's real estate market added $106 billion to the value of single-family homes and condominiums in the state the past year, boosting homeowners' equity and helping to spark a surge in refinancing activity, a real estate information service said Friday. By the end of 1997, the state's 7 million homes were worth $1.398 trillion, up 8.2% from $1.292 trillion a year earlier, according to data compiled by Acxiom/DataQuick Information Systems.
BUSINESS
July 25, 1998 | PATRICE APODACA, TIMES STAFF WRITER
A leading real estate information company will no longer make public the results of its research on housing values near the proposed El Toro airport because of the heat the company has taken since it began the study early last year. Dave Ross, vice president of Anaheim-based Experian, said the response has become increasingly "vitriolic" from both sides of the contentious debate over the proposed airport at the El Toro Marine Corps Air Station.
BUSINESS
March 12, 1998 | JESUS SANCHEZ, TIMES STAFF WRITER
Many people like pushing the limits and breaking new ground. Not real estate appraisers. A cautious, methodical breed, many appraisers have found themselves in the uncomfortable and risky position of sizing up Southern California homes whose sales prices have ballooned way beyond any recent comparable sale. Pity the poor appraiser then who must prove to a skeptical lender that a house is worth its $225,000 price tag when the most recent and highest comparable sale, or "comp," was only $200,000.
BUSINESS
February 7, 1998 | From Times Staff and Wire Reports
Recovery in California's real estate market added $106 billion to the value of single-family homes and condominiums in the state the past year, boosting homeowners' equity and helping to spark a surge in refinancing activity, a real estate information service said Friday. By the end of 1997, the state's 7 million homes were worth $1.398 trillion, up 8.2% from $1.292 trillion a year earlier, according to data compiled by Acxiom/DataQuick Information Systems.
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