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HMS Offering Online Account Servicing
HMS Associates, the real estate appraisal firm, is offering its clients free online accounts through its website.
"Creating a web account makes the appraisal process faster and more reliable," according to Sam Heskel, executive vice president and founder of HMS. "You can download as many copies of your report as you want, at any time of the day or night."
Heskel said the new service has been proving popular among existing customers, and encourages new clients to sign up to "stay in the loop."
For the easy sign-up procedure, just go to the HMS website, www.hmsassociates.net.
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HMS Associates Participates in MBA Conference
Appraisal firm HMS Associates participated in the recent Mortgage Bankers Association conference in Atlantic City, N.J.
HMS Founder and executive vice president Sam Heskel, along with vice president for sales and marketing Yehuda Kalisch, met with more than 200 visitors to the HMS booth during the weeklong conference.
"I'd like to thank all the visitors who made this such a successful conference," Heskel said. "For those new people I met, we had some great discussions about residential and commercial appraisals, and I look forward to working with you."
Heskel said all visitors to the booth will receive HMS's new, updated color brochure.
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HMS Partners with
Ellie Mae
HMS is now working with lender Ellie Mae, a provider of loan origination software and services for the mortgage industry, under its Encompass loan origination system.
Users of this system find it a valuable way to connect loan originators to customers, streamlining paperwork.
HMS has become a vendor/partner to Ellie Mae within the Encompass appraisal center portion of the system, which can assist users in providing an automated package including title, underwriting, and appraisals for new mortgage and real estate transactions.
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Breakdown in Subprime Market To Affect Housing Prices in 2007
The picture doesn't look bright for the subprime lending market - and the ripple effect from subprime lending woes could have a bad effect on the larger economy as a whole.
In recent weeks, financial markets have been experiencing a bumpy ride as troubles grow for lenders who specialized in the loans offered to people with poor credit or low income. Several of the larger subprime lenders are facing scrutiny and are being forced to stop originating loans as the number of foreclosures soar. One of the largest, New Century Financial Corp., is facing possible bankruptcy.
On Wall Street and in financial circles there is worry that a blowup of companies such as New Century could have a spillover effect.
"We're doing everything in our power, in our moral persuasion, to try to keep mortgage foreclosures from occurring," the Bush administration's housing secretary, Alphonso Jackson, told the House Financial Services Committee at a hearing recently.
The shakeup could mean falling home prices in some residential markets.
"It's definitely going to have an effect on the market values in certain neighborhoods in particular," said Sam Heskel, executive vice president and founder of HMS Associates, an appraisal firm. "With all those foreclosures happening the inventory will go up, and with fewer people qualifying for loans there will be fewer buyers. So prices could go down."
Heskel said another effect would be that supply and demand will strengthen the rental market as it absorbs would-be buyers from the subprime market.
There is still hope for low-income buyers wishing to secure mortgages, Heskel said, if the Federal Housing Administration moves to fill the void left by subprime lenders. But Heskel said the developments in recent months signal the end of 100 percent financing.
"Those developing neighborhoods that were largely dependent on buyers with 100-percent financing are likely to see falling prices," Heskel said. "That makes this the time for those investors who have been sitting on the sidelines waiting for the market to cool to come in and buy up properties."
He added: "It's early to know how Wall Street will respond, but it is likely this will have a bad effect on the Street and the economy as a whole."
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HMS Real Estate Appraisal Firm Now Servicing New Jersey
HMS Associates, the New York City-based residential real estate appraiser, is now servicing New Jersey in all parts of the state.
"We're very pleased to be offering our services in New Jersey by partnering with appraisers across the state," said Sam Heskel, executive vice president and founder of HMS. "This is something our clients have been waiting for and we're up and running."
HMS, which has been doing appraisals since 1998, serves all of New York City, Long Island, and five counties north of the city. Heskel said the next wave of the company's expansion will be to serve Connecticut as well.
The company serves clients including domestic and international financial institutions, law firms, consulting firms, managing agents, government agencies, and individuals.
HMS provides appraisal services for residences of all types, including single-family to four-family homes, condominiums, and cooperative units. HMS also offers land appraisals for investors and developers and for tax abatements, and commercial appraisal services as well.
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Brooklyn Home Sale Prices Rose
Nearly 8% in 2006
In a year when home prices fell in many areas of New York City and the nation, the average Brooklyn home price rose nearly 8 percent in 2006, according to a report released by a New York-based real estate appraisal firm, HMS Associates.
HMS found that home prices rose even though there were fewer transactions in the borough - a sign that sellers, reluctant to come down in price, and buyers, also reluctant to budge, were playing a waiting game in 2006.
"The Brooklyn residential market was very strong in 2006," says HMS Associates founder Sam Heskel. "We expect 2007 will be another good year, but home prices will come back down to earth somewhat, with transactions up moderately."
The report was based on data collected on single- and multi-family homes as well as condos in 16 Brooklyn neighborhoods. The greatest increases in home prices were in Canarsie, up 17.7 percent, from $433,340 to $510,314, and in Brooklyn Heights, up 16.6 percent, from $1,831,857 to $2,136,891.
The study also shows prices increased in Boerum Hill, Carroll Gardens, Williamsburg, Bay Ridge, Park Slope, Greenpoint, Crown Heights, and Sheepshead Bay. The full report can be found at www.hmsassociates.net.
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