cassie701
1359 Posts |
 Posted - 03/24/2008 : 11:07:13 AM
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Try this for starters. There is a huge list that I had before. I am trying to find it but I wanted to get this to you now.
http://decliningmarkets.gmacrescap.com/
Homecomings Financial(SM), one of nation's largest wholesale channels today released a nifty Webtool (compliments of parent company GMAC) that determines if a property is in a "declining market" by zip code, and the magnitude of the decline based on a new A, B, C, D grading system. Mind you, these are internal ratings that are not to be construed as fact nor endorsed by this author. Here's a link to the webtool and a portion of today's memo that accompanied it:
Homecomings Financial(SM) announces a revision to the declining market values policy effective February 12, 2008. This revision supersedes the policy that was described in the Special Announcement sent on January 17, 2008. This revised policy applies to non-conforming programs only, including 1st and 2nd liens. The previous policy, described in the Special Announcement sent on January 17, continues to be applicable for conforming (agency) loans.
Market Definitions
Homecomings will classify a property as being located in an A, B, C or D market. This classification will appear on the Assetwise Findings report and is also available through our Declining Markets Policy Tool.
Properties designated in an "A" or "B" market are considered low risk and do not require maximum financing restrictions.
Properties designated in a "C" or "D" market are considered high risk and must follow the LTV/CLTV requirements in the tables below (for non-conforming programs). In addition to the Declining Markets Policy Tool and as noted on the Assetwise findings report, properties may also be considered a "D" market as follows:
If more than one comparable used in the appraisal report is over six months old
The appraiser indicates on the appraisal report that the property is located in a declining market
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