Summit Valuations, LLC, a full service valuation company, is now providing a monthly report that includes real estate data and analysis of interest to mortgage loan servicers and capital markets firms that trade mortgage portfolios. The report is prepared by Summit’s Chief Valuation Officer, Mark Melikian.
“Our industry is very fortunate to have access to some very good data about the markets in which we work,” Melikian said. “Typically one has to search several sources to access this data. Our new report is an attempt to filter some of the information in the marketplace into a report that will make it easier for the companies we partner with to make good decisions. A bit of analysis added to each report will provide our take on the data.”
In its inaugural report, Summit provides data made public by the U.S. Government, the National Association of Realtors and Freddie Mac. According to the data, the median sales price, number of homes sold, pending sales and mortgage interest rates all rose in December 2015. Furthermore, December’s increase in the Pending Home Sale Index, steady unemployment rate and relatively stable mortgage interest rates suggest the possibility for a continued increase in the number of sales in the near future. On a regional level, the south leads in the number of existing home sales and the west has the highest median prices.
It has been reported in the press that the number of days to close loans increased in the wake of the new TRID requirements. The data in Summit’s report suggests that longer timelines likely contributed to the drop in the number of homes sold in November 2015 (see Figure 2 in the report). The new TRID rules likely delayed some closings in November and pushed some loans to close in late September. Melikian expects this to ease over time as the lending industry adapts to the new process.
Melikian has been appraising real estate since 1987 and has been active in nationwide valuation services since 2005. He has successfully led teams of analysts, developed valuation services to meet client needs and represented buyers and sellers in secondary market loan tie out meetings. Much of his recent experience has focused on forensic reviews of REO properties for Fannie Mae and Freddie Mac. This work has given him a unique insight to risk factors, beyond value, that impact a property’s likelihood of going to foreclosure. Mr. Melikian holds a B.S. in Business Administration from San Diego State University.
“Mark is an industry veteran with a great deal of experience and I’m very pleased that he has taken on the development of this new report,” said Summit President Ron Ahlensdorf, Jr. “I have no doubt that it will be of great value to our clients and partners.”