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» VISIT US ONLINE @ DSNEWS.COM 93 WASHINGTON Appreciation Continues Climbing in West Certain markets in the West will continue to appreciate at double-digit rates over the next year, while markets in the Northeast show the least promising forecast, according to Veros Real Estate Solutions' Q2 VeroFORECAST report, which measures predicted home ap- preciation on a yearly scale. Seattle, Washington, is predicted to experience the highest home price apprecia- tion, with an estimated 11.1 percent increase. e Denver metro is a close second, with 10.3 percent increase home appreciation. Seattle boasts an unemployment rate of 3.7 percent, compared to the national average of 4.3 percent, and Denver's rate is as low as 2.1 percent. ese are both major contributing factors to the rapid rate of home appreciation. However, home appreciation does have its downside for would-be homeowners in that in- ventory is tight. It is estimated that Seattle has about a one-month supply of homes available at the current closing rate, and Denver doesn't look much better, at a 1.1 months' supply. "As job growth continues to drive migration to the top markets, we will continue to see tight home supplies, causing a heightened housing de- mand which, as we know, will cause home afford- ability to suffer in these areas," said Eric Fox, VP of Statistical and Economic Modeling at Veros. Of the top 25 markets showing signs of increased home appreciation, 18 metros are located in western states, including Colorado, Washington, Oregon, Arizona, Utah, and Idaho. Only five reside in Florida. Previ- ously hot markets, such as Austin, Texas, are expected to cool. Austin once showed double- digit appreciation but is now only expected to appreciate at a rate of around 6 percent. Conversely, the Northeast shows the largest cluster of depreciating home values—with New Jersey, New York, Connecticut, Pennsylvania, Ohio, and West Virginia among the worst of the lot. e bottom 15 markets all show negative appreciation, while 15 to 25 show less than a 1 percent appreciation rate. VeroFORECAST attributes the low and negative appreciation values to consistent population decline. CALIFORNIA Cities with Great tions are once again available. According to Geoff Giles, a real estate lawyer based in Reno, Nevada, SB 490 gives underwater borrowers a much-needed second chance. "It gives homeowners who are behind in their mortgage payments and facing foreclo- sure a respite, as well as a chance to meet with the bank in order to restructure their mort- gages and avoid losing their homes," Giles told the Reno Gazette-Journal. Unlike the law it replaces, SB 490 does not have a sunset provision. Instead, homeowners must petition for mediation no later than 30 days from receiving their default notice. After a petition is filed, the foreclosure process halts. e new law will also be managed and administered by Home Means Nevada, a local nonprofit organization, rather than the state's supreme court. e Nevada Department of Business and Industry will oversee the transi- tion, but due to the changes, it could cause a hold up in the mediation process for a few months, according to Giles. "e old program was pretty established, but all of that is up in the air now," he said. "It is unclear what the role of the district courts will be in this process, and whether they will be able to intervene to address and correct problems that may arise." Mediation fees are slightly higher under the new law, rising from $400 to $500. e costs are split 50-50 between the homeowners and their mortgage lender. According to the Gazette-Journal, the verdict is still out on whether the new law will allow lenders to send foreclosure company representatives to mediations. "One thing that is unclear is whether the new program will address one key issue that proved to be a challenge in previous media- tions," the publication reported. "Under the old program, lenders would hire foreclosure companies that would then send representa- tives to take part in mediation negotiations." Utah Robyn Moody SALT LAKE REO RealtyONE Group Signature Sales Agent/Owner Robyn@SaltLakeREO.com 801-566-8288 Office | 801-859-2539 Mobile www.SaltLakeREO.com DS News is the only publication in the country solely dedicated to providing default servicing professionals with news and content focused on their industry. SUBSCRIBE TO THE LEADER IN DEFAULT SERVICING NEWS SUBSCRIBE NOW! Call 214.525.6700 or connect with us online at DSNews.com.

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