San Diego’s latest seasonally-adjusted Case-Shiller Index increased for the 12th month in a row:
Jan. 2012: 150.74
Dec. 2012: 164.87
Jan. 2013: 165.48
Yesterday an appraiser confirmed that he is adjusting comps for appreciation, and mortgage underwriters are going for it. He said that adding 0.5% to 1.0% per month is acceptable.
A twelve-month winning streak, and banks allowing appreciation in appraisals – what’s next, no-doc loans?
P.S. The previous month-over-month difference was +1.0%.