We are pleased to announce over 18,000 photos have been taken. We started in the SW Becker area and have progressed up to the C24 canal, just north of Abingdon. We expect to have over 60,000 photos taken by the end of January 2008. This will facilitate over 70% of Port St Lucie. ZAIO has not released plans to expand the remainder of the County and/or Martin County.
The second phase of development for ZAIO, is merging of photos/desktop records, collecting workfiles on each property, desktop segmentation, analysis & scoring and selection of comparables.
The third phase involves certified appraisers to verify the data by inspecting each home from the street and collecting GIS/Coordinates. During this phase, the properties are marked live, and the customer can order the product.
The fourth phase keeps the data in check by constantly monitoring sales performance against appraised values.
Please visit our site regulary as we will post more and more. To keep up to date on our progress, follow the link to the map.
http://maps.live.com/?v=2&cid=1D15A30BBC664A39!428&encType=1
John - St Cert Appraiser
Zaio Announces Results of Compliance Evaluation Expert Confirms USPAP Compliance
Scottsdale, AZ, October 30, 2007 -- Zaio Corporation (TSX-V: ZAO) and its USA based subsidiary, Zaio Inc. announced the conclusions of a leading national expert who recently conducted an independent compliance evaluation of Zaio appraisal products.
Zaio disclosed it had retained Mr. Danny Wiley, former Chair of the Appraisal Standards Board (ASB) which is authorized by the United States Congress to establish official national appraisal regulations known as the "Uniform Standards of Professional Appraisal Practice" or (USPAP). These important appraisal standards were adopted as a result of a major mortgage crisis in the 1990’s and exist to ensure that appraisers observe strict standards during the development and reporting of appraisal results.
Mr. Wiley completed six years of service as a Member of the ASB including three years as Chair. Mr. Wiley is no longer affiliated with the ASB and his Zaio assessment was conducted in his capacity as an independent consultant.
The objective of Mr. Wiley’s assessment was to conduct an independent evaluation of the technology, processes, and appraisal report outputs to determine the overall USPAP compliance when Zaio technology is used by properly licensed and certified appraisers to develop and report appraisal results.
Since state licensed and certified real estate appraisers use Zaio patent-pending technology and proprietary business processes to develop and report appraisal results to clients, Zaio thought it would be prudent to obtain third-party verification of USPAP compliance.
Mr. Wiley stated: "After a thorough review conducted over the past several months, I confirm that, if used properly by the licensed appraiser, the work performed by the appraiser along with the information contained within the report will fully comply with all USPAP appraisal standards, including USPAP STANDARD 1 and STANDARD 2."
"Since Zaio appraisers inspect large volumes of homes, some have incorrectly assumed that that the reports should be classified as ‘Mass Appraisals’ and be governed under STANDARD 6 of USPAP. However, that is not correct. My evaluation concluded that the objective is for Zaio appraisers to arrive at a defensible, independently supported USPAP compliant appraisal for each individual property, rather than valuing an entire universe of properties, and thus STANDARD 6 does not apply."
Wiley added, "Some had questioned the ‘scope of work’ performed by a Zaio appraiser and the ‘intended use’ and ‘intended user’ of the Zaio reports, or were concerned because the inspection occurs prior to the transaction. In my opinion the Zaio process and resulting valuation products fully comply with the USPAP requirements for development and reporting of all of these items."
Thomas J Inserra, CEO of Zaio stated: "The favorable conclusions of this third-party review provides Lenders, Realtors, Loan Securitizers, Appraisers, and other clients with the confirmation they need that the appraisals produced by licensed appraisers using Zaio technology do fully comply with USPAP appraisal standards."
About Zaio
Zaio is the North American leader in developing and maintaining a site-verified database of photos, valuations and property information of virtually every property for entire cities, using a proprietary "GeoScore" property rating system. Zaio and its network of premiere, local appraiser experts photograph and appraise entire cities, one building at a time from the street.
Zaio is a public corporation that trades under the symbol "ZAO" on the TSX-V Exchange in Canada. Additional information is available for US investors under the symbol "ZAOFF". For more company information, visit www.zaio.com or please contact:
FHA APPROVED!
PSL Appraiser is now FHA Approved and ready to accept orders for FHA loans, reverse mortgages, etc.
As homes values decline, more and more buyers are turning to FHA loans. As the population trends towards the baby boomer ages, more and more loans are becoming reverse mortgages. Anticipating this several months ago, PSL Appraiser applied with the FHA for approval on their list. NOW APPROVED, we are ready for your orders!
To check status of the roster, please check
https://entp.hud.gov/idapp/html/apprlook.cfm
Our standard fee for a FHA/1004/URAR appraisal is $375. Please order online for best results.
I thought I would share some recent video releases from ZAIO Corporation.
Rod Mitton CFO; BNN Sept 05
Tom Inserra CEO; Money TV Sept 02
Tom Inserra CEO; ABC Newss Aug 27
Appraising America News Report
The Treasure Coast is still looking for a photograph coordinator to help manage the photo project in the area. If you are interested, please call 772-539-7900 x715. There are still 4 zones in the area that are for sale.
We are hoping to have ZAIO data ready by the first quarter of 2008. We are excited about this project and look forward to providing you with quality work.
Sub-Prime Meltdown Underscores Need for Accurate Valuations
SCOTTSDALE, AZ, Aug. 13 /PRNewswire-FirstCall/ - Zaio Corporation's (TSX-V: ZAO) USA subsidiary Zaio Inc. announced today its plans to accelerate its national Appraisal Knowledge Warehouse(TM) and valuation solutions due to increased demand from the Mortgage Backed Securities (MBS) and Asset Backed Securities (ABS) markets which hold more than $20 trillion in loans secured with real estate.
"The sub-prime meltdown and current liquidity crisis is a result of the market's inability to accurately value the underlying real estate for the MBS and ABS markets," said Thomas J. Inserra, Zaio Corporation CEO. "Increased loan delinquencies, foreclosures and the Sub-Prime meltdown have and are expected to continue to result in increased interest for Zaio's products by a wide variety of customers. That increased demand among customers is causing us as a company to accelerate our Appraisal Knowledge Warehouse(TM) development and roll-out of these important products."
Mr. Inserra served as National Chief Appraiser at both the Resolution Trust Corporation (RTC) and Federal Deposit Insurance Corporation (FDIC) during the banking and S&L crisis of the late 1980's, when nonperforming real estate loans based on faulty property appraisals precipitated massive losses across the mortgage finance industry. Given his experiences while helping to resolve this crisis, Mr. Inserra is intimately familiar with the importance of credible and timely real estate valuations in the MBS and ABS markets.
Recent news accounts indicate the SEC is taking a closer look at the MBS and ABS markets to ensure that owners of these portfolios are properly accounting for the decline in the underlying real estate collateral. Lenders are also generally required by their regulators and auditors to increase the frequency and amount of valuations performed for delinquent or non-performing loans, as well as for REO and foreclosure purposes. These conditions result in a notable increase in demand for a wide range of appraisal products, including those currently offered by Zaio through its national network of appraisers. As a result of its recent business acquisitions, Zaio now has established relationships with over 10,000 appraisers capable of providing a full range of valuation services ranging from AVMs, BPOs, desk top valuations, drive-by, Review Appraisal, and full interior appraisal assignments. Zaio now has relationships with over 400 revenue generating customers who are ordering a wide range of valuation services.
Inserra added: "Large institutional customers are telling us there are two significant problems in the mortgage backed securities markets today. First, buyers and sellers of these large portfolios need to be able to instantly and accurately value the real estate for hundreds of thousands of properties, yet appraisers take days, weeks or months to complete that task. Second, pressure exerted on appraisers to artificially inflate the value of properties has compromised their independence and objectivity, causing the market to question the accuracy and consistency of appraisers. In the past, there has been no reliable method in place to measure the accuracy rate of appraisers. Zaio is the only company in North America that has solved these problems, and as a result, we are now accelerating the deployment of our valuable products across the USA."
Zaio Corporation has partnered with elite local appraiser experts who are now helping to photograph, inspect and appraise every property in America. Zaio stores those completed appraisals in what is becoming the largest repository of official real estate appraisals by licensed appraisers in the world. Zaio's proprietary solution allows those appraisers to update the value estimate of each property in an entire city, in real time, daily, weekly or monthly, as may be needed by the client. It is important to note that during this site inspection of every property, Zaio is discovering that as much as 60% or more of the property records are inaccurate, because no other company has ever taken the time to put "feet on the streets" to verify the property data. Zaio customers are asking us to accelerate our deployment since they believe that access to this corrected property data will result in higher accuracy rates when making decisions relating to loan securitization, mortgage back securities, delinquencies, foreclosures and the fact that the valuations can be obtained "instantly" in real time increases liquidity in the securities markets.
Just like credit agencies that collect and store borrower credit information and credit scores in a proprietary database, Zaio maintains a proprietary "GeoScore(TM)" on each property as a way to defeat mortgage fraud. Also, since the appraisals performed by Zaio affiliated appraisers are prepared prior to any transaction, there is no opportunity to exert pressure or influence the value estimate and customers can access the secure data instantly rather than waiting days or weeks. By carefully measuring the value estimate with actual sales that occur over time, Zaio is able to produce a reliable Accuracy Rate for every appraiser, which confirms the accuracy of the appraisals and the licensed experts who are preparing those appraisals.
Zaio's recent acquisitions have provided significantly more resources necessary to support an acceleration of our growth. In fact, Zaio now has the current ability to deliver a full range of valuation services in all 50 states to the mortgage backed securities and lending markets. Also, Zaio and its affiliated appraisers and photographers are now simultaneously deployed and implementing these new automated solutions in more than 200 USA cities across America. Zaio is quickly adding photos, site verified property data, and valuations to its National Appraisal Repository so these markets can objectively and "instantly" value real estate. Zaio's database currently consists of 140 million property records, and 7.3 million photos growing at the rate of over 58,000 homes per day.
Zaio Corp. and its USA Subsidiary Zaio Inc. is the North American leader in developing and maintaining a site-verified database of photos, valuations and property information of virtually every property for entire cities, using a proprietary "GeoScore(TM)" property rating system. Zaio and its network of premiere, local appraiser experts photograph and appraise entire cities, one building at a time from the street.
Zaio is a public corporation that trades under the symbol "ZAO" on the TSX-V Exchange in Canada. Zaio was awarded "Venture-50" status by the stock exchange ranking it among the top 10 technology firms out of 2,000 public companies based on return on investment, revenues, market cap and trading volume. Additional information is available for US investors under the symbol "ZAOFF".
For investors who would like to be added to Zaio's investor distribution list, please contact Collum Hunter at chunter@christensenir.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements which may include financial and business prospects, as well as statements regarding the Company's future plans, objectives or economic performance and financial outlooks, including without limitation, a forecast on expected annual revenues. Such statements are subject to risk factors associated with the real estate industry, and the overall economy in both Canada and the United States. The Company believes that the expectations reflected in this press release are reasonable, but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements.
In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
Copyright 2007 PR Newswire
Just wanted to update the July Sales numbers that I have extracted from the MLS for the Port St Lucie Market.
Amid all the crisis in the sub-prime and jumbo mortgages in the market, especially over the last few trading days with a Fed injection of funds after terrible losses in the market, sales in the local area showed a small increase in both sales price and volume. Along with this, new listings also increased slightly to over 6,500 homes.
Average sales price is $227,715 from $215,160. Along with this came a larger home 1749 sf to 1826 sf. Days on the Market (DOM) dropped 11 days from 160 to 149. Finally, Volume increased from 184 to 204 sales closed in July.
What does all this mean? Not much, yet. Many of these shoppers/buyers were looking for there houses at least 30-90 days prior to the sale. Many relocating to the area may have children and choose the summer months as the best time to move. I predict August to be down, work volume for us as never been so slow. Lets see the direction of Sept and Oct.
Foreclosures are rising. As you know from recent reports, many homeowners took the bite and obtained temporarily, cheap money as adjustable rate mortgages, with resets in 3 years....(now and over the next couple of years). The combination of 100% loans obtained at the peak of home values in the area, the current strict lending criteria, and increasing rates (www.bankrate.com), a majority (80%+) of appraisal requests are not making it to even the appointment. By completing desktop reports prior to setting appointments, many of these homeowners are submerged in debt. A typical example is owner owes $250,000 and house now is worth $180,000. Why are they refinancing? Because the rate jumped from 6% to 10%. A huge monthly payment increase. As the cost of food, insurance, taxes, and fuel increase, its getting tough. This is has been increasing over the last 9 +/-months, but from an appraisers perspective, its increasing 4 fold month over month. If in this position, would you walk away from your mortgage obligation as a last resort?
There are many other things that affect the value of the local area that I have not discussed and reserved for later discussion. Mortgage Rates, Insurance, Taxes, Building Permits, Employment, Food Costs, Fuel Costs, City/County Budgets, Immigration, ...
I am still worried, I see still a lot of negatives on the horizon. Check out Jim Cramers CNBC worries. http://www.cnbc.com/id/20145766
Sidenote: Data provided is from the Regional MLS with a search criteria of: City: Port St Lucie, Sales price from $10 to $900.
We are looking for a local photography coordinator/representative...
We will take on an individual who is interested in working as an independent consultant as our “Local Photography Coordinator” for your area. The Coordinator will assist us by being the local Zaio representative to help facilitate the "Photographing America" project. They would help with interviewing and selecting the applicants for the photographer positions, assist with the photographer training, coordinate and supervise the on-going photography work until it is completed in the area. Based on experience in other zones, this is expected to be a part time commitment that would require an average of approximately 10 hours per week. The assignment would last until either the photography of the area was complete, or until there are ADOs in place to cover all the areas in question.
Job requirements include the ability to manage and communicate with others as well as computer skills enough to handle the data entry required of our photographers.
ZoneSupport@Zaio.com
800-825-8243
IMPORTANT: Be sure to put "Local Photography Coordinator" in the subject line of your email!
Hi All!
Let me introduce myself, John Patton. I have been in the area for 2.5 years, prior to Port St Lucie, I was in South Florida, Miramar, a suburb to Fort Lauderdale. I have been appraising for the last 6 years in Florida. I specialize in the Port St Lucie area but I am very familar with, and have lots of experience in St Lucie and Martin Counties. I am approved with most national banks and my FHA certification is pending. I am a member of South Florida Board of Realtors, and have access to both Regional MLS and South Florida MLS.
I have seen and appraised the full spectrum of market values from stable, rapid, to declining markets in both South Florida and the Treasure Coast. As part of a Professional Real Estate Appraiser's required knowledge, it is my job to complete research on not only the home I am appraising and it's neighborhood, but the global, national, regional, and local economies. As a Specialist in Port St Lucie, I pull monthly data from the MLS, city data, and public records and other sources. Data includes, average sales price, average size of a home, days on the market, average list price, number of total sales, building permits, average intertest rates, vacancy, number of active listings, fed numbers, and more. With this data, I analyze with spreadsheet formulas, draw graphs. Forecasting and trending is difficult, I try to analyze population shifts, employment shifts, new construction, REO, Inventory Supply Levels, absorption rates, etc. This information is a great tool to fully understanding the local market.
Port St Lucie has some aggressive growth plans and along with the new state tax proposals and the city's fear of less revenue, followed by their cuts in municipal services, makes forecasting even more difficult. In future blogs, I would like to explore the growth/demand of the area.
With all of this information, I am trying to put together a quartlerly report that graphs the changes for Port St Lucie and the market values of the homes.
So where is the market in Port St Lucie? First, lets explain the typical (average) home in the area. It's a CBS, 3/2/2, 1,720 square feet of GLA (living area), that is approximately 9 years old. This home relects the sales prices herewithin. Feb2006 is when the market peaked. The number of sales and market values have been falling off considerably since Feb. The number of sales in Sept 2005 was 530 with an average sales price of $271000. The peak we saw an average sales price of $275,000 and 324 sales. We are currently in May 2007 at $213,000 with 165 sales and a slight increase in June 2007 to $215,000 with 183 sales. Is this the turn/bottom we are looking for? In addition to the increase in both number of sales and price, listing/asking price is also increasing. Days on the Market is holding steady at 160 for a properly priced home. Inventory levels have remained steady, and jobless claims are increasing. Before I could call this a steady market, I would need to see another 2-3 months of data, especially data after the summer. What are some of the concerns that may cause this to continue downward? Taxes, Interest Rates, employment, etc.
What do you think? Where is the bottom?
None of this information above should be used to make a decision on a specific home's market value. A professional should be consulted.
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