Archive for May, 2008

The Appraisal Foundation Seeks Candidates for National Boards

WASHINGTON, DC–The Appraisal Foundation is beginning its annual search for qualified candidates to serve on the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB).  Completed applications for these vacancies must be received by August 1, 2008.  

 

Appraiser Qualifications Board:  There are up to three vacancies on the AQB.  The AQB is responsible for setting minimum qualification criteria for state licensure and certification of real estate appraisers and has established voluntary qualification criteria for personal property appraisers.  Familiarity with appraiser qualifications is a pre-requisite of service on the AQB, and a minimum of ten years of appraisal experience is required.  The AQB meets four times per year for approximately ten days in total.  Individuals serving on the AQB are compensated for their time and are reimbursed for travel expenses.  The individuals selected for the AQB positions will serve a term of up to three-years commencing January 1, 2009.  

 

Appraisal Standards Board:  There are up to four vacancies on the ASB.  The ASB is charged with developing, interpreting and amending the Uniform Standards of Professional Appraisal Practice (USPAP).  Familiarity with USPAP is a pre-requisite of service on the ASB, and a minimum of ten years of appraisal experience is required.   The ASB meets five times per year for approximately fifteen days in total.  Individuals serving on the ASB are compensated for their time and are reimbursed for travel expenses.   The individuals selected for a position on the ASB will serve a term of up to three-years commencing January 1, 2009. 

 

The Appraisal Foundation is interested in expanding the diversity of all Boards by considering applicationsfrom business leaders with an interest in valuation or involved in various appraisal disciplines such as business valuation or personal property.

 

Application packages for all positions outlined above are now available on-line at the Foundation web site. To find the application on the web site, please click on “Mission” in the far left column of the homepage and then “To Apply”.

 

If you would like to request an application package via emailor if you have questions please feel free to contact Anne Raley (anne@appraisalfoundation.org).  When requesting information on the applications via e-mail, please use the phrase “2008 BOARDS APPLICATION INFORMATION” in the subject line, and please include your full name, mailing address and phone number.

 

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Contact Information:

Paula Douglas

Executive Administrator

202.624.3048

E-mail: paula@appraisalfoundation.org

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House OKs farm bill by veto-proof margin

Mcclatchy-tribune
May 15, 2008

WASHINGTON – The House emphatically approved a major five-year farm bill by a veto-proof margin yesterday, setting up President Bush for a major political embarrassment.

Brushing off Bush’s opposition, many Republicans joined a majority of Democrats in approving the farm bill, 318-106. This is well over the two-thirds vote needed to override Bush’s promised veto.

“We’ve solved a lot of problems in this bill,” said Rep. Collin C. Peterson, a Minnesota Democrat who is chairman of the House Agriculture Committee. “We have a bill that covers all of the interests in the country.”

For the first time, the bill includes funds for cleaning up the Chesapeake Bay, which would be guaranteed $690 million over 10 years, with more expected after the first five.    More

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The Impact of Increased Planting Flexibility on Planting Decisions Across Texas

Increased acreage planting flexibility granted through the last three farm bills has allowed agricultural producers to make production choices without government programs driving their decisions. Planted acre data for program crops in seven Texas regions is used to describe producers’ responses to the increased flexibility.  More

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Farm Debt Increases in 2008

According to the USDA, rising crop values can result in higher potential income and will likely result in increased real estate loan demand in row crop producing regions. Nonreal estate agricultural loan demand is driven by investment in machinery, equipment, and grain storage facilities. High crop prices and increasing crop production may lead to a rise in operating loans as producers boost production expenses to maximize yields.

Farm business debt is anticipated to stand at about $228.0 billion by the end of 2008, up $8.0 billion from 2007 and a new record for the fourth consecutive year. Real estate debt is expected to rise to $120.8 billion, up 2.8 percent, while nonreal estate debt should be $107.2 billion, up 4.6 percent. Farm real estate debt is expected to account for 53.0 percent of total farm debt in 2008.

Expectations that nonreal estate debt will expand faster than real estate debt are based on reported high levels of demand for short-term financing of machinery, equipment, and storage facilities. Additionally, nonreal estate debt is expected to increase as production increases in response to those crops (corn/soybeans) associated with ethanol production.

Farm mortgage debt is expected to rise about 2.8 percent in 2008. From the beginning of 2003 through the end of 2008, total farm debt is expected to have risen by about $52.8 billion, or more than 30 percent.

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Farmland Values Continue To Rise in 2008

According the USDA Farmland and building values (dollars per acre) of farm businesses rose by about 13.3 percent in 2007 and are expected to grow by nearly 14.9 percent in 2008. This solid growth in farm real estate asset values is partly due to rising returns on farm assets and to declines in interest rates. Rising income expectations translate into higher farmland values—in most regions, double-digit gains for cropland are expected. Gains in ranchland value are driven by demands from recreational and developmental uses. Demand for farmland for recreation and nonfarm development will continue to exert upward pressure on U.S. farmland values, especially in urban and urbanizing areas.

New housing starts are one of the leading indicators for the economy in general. The current drop in new housing starts may dampen the demand for real estate assets (including farm business real estate assets). However, so far the sluggish growth in the U.S. housing sector and decreasing demand for new housing in the economy at large have not significantly affected the demand for farmland investments.

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Farm Asset Values Projected Up Again in 2008

According to the USDA, Farm business asset, debt, and equity values are expected to continue rising through the end of 2008. Growth in farm asset and debt values reflect farm investor and lender expectations about the long-term profitability of farm sector investments.

The value of U.S. farm business assets is forecast to increase by about 13.1 percent in 2008 (see table). The value of farm business real estate assets, which comprise about 85 percent of farm sector assets, is expected to rise by 14.9 percent, following a 13.7-percent gain in 2007. (See glossary for definitions of terms.)

The value of year-end 2008 crop inventories is expected to rise slightly (up 0.7 percent) from 2007 while the value of livestock and poultry inventories is expected to fall slightly (down 0.1 percent). The value of machinery and motor vehicles is expected to rise by about 2.3 percent in 2008, based on higher expected sales. The value of purchased inputs held in onfarm inventory is expected to increase by about 6.6 percent in 2008 and the value of financial assets is expected to rise about 5.1 percent.

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