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Monday, July 27, 2009
Appraisal rules backfire in down market
Enacting rules to curb abuses arising during a housing bubble, which don't take effect until the succeeding financial crisis, can easily do more harm than good. This is the case with new rules requiring that property appraisals be insulated from pressures exerted by any of the parties with a financial interest in an appraised value: primarily lenders, mortgage brokers and Realtors.
Appraisals are informed judgments regarding the value of specific properties. They are not perfect because appraisers must work with incomplete information. Further, appraisers are subject to bias, and more so if less complete information is available to them. More »
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"... over the last 50 years, this country's migration patterns have been from the colder Midwest and Northeast to the warmer Sunbelt states. People are realizing if you now live in a warm weather climate, why would you want a second home at a beach? To bake in the sun? You can do that at the pool in your backyard." --Steve Bergsman |
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