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Flawed Appraisals Hurting Home Sales, Slowing Housing Recovery
Written By Elizabeth MacDonald
Published December 12, 2011
FOXBusiness
It’s the bank appraisers’ fault for the slow housing recovery. They’re wrongfully using foreclosed homes as comparable houses to assess values in home sales, driving down home prices and even causing people to walk away from sales.
That’s what the National Association of Home Builders [NAHB] says, according to its recent nationwide survey.
One out of three builders now report to the NAHB that they have literally lost signed sales contracts during the prior six months because appraisals on their homes are less than the contract sales price, or even the cost of constructing the entire house. The NAHB says it got this information from a recent nationwide survey.
Sort of like how government property tax collectors across the country continue to use bubble-era home valuations to keep property tax collections high.
Read more: https://tinyurl.com/7zhqh6d