Yun said the appraisal problem is serious. “Lenders are using appraisers who may not be familiar with a neighborhood, or who compare traditional homes with distressed and discounted sales,” he said. “In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment. There is danger of a delayed housing market recovery and a further rise in foreclosures if the appraisal problems are not quickly corrected.”
As I always say, read the full article so here.
It's a lot of mix and mash info. If you take a step back, you'll realize that we're in for more troubles a head. The word from everyone that I speak to is that there is nothing good on the market. Most of the stuff that's priced correctly is all foreclosures or short sales, which doesn't leave a lot of quality to choose from when new buyers are looking. Most of the people who don't need to sell are taking their properties off the market or locking in at a price and not budging hoping that someone will come along and buy their house for the price they want. "You can hope in one hand and crap in the other, let's see what gets filled faster." - Ten points for who knows what movie that's from?
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