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Market Conditions
Posted on Jun 30th, 2009
by Realty Times Staff
The National Association of Realtors is reporting that May saw a gain in the sale of existing homes -- up by 2.4 percent.
Regionally, existing-home sales varied:
- Northeast: rose 3.9 percent
- Midwest: rose 9.0 percent
- South: unchanged
- West: down 0.9 percent
Are we out of the woods? Dr. Lawrence 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."
Published: June 30, 2009
This article is reprinted with permission from Realty Times, www.realtytimes.com.
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Comments (1)
The appraisal issue is one that we deal with on the daily basis. This must be corrected as soon as possible so that we don't have our sellers loose a potential deal due to the lack of knowledge coming from the appraisers.
on Jul 07, 2009 at 11:05 am
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