one of the reasons being given for the ‘bad’ appraisals is that only local appraisers are familiar with ‘special situations’ in a local market
yeah, well, BS!!!
appraisals are based on comps whether they are performed by a San Diego appraiser or an appraiser in Alabama
you might argue that ‘special situations’ like views can only be evaluated by a local appraiser but I would counter that a view is only worth what someone is willing to pay for it – if comps don’t support the premium being charged for a view then the difference comes out of the buyer’s pocket
~
here’s a few articles that might be of interest – not about appraisals – just the market in general
Economy Can Strengthen Only When Housing Prices Do http://online.wsj.com/article/SB124587097965549129.html?mod=googlenews_wsj
[4plex: yep, the economy is screwed as long as real estate values continue to drop – won’t change until 2014 or so regardless of the foreclosure moratoria, bank bailouts, etc]
Obama’s Mortgage Refinancing Program May Be Expanded http://www.bloomberg.com/apps/news?pid=20601087&sid=avAvJacs7UcU
“Fannie Mae and Freddie Mac may get permission to begin refinancing mortgages with loan-to-value ratios above 105 percent as the Obama administration seeks to boost participation in its anti-foreclosure programs. ”
[4plex: see my previous comment]
