Such BS. Exactly right. NAR had no problems when the appraisals were ridiculously high on the up-cycle.
This is the problem: Most people’s income cannot afford them what a house costs. Period. It worked during the up-cycle b/c of all the trick loans and the banks turning a blind eye to income.
Okay. Take what we’re talking about on another thread, 1104 Missouri. Say an appraisal comes back and says it’s worth 1.5 million, just for fun.
Don’t we need someone who has the money, income, credit or cash or financial wherewithal to buy it? Isn’t that what it boils down to?
I mean, the up-cycle hot-potato game was all fictitious. The only way we get back to those times again is to play that game over w/the NINAs and everything else that accompanied it, appraisers and whatnot.
