Our previous post: "New Headache for Americans: Inflated Home Appraisals" discussed how A housing slowdown is forcing people to confront inflated appraisal values that went unquestioned during the boom. For sellers, that may mean dropping asking prices. For homeowners hoping to refinance, it may mean lacking equity to lock in new loan terms.
The Matrix blog has also picked up on the Wall Street Journal piece and has has posted some opinions and conclusions on the problem.
A quote from the Matrix blog in response to the NAMB's position that appraisers enforce their own ethical standards, says:
"This don’t ask, don’t tell attitude has created the appraiser mantra -
Get work. Hit number anyway you can. Do it Fast. Get more work. Talk a lot about servicing the clients needs. Repeat.
If the appraiser doesn’t take this path, then they need to find other types of clients. A whole generation of experienced appraisers have been forced out of the business."
Read the full article: Matrix » No Smoking Gun: Appraisal Inflation Is More Widespread Than You Think.
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