With woeful news out about the economy adding to an already unsteady housing market, there are many theories as to what are the root causes of buyer and seller squeamishness. Of course, there is plenty of blame to go around too. Loan officers? Appraisers? Greedy, unrealistic sellers? Promise the moon Realtors? Broderick Perkins says it's for sure not the media's fault.
Speaking of the blame game, appraisers may have to pay the piper over the issue of inflating their appraisals. Appraisers are supposed to offer an independent opinion of a property's value--resisting any pressure from banks to give a specific number in order for the loan to go through. Now there is news that the attorney general of New York, Andrew Cuomo, has sued a major appraisal management company for allegedly giving in to pressure from one of the largest lenders in the country, Seattle-based Washington Mutual.
David Reed writes that the Mortgage Reform and Anti-Predatory Act of 2007 is a bad idea at the wrong time.
On a sad note, I'm not the first Rock and Roll Realtor. That would be Linda Stein. Blanch Evans writes of her amazing live and her horrific, untimely death.
Man, that's about all the news I can take today. Hope tomorrow is a little brighter...
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