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October 20, 2011
Low Appraisal Valuation: Statistical Aberrations or Roadblock to Housing Recovery?
Ongoing problems in the housing market - the overhang of distressed and vacant homes, tight credits despite low financing costs, poor job prospects, negative income shocks to first-time homebuyers, disappearing equity on the part of potential trade-up buyers - are expected to continue to constrain the housing recovery in the near to median term.
Of the many likely sources contributing to ongoing market weakness, appraisal valuation – a key underwriting requirement for screening the risk of mortgage loans in the event of borrower default – has come under criticism for its alleged role in undermining the housing recovery.
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