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As editor in chief of Professional Remodeler, a lot of information crosses my desk. This blog will be a chance to share some of that with you, with an immediacy not possible with a monthly magazine. It's also your chance to tell me what you think about what I have to say. Whether you agree or disagree, I hope you won't be shy. Post here, write me at jonathan.sweet@reedbusiness.com or you can also follow me on Twitter at www.twitter.com/sweetedit.
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Thursday, October 22, 2009
Glimmer of Hope for Home Builders on Appraisals
Oct 22 2009 9:41AM | Permalink | Email this | Comments (0) |
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By Jonathan Sweet
There's some good news coming out of Washington today about the Home Valuation Code of Conduct, which regulates who can perform appraisals and has been blamed by NAHB, NAR and a host of others with creating artifically low home appraisals and impeding any housing recovery. (NAHB says 25 percent of builders are losing sales because of appraisals coming in below contract price.)
CNBC's Diana Olick is reporting today that the House Financial Services Committee has passed an amendment to the Consumer Financial Protection Agency Act that would put a sunset date on the code. The bill still has to be passed put of committee, then on to the full House and Senate, but it's a start.
It's worth noting, though, that not everyone thinks the HVCC is a bad thing. Just two days ago, Freddie Mac VP Patricia McClung said the code has improved appraisal quality.
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