Real Estate Appraisal Process Needs Repair

The National Association of Home Builders (NAHB) tells the Government Accountability Office (GAO) reports the lack of government oversight of real estate appraisals has resulted in inaccurate home valuations. Both builders and realtors note 18-33 percent of appraisals have been inaccurate, resulting in cancellations and delays in contracts. A national hotline for the Appraisal Subcommittee was authorized under the provisions of the Dodd-Frank Act to receive complaints about noncompliance with appraisal standards and attempts to improperly influence the appraisal process. That hotline has not been established. The GAO says the Subcommittee needs to establish specific guidelines to comply with the appraisal requirements of the federal financial regulators. NAHB Chairman Bob Nielsen says, “We must resolve a flawed appraisal process that produces inaccurate assessment of home values, because this fosters price instability, puts more families in danger of default or foreclosure, and undermines the housing and economic recovery. It’s time that regulators, appraisers, lenders and all of the stakeholders in this debate come together and agree on major reforms in appraisal practices and oversight to ensure that homes are appraised at their fair market rate.”

(Graphic credit: NAHB)

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