'What's a home worth?'
'There are problems in appraisal land that transcend weak housing markets and debt-ridden borrowers, and that are causing home buyers and would-be refinancers to miss out on low rates and dream houses. "There's been a pendulum swing in appraisals comparable to the one we've seen in mortgage credit, from foolishly lax to overly restrictive," said Walt Molony of the National Association of Realtors. He reported that as recently as October, one in 10 member agents said they'd had a contract canceled as a result of a low appraisal, 13 percent said they'd had a contract delayed, and 16 percent said they'd had a contract negotiated to a lower sales price as a result of a low appraisal.'' [more inside]
Are funds calling a bottom to the US housing market? Even as house price declines are beginning to slow
, home sales may have stablised
and resales look healthy
, big money - $5B here
, $3B there
, over there $2B
and lots and lots
of smaller amounts
- is being deployed to take housing assets off
banks balance sheets.
Meanwhile, Fannie Mae and Freddie Mac are actually booking the biggest profits on new mortgages since 1998
. It ain't over 'til it's over, but in the markets you take what you can get.
The Secret Agent
- whilst talk has gone on for many a year
about things like 'bubbles' and 'bursting' on the topic of real estate, never before has it been seriously considered that regular offer-withholding, mortgage-falsifying, and price-gouging to the tune of £50,000 by real estate agents might be affecting the housing market altogether. I challenge metafilter to make the links, and see who's first on that merry conspiracy theory bandwagon. And why is it that people who work with selling or developing buildings are just, well, evil