Take a quick read of this article from National Assoc of Realtors. This has been an ongoing problem, especially in such areas as Weld County where there are tons of foreclosures/short sales. The problem is this: appraisors are using foreclosures and REOs as comps to non-distressed properties, which just serves to bring the whole value of the neighborhood down and further our bad situation with property values.
Right now, the government is reviewing appraisal standards, and it is likely that there will be sweeping change in that industry, and soon.
Monday, January 4, 2010
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