The present real estate appraisal rules are killing the residential market. With so few sales of used homes, limiting both the area from which comps are drawn and the length of time for the past sales is causing very low appraisals which drag prices downward unfairly. Those with a need to sell lose true equity their investment in improvements and updating have made. This discourages updating and maintenance and kills sales. For the buyer,who has accepted the selling price, it often kills the buy which they can afford.
These present appraisal srules are an over-reaction to the fraud of banks and investors in the recent past and are forcing declines in home prices, hurting honest homeowners, destroying equity and killing sales. Reasonable changes will help turnaround the real estate mess