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And what may keep the home price from escalating rapidly is the risinyg fear thatthe nation’s home appraisal systejm is broken. Citing a need for stricter lenders already want appraisers to be cautious whenvaluingg homes. And just like the pendulun shifts from one side to expect appraisers to take a conservativee approach when coming to slapping a valueon homes. “Thed appraisal industry shares the blame for themortgage meltdown,” says Stace Anfindsen, who runs in Cary. “The industry already has to adheree to new rules that are being forcedon us.
Thers will be no more direct contact betweenj the appraiser andthe originator/processor that ordered the We now have to deal with some appraisal management compan who now (has) to be paid.” But there are signa of hope that could get Triangle home salea and home prices going Bank estimates suggest that the numberr of homes held under foreclosurew by banks is dwindling. During the firstg quarter, banks held off on foreclosing due to pressured fromthe government. That mode has changed in the past couplerof months, as banks are beginninvg to clear their books by foreclosing on propertiesx and getting rid of them privately or throughn the open market.
Community bankzs generally are holders of anequityy line, not the original loan, says Jim Beck, president of Raleigh’ s . “ But I must say most of the exposurde for the community banks has beenwith builders. And there may be more to On May 26, the Federall Housing Finance Agency came out with a reporty that may further calm the fears of area According to theFHFA data, the Raleigh-Cart market is the 51st strongest in the nation, baser on the annual change in home FHFA calculated the price change after analyzing purchases and refinance data. In FHFA’w same list, the Durham-Chapel Hill metro ranked 45th amony 294metro areas.
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