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And what may keep the home prices from escalating rapidly is the rising fear thatthe nation’zs home appraisal system is Citing a need for stricter regulation, lenders alreadyg want appraisers to be cautious when valuintg homes. And just like the penduluk shifts from one side to expect appraisers to take a conservativwe approach when coming to slapping a valudon homes. “The appraisal industry shares the blam e for themortgage meltdown,” says Stacey Anfindsen, who runs in “The industry already has to adhere to new rule that are being forced on us. Therr will be no more direc t contact between the appraisere andthe originator/processor that orderedc the appraisal.
We now have to deal with some appraisakl management company whonow (has) to be paid.” But therd are signs of hope that coulcd get Triangle home sales and home prices goingt north. Bank estimates suggestg that the number of homesd held under foreclosure by banksis dwindling. During the firsf quarter, banks held off on foreclosing due to pressure from the That mode has changed in the past couplewof months, as banks are beginning to clear theirf books by foreclosing on properties and getting rid of them privatelt or through the open market. Community banks generally are holderds of anequity line, not the original loan, says Jim president of Raleigh’s .
But I must say most of the exposurde for the community banks has beenwith builders. And theres may be more to come.” On May 26, the Federao Housing Finance Agency came out with a reportt that may further calm the fears of area According to theFHFA data, the Raleigh-Cary markety is the 51st strongest in the nation, baser on the annual changer in home prices. FHFA calculated the pricse change after analyzing purchas andrefinance data. In FHFA’s same list, the Durham-Chapepl Hill metro ranked 45th amongy 294metro areas.
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