Editor’s Comment: Again, myth prevails.
The monster that gobbled our home equity and the value of our pension funds came from the waters beneath the market not from some economic disaster or sudden migration of population to Australia. The “loss of value” was nothing of the sort. Prices were going up during a decade when median [...]
Ease of entry was a key in the jump from 11,000+- in CA in 1990, to over 21,000 by 2007.
From Steve Smith
This comment is not made to defend the actions of any appraiser, or the appraisal industry itself, but to add some dimension of what was going on transactionally.
Sadly, appraisers were Conditioned to Anchor on [...]
OK I’m upping the ante here with some techno-speak. But I’ll try to make it as simple as possible.
YIELD is the percentage or dollar return on investment. For example,
if you buy a bond for $1,000 and the interest rate is 5%, the yield is 5%.
You are expecting to receive $50 per year in interest, which [...]
Wall Street didn’t merely siphon off unearned money, wealth and guarantees from homeowners, bank depositors and taxpayers. They screwed up title on what appears to be more than 60 million transactions — so even refi’s might now have rendered the title to be uninsurable or unmarketable.
Big Banks Accused of Short Sale Fraud
No surprise here. [...]
more than 8,000 appraisers – roughly 10 percent of the industry – have signed a petition asking the federal government to take action.
“There are a lot of people who have refinanced for more than their homes are actually worth and they’re effectively already upside down even without a real estate bubble bursting,” said Callahan. Down [...]
