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The Home Valuation Code of Conduct appears to be having adverse impacts on the housing markets. The National Association of Realtors surveyed it's members and found that 37% of it's members reported lost sales from the appraisal, 70% of Realtors reported out-of-area appraisers who did not know the market...
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Saturday, July 11th, 2009 at 4:00pm.179 Views, 0 Comments.
On Appraisals: The Impact of HVCC
July 6, 2009
By Jed Smith, Managing Director, Quantitative Research
A preliminary analysis indicates that the implementation of the Home Valuation Code of Conduct (HVCC) appears to be having adverse impacts on the housing markets. Appraisal issues associated with the implementation of HVCC have recently been in the news. NAR Research has developed information on the subject through a statistically representative survey of the membership. A preliminary analysis of Realtor® responses includes the following:
Approximately 76 percent of Realtors® representing buyers or sellers indicated that the time to obtain a completed appraisal increased after May 1; 69 percent of those reporting increased appraisal times reported an increase…