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PRESS RELEASE


Appraisers Increasingly Pressured into Overvaluing

Study finds pressure on residential appraisers to increase property values on the rise

 
Richfield, Ohio (Feb. 5, 2007) -- The 2007 October Research National Appraisal Survey (www.octoberresearch.com) confirms pressure on real estate appraisers to artificially inflate residential property values has dramatically increased since 2003. The valuation pressure results from the 2007 October Research National Appraisal Survey, A Snapshot of the Real Estate Valuation Industry are available in Volume I: Appraisal Business Practices. This volume provides an extended follow-up to the nationally-publicized results of the 2003 October Research National Appraisal Survey, Unveiling the Secrets of the Appraisal Business, in which it was revealed that over 55% of appraisers nationwide, had felt uncomfortable pressure to inflate home values.

The 2007 study, co-sponsored by Forsythe Appraisals, and Valuation Review, takes a more in-depth look at residential appraisal valuation pressure and its influence on the mortgage industry.

Alan Hummel, SRA, Senior Vice President and Chief Appraiser of Forsythe Appraisals, states, “Volume I: Appraisal Business Practices confirms what until now was only speculation of the appraisal concern surrounding the residential valuation practice.”

Hummel adds, “As the real estate market downshifts, competitive market play is on the upswing. Fewer applications can increase the pressure on mortgage lenders and real estate agents to turn the potential into a successful close.”

Volume I: Appraisal Business Practices is a compilation of the survey results from more than 1,200 real estate appraisers. The numbers support the 2003 findings, uncovering pressure to adjust, restate or change property values. However, the most alarming figure is the actual percentage of increase in pressure - - 64%.

“More startling than the increase in pressure is the ineffectiveness of the actions taken to-date to curb the abuse of professional power. The result can be an adverse outcome to the consumer,” said Hummel. “These issues need to be addressed by all facets of the real estate industry.”

Joe Casa, Founder and Publisher of October Research Corporation acknowledges, “Our current economic conditions will only fuel the problem. Addressing the issue-at-large is no longer an option, but a necessity to the industry and the customers it serves.”

The October Studies division of October Research Corporation will release Volume II: Customer Relationships with Appraisers in March 2007 and Volume III: Appraisal Technology Usage and Tools in July 2007.

SOURCE: October Research Corp
 
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