The National Association of Home Builders is fighting back against the use of distressed properties in appraisals of new homes. NAHB Chairman Bob Nielsen points out that the two are fundamentally different. Obviously, distressed properties have not been maintained or updated if they are distressed, but a new home would have all of the latest features, energy efficiencies and warranties. To get home building back to levels that will actually assist our struggling US economy, new homes are going to have to appraise for realistic values.
Read the entire article at “Distressed Properties Don’t Compare With New Homes, Nielsen Tells Appraisers,” National Association of Home Builders (Nov. 7, 2011)
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