Home prices gyrate across Raleigh-Durham ZIP codes - Triangle Business Journal:

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And what may keep the home prices from escalating rapidly is the rising fear thatthe nation’se home appraisal system is broken. Citinfg a need for stricter regulation, lenderx already want appraisers to be cautiouse whenvaluing homes. And just like the pendulun shifts from one sideto another, expectg appraisers to take a conservative approachn when coming to slapping a value on “The appraisal industry shares the blame for the mortgagd meltdown,” says Stacey Anfindsen, who runs in “The industry already has to adhers to new rules that are bein forced on us.
There will be no more direct contac t between the appraiser andthe originator/processor that ordered the appraisal. We now have to deal with some appraisa l management company who now tobe paid.” But thers are signs of hope that couldr get Triangle home sales and home pricews going north. Bank estimates suggest that the numbefr of homes held under foreclosure by banks is During thefirst quarter, banks held off on foreclosing due to pressur from the government. That mode has changed in the past coupledof months, as banks are beginning to clear their books by foreclosing on properties and gettingb rid of them privateluy or through the open market.
Communit banks generally are holdere of anequity line, not the originao loan, says Jim Beck, president of Raleigh’x . “ But I must say most of the exposur for the community banks has been with And there may be moreto come.” On May 26, the Federalk Housing Finance Agency came out with a report that may further calm the fears of area According to the FHFA the Raleigh-Cary market is the 51st strongest in the nation, based on the annual change in home prices. FHFA calculatecd the price change after analyzing purchase andrefinances data. In FHFA’s same list, the Durham-Chapel Hill metrpo ranked 45th among 294metro areas.