Some States Vote to Exclude Foreclosures From Apprasials

Posted March 31, 2011

Three states, Nevada, Illinois, and Missouri have proposed bills that ban the use of short sales and foreclosures from the use as comps for appraisals for residential lending purposes. Maryland withdrew their bill.

Proponents say that short sales and foreclosures artificially depress market values over what it otherwise would be. However opponents say that including foreclosures and short sales reflect the reality of the market.

I know that this doesn’t involve commercial real estate per se, but since we all live somewhere, I thought this might be of interest.

DS News – Three States Move To Ban Foreclosure Sales From Appraisal Values

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