At the top of Sunday's Business Today section:
- Tougher appraisals make home sales harder - Jonathan D. Epstein/The Buffalo News
Realtors and lenders say new appraisal rules, forced on the industry by State Attorney General Andrew M. Cuomo, are slowing down the sales and mortgage process, hindering deals that used to sail through.
But it's not just New York that charges that past slack standards in the mortgage appraisal game are a big part of the reason for the recent real estate bubble and bust. And it's not just New York where new, tougher standards for setting the value of a home are causing problems.
- New real estate appraisal rules rankle some homeowners, agents - The Chicago Tribune
- Realtors coping with new appraisal rules - The Annapolis Capital
- Real-estate appraisers caught in rule backlash - The Seattle Times
- As Subprime Lending Crisis Unfolded, Watchdog Fed Didn't Bother Barking - The Washington Post
- Home sales drop 2.7 percent - The Associated Press
The drop in sales last month may reflect delays in completing sales due to tough lending standards and new rules for appraisals. Real estate agents say new rules, effective May 1, that were designed to limit conflicts of interest in the appraisal process are delaying or undermining sales because appraisals are coming in too low.
-- George Pyle/The Buffalo News