A Swamplot reader draws attention to a “rumored email” purporting to show that the National Association of Realtors is gearing up for a campaign against the Housing Valuation Code of Conduct that went into effect at the beginning of May. The HVCC was meant to safeguard the independence of appraisals — in part by prohibiting loan officers, mortgage brokers, and real estate agents from selecting the appraiser for a particular property. The email, posted on a San Fernando Valley real-estate blog, indicates that the NAR is pushing Congress to impose an 18-month moratorium on the new code. Our reader wonders if recent stories of “unfair appraisals” — such as this one — are the result of a larger “orchestrated campaign” against the new rules. [Effective Demand; Swamplot inbox]
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Comment of the Day: Sacrifice Buy
“ANYONE can afford to live in the loop, I am convinced of that. The question best answered is ‘What are you willing to give up to do so?’. If you have large housing demands with a limited budget, chances are the suburbs is your answer. If you can live modestly, there are plenty of Inner Loop properties for you.” [Jeff, commenting on Sub-Suburban SUV Adventure: Braving That Big Trip “Downtown”]