Ask anyone what home values across the country are doing and you’ll get mixed responses, based solely on what locale each person is familiar with. Seems pretty obvious, right?
Truth is, it’s obvious to everyone except those enforcing broad-sweeping change to appraisal guidelines (HVCC), and Richard Mize has pointed out – in grand fashion – the biggest problem created by this broad-brush approach; the resulting home depreciation.
It’s pushing down appraisals, which is good if they were inflated, which they were not everywhere, and it’s pushing down values, which can’t be good here, since there was no bubble-induced price inflation here.
If there’s a problem with the Home Valuation Code of Conduct, that’s surely it: It was put in place everywhere to fix problems that had cropped up only in certain locales.
Here’s the next question; What would our home values be doing in Central Oklahoma if there weren’t legislated policies in place that are unquestionably holding them down?
About Ryan Hukill
