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The 2002 housing market has been a tale of two halves,” said Green. As they (existing clients) went to do business in these new states, we figured out where the realestateagents are, and who the players are, where the markets they’re buying and did some research and started making phone calls,” he said in an interview with HousingWire.
Between 2002-2005 in many markets, the realestate market was scorching, much like it is today. As appraisers, we faced tremendous pressure from buyers, sellers, realestateagents, and loanofficers during the previous run-up. Some appraisers are reticent to address increasing trends now.
As I talk with appraiser colleagues and realestateagents, I’m hearing this sentiment quite a bit. Rates increased for all loan types in our survey, with the 30-year fixed mortgage rate increasing to 7.09 percent, the highest rate since 2002. This means there aren’t as many data points to understand value.
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