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Home Appraisals: Changes on the Horizon?

A major legal brawl is breaking out over how homes are appraised, at what cost, and by whom. The outcome could directly affect the price you pay for your next piece of real estate, and the amount of mortgage money you can obtain.

The fight centers on an unusual agreement reached in March among Fannie Mae, Freddie Mac, their federal regulator, and New York Attorney General Andrew M. Cuomo. The agreement took the form of an out-of-court settlement under which Cuomo terminated an investigation of the mortgage finance giants' appraisal practices in exchange for their adoption of a far-reaching "home valuation code of conduct" covering all loans they purchase or securitize.

The code, which is scheduled to take effect on Jan. 1, would shake up the entire appraisal system:

• Mortgage brokers, who originate roughly 60 percent of all new loans, no longer would be allowed to select or pay appraisers. That could force some mortgage shoppers to pay for multiple appraisals rather than just one.

• In-house appraisers at banks and mortgage firms no longer would be permitted to do appraisals for loans to be funded by their organizations.

• Lenders would not be able to use appraisals generated by management companies - firms that contract with networks of appraisers nationwide - if they have a significant financial stake in the management company.

Inflated appraisals - often involving either pressure by loan officers or fraudulent collusion by appraisers themselves - played a role in at least some of the mess we're seeing in many housing markets.

Under the (Fannie-Freddie plan), consumers would be financially tied to the first lender they, or their mortgage or real estate professional, submits their application to. Any subsequent application may require a new appraisal, doubling or tripling the cost and time involved.

Housing Inventory Up Again in April

The number of homes for sale was on the rise again in April. Nationally, inventories expanded 3.5% last month overall and were up 6% over the same period last year.

Even some markets that used to be considered bulletproof have seen inventories grow and these bloated inventories have put pressure on home sellers to slash prices that have already been on a steep decline.

A National Association of Realtors study shows house sales remained soft in March, but the organization is forecasting sales will begin to improve over the summer.

The NAR's Pending Home Sales Index dropped 1 percent to 83 in March and was 20.1 percent lower than the March 2007 index of 103.9.

Existing-home sales are projected to rise from an annual pace of 4.95 million in the first quarter to 5.82 million in the fourth quarter.  NAR projects a median sales price of $213,700 and a 4.1 percent jump to $222,600 in 2009.

Cutting Debt: Tips from the Pros

Was one of your resolutions this year to pay off some debt? Finding it harder and harder to pay down debt today? Money Stacy Johnson has a few tips for secrets to paying down that debt. (Video runs 1:32)

What about you? Any ideas you have for cutting down on the debt that wasn't mentioned in this video? We'd love to hear them. Just use the comment link below to tell us your thoughts.

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