The Valley housing market may be nearing its bottom, analyst RL Brown believes. In what he termed “a doomsday scenario,” Brown said it’s possible a second tsunami similar to the housing meltdown that started in 2006 could devastate the market in the next few years, bringing even more serious troubles than the current downturn. But that won’t happen if the federal government continues along the path it’s undertaken, he said. more…
Appraisers and mortgage brokers are complaining that changes in the way appraisals are conducted, set to take effect May 1, will have a negative effect on their businesses and on consumers. Known collectively as the Appraisal Code of Conduct, the new rules stem from an investigation by New York Attorney General Andrew Cuomo into alleged corruption in the way home appraisals are conducted. more…