New Appraisal Rules are Causing Problems
by Bob Hunt - Tue, Aug 18, 2009—Like politics, all real estate is local. This is drummed into us time and time again. You hardly ever see a report about state or national real estate trends without the cautionary caveat that “local markets are all different.” So how, then, does it make any sense for real estate appraisals to be conducted by out-of-the-area appraisers who lack (and don’t have time to get) specific local-market knowledge?
Well, it doesn’t, of course; but the practice has become commonplace thanks to the recent adoption of the Home Valuation Code of Conduct (HVCC). The HVCC is not a result of legislation. Rather, it is the result of an agreement, a settlement, entered into by Fannie Mae, Freddie Mac, and the office of the New York State Attorney General. The agreement went into effect May 1, 2009. Its aim was to put an end to corrupt practices in the business of appraising residential properties. Perhaps, to some degree, it has achieved its aim; but what we know for sure is that it has caused a lot of problems so far.
The 54th annual Farm City Celebration, held on Saturday, recognized some of the key contributors to local agriculture, part of an afternoon focusing on local crops, produce, livestock, and the people who share them with the community.
Watauga County Habitat for Humanity announces the completion of a new reclamation center building, located at the entrance to the Watauga County Landfill.
The Board of Trustees for the Mariam and Robert Hayes Performing Arts Center announced Tuesday that it would be suspending all operations at the center immediately after the closing of the Blowing Rock Stage Company Production of the musical biography Hank Williams: Lost Highway. That production is scheduled to end Sept. 6 but could possibly have an extended run after that date.
Eric Woolridge, AICP, was hired in the middle of March this year as the senior outdoor recreation planner for Watauga County Tourism Development Authority (WCTDA), and he has already begun the groundwork for increasing outdoor recreation opportunities in the Boone area.
Outside magazine has named Boone one of the best U.S. small towns of 2009. In an online article, the magazine describes Boone: “While the winding country roads are still a road cyclist’s dream, that’s just part of the recreational picture: Within minutes you can be rock climbing, peak bagging, whitewater rafting, and even skiing.” By the way, “peak bagging” is described as”an activity in which hillwalkers and mountaineers attempt to reach the summit of some collection of peaks, usually those above some height in a particular region, or having a particular feature.”
