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Stephen Oliner: Volatile land values

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Published on Aug 9, 2012

What role have appraisers played in the U.S. housing crisis? Appraisers didn’t directly cause values to decline, nor did they lead homeowners to stop paying their mortgages. However, as we examine the housing boom and bust, it is clear that the appraisal process failed to distinguish between housing prices and values.
Determining the price at which a property may be sold or refinanced is quite different than providing a value analysis that helps lenders determine the maximum amount that may be prudently lent on a property. This conference will bring together researchers, appraisers, lenders, investors, analysts, regulators, rating agencies, trade groups and policymakers to discuss best practices that are consistent with sustainable market values.

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