October 17, 2009
The Bakersfield Californian quoted Richard Green of the USC Lusk Center for Real Estate in an article about first-time homebuyers. Green said that banks don't have the staffing capacity to move a lot of inventory through the foreclosure process quickly, particularly when properties are owned by investors with competing liens. He added: "Appraisers are scared to death of getting sued if a home turns out to be worth less than they said, so they're being extremely conservative."
The Bakersfield Californian quoted Richard Green of the USC Lusk Center for Real Estate in an article about first-time homebuyers. Green said that banks don't have the staffing capacity to move a lot of inventory through the foreclosure process quickly, particularly when properties are owned by investors with competing liens. He added: "Appraisers are scared to death of getting sued if a home turns out to be worth less than they said, so they're being extremely conservative."