I remember a 60 day period in 2010 where 6 home sales done by the same real estate brokerage, lender, and appraiser lifted the value of 22,000 homes in Phoenix nearly 20% in less than 2 months. Mark Hansen documented this extensively and I think this study is still on his blog.
Between January 2012 and January 2015, the housing market was recovering from the crisis of 2006 through 2012. The Case Shiller Index nationally showed an increase of 25% in housing prices during that time (3 years) or more than 8% annually. Perhaps rising housing demand had something to do with the 4% spread. “There are three kinds of lies: lies, damned lies, and statistics.” [Mark Twain, 1907] ... also, "Get your facts first, then distort them as you like" ... Twain again. I've been appraising for nearly a half-century... a lot was going on after the housing crisis. I suggest you not take raw data from Fannie as a reliable source and make broad, unfounded statements without verification of the facts on a local level. I'm sure there was a difference in the values before and after. There likely was also a difference in the appraiser's assignment conditions before and after. As an agent, if I asked you to quote me a listing price (in a rising market) for a property based on its "quick sale" or "liquidation price" (Fannie Mae assignment) .... would the listing price you suggest possibly be different from the "current market value price," (bank assignment) I ask you to suggest 4 or 5 months later?
I remember a 60 day period in 2010 where 6 home sales done by the same real estate brokerage, lender, and appraiser lifted the value of 22,000 homes in Phoenix nearly 20% in less than 2 months. Mark Hansen documented this extensively and I think this study is still on his blog.
Wow!
Between January 2012 and January 2015, the housing market was recovering from the crisis of 2006 through 2012. The Case Shiller Index nationally showed an increase of 25% in housing prices during that time (3 years) or more than 8% annually. Perhaps rising housing demand had something to do with the 4% spread. “There are three kinds of lies: lies, damned lies, and statistics.” [Mark Twain, 1907] ... also, "Get your facts first, then distort them as you like" ... Twain again. I've been appraising for nearly a half-century... a lot was going on after the housing crisis. I suggest you not take raw data from Fannie as a reliable source and make broad, unfounded statements without verification of the facts on a local level. I'm sure there was a difference in the values before and after. There likely was also a difference in the appraiser's assignment conditions before and after. As an agent, if I asked you to quote me a listing price (in a rising market) for a property based on its "quick sale" or "liquidation price" (Fannie Mae assignment) .... would the listing price you suggest possibly be different from the "current market value price," (bank assignment) I ask you to suggest 4 or 5 months later?