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December 28, 2010

Informational Content of Residential Real Estate Appraisals in Distressed Housing Market

Based on a large sample of real-time appraisals ordered by various lenders across the U.S. using FNC’s Collateral Management System (CMS®), the study finds that appraisals contain important market information not currently reflected in buyer and seller’s privately-negotiated pre-closing contract sales price.

The study shows that appraisal adjustments relative to contract sales price are significantly correlated with local housing market conditions. For example, larger downward appraisal adjustments are observed in more distressed housing markets. In the current challenging housing environment where mortgage delinquency and foreclosure continue to impose undue stress on the market, such appraisal adjustments are consistent with expectations of continued downward price pressure from market distress.

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