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Thursday, 31st March 2005

Home Insecurity: How Widespread Appraisal Fraud Puts Homeowners At Risk

Real Estate Appraisal--Fraud
Source: Demos
Home Insecurity: How Widespread Appraisal Fraud Puts Homeowners At Risk (PDF; 120 KB)
"While many U.S. households have benefited from the recent rise in real estate prices, homeowners who have bought at record high prices are vulnerable to a fall in property values that could leave them owing more on their mortgage than their home is worth. This risk is aggravated by the fact that many Americans have reduced the equity in their home to pay off credit card debts and cover day-to-day expenses. More troubling still is evidence that many appraisers fraudulently inflate property values during the buying or refinancing of homes. This paper explores the implications of appraisal fraud."


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