Feeling as if they are receiving the brunt of the blame for the housing crisis, due to low home appraisals that have led to declining residential property values nationwide, the Appraisal Institute is speaking out against critics.
In a release, Appraisal Institute president Sara Stephens stated it is not appraisers' fault for reporting low values during the home appraisal process, adding that the real estate professionals are just the "messenger" and shouldn't be blamed for the housing market's recent woes.
"The fact is that appraisers are undertaking the same thorough research and thoughtful analysis that they always have in order to continue producing reliable, credible opinions of value," she said in the release.
She added that many homeowners think their properties are worth more than what they are, which has led to frustration on their parts.
Home values could improve as 2012 progresses, as many economists and real estate analysts project growth in prices throughout the year. Additionally, Freddie Mac and Fannie Mae both expect mortgage rates to remain low during the first half of the year, providing affordable conditions for buyers.