There's been no shortage of boogeymen blamed in the aftermath of the real estate crash, appraisers among them. As homes make the slog through the foreclosure process, the appraisals that helped push them past the brink are getting a closer look. To some, singling out appraisers for punishment excuses the conduct of the banks that often pushed them for bigger numbers during the inflation of the bubble (indeed, some appraisers contend not giving these bigger numbers meant no more business from said banks). Though it will be of little comfort to those harmed by the vagaries of the appraisal now or then, like real estate in general, it's all a matter of the cycle: read the first few paragraphs of this NYT piece from 22 years ago and see if anything sounds familiar. [GPB]
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