In the June 25 story “Appraisers fail to appreciate rising values,” by Kenneth R. Harney, I smell a bit of the “savings-and-loan” fiasco. I see Harney does not appreciate honest appraisers. Just because you can get a number of people to bid against one another to get a house to a higher price does not mean that the value of that house is now greater. This is not a “rising value” but someone manipulating the sales price. The appraiser believes, and I agree, that the initial asking price considering construction and location agrees with the asking price and should hold.
The savings-and-loan fiasco period inflated the prices until the market collapsed. Let us not fall into that same position of false inflated assessments.