Industry groups share appraisal concerns

Realtors, lenders, builders meet with regulators

Realtors, lenders and home builders say are united in their desire for "clear, concise regulatory guidance" on the use of distressed properites as comparable sales that will allow appraisers to develop "realistic valuations."

The National Association of Home Builders, the National Association of Realtors, and the Mortgage Bankers Association issued a statement following an "appraisal summit" with federal regulators calling for clarification of rules governing appraisals on loans slated for purchase or guarantee by Fannie Mae and Freddie Mac.