Real estate agents are complaining about new appraisal guidelines, claiming that under the new rules, houses are appraised for under their true value and therefore lots of mortgage applications are rejected.
Poppycock.
Reality hurts, doesn't it? Especially after years of abuse of the real estate markets in California, Nevada, Arizona and Florida by real estate agents and mortgage brokers and appraisers.
Real estate is not a get rich quick scheme anymore. The ugly reality that one doesn't get something for nothing is setting in.
Only until reality hits the market from top to bottom will this crisis end.
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