US DATA: NAR real estate survey says mkt is recovering but still faces tight
credit, problems with appraisals. Complains appraisals generally lag market
conditions and some changes are hurting – like use of out-of-area and some
lenders cutting ests by a certain percentage. 65% in Sept survey report no
contract problems relating to appraisals over the past 3 mos, but 11% said a
contract was cancelled because an appraisal came in below the price and 15%
said a contract was renegotiated to a lower sales price as a result of a low
valuation.