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Appraisers Foiling Recovery

The latest issue to hinder the Hamptons' real estate recovery - appraisers. The 'haphazard' science is causing all sorts of problems in the fragile market. With banks erring on the conservative side when it comes to lending, appraisers are following suit. Dan's Papers' Estate of Mind column implores that "this isn't supporting a recovery of the real estate industry on the East End. In fact, it creates tension between buyers, sellers and real estate agents when the bank tells everyone they will appraise a home selling at $825,000 at only $650,000." Hold those third quarter celebrations. [Dan's Papers]