New rule could hurt home appraisal business
A new rule took effect Wednesday that changes the appraisal requirements for certain home sales. Transactions valued at $400,000 or less will no longer require a traditional appraisal. The previous threshold of $250,000 was set back in 1994. The change, approved by federal banking regulators, is partly an adjustment for inflation, but it’s also a recognition that technology can do a lot of the work people used to do. That presents a challenge to the appraisal industry, which employed more than 80,000 people last year.
Click the audio player above to hear the full story.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
