Have appraisals gone bad?
According to the nation’s home builders that may well be the case.
“The inappropriate use of distressed and foreclosed sales as comparables in determining new home values is needlessly driving down home prices, killing home sales, causing more workers to lose their jobs and delaying a housing and economic recovery,” said Bob Nielsen, chairman of the National Association of Home Builders.
There’s little doubt that VA benefits have great value. But in the case of a VA home loans you can’t get financing without sufficient income regardless of your military training or experience. For the bulk of military borrowers, that means steady employment that’s likely to continue.
The jobs issue has become enormously important because young vets — those aged 20 to 24 — have a 30-percent unemployment rate. This compares with a 12 percent unemployment rate for vets in general versus about 9 percent for the population at large.
Alas, no income, no mortgage.