Last week, the National Association of Home Builders (NAHB) released a white paper that stated there are “serious problems in the residential appraisal process” that “must be addressed in order to restore confidence in the residential real estate market and to establish a foundation for sustainable growth of the U.S. economy.” 

It was just the latest instance of the NAHB pointing the finger at appraisers. Similar reports and accusations were launched last year as well. Not surprisingly, appraisers did not take kindly to statements such as: 

"Even as the residential construction industry shows signs of recovery, housing activity is thwarted by an appraisal system that remains dysfunctional and is a major impediment to a stable housing finance framework," said Rick Judson, NAHB chairman and a homebuilder from Charlotte, N.C. "Until we see meaningful appraisal reform, the U.S. housing finance system will be operating under unprecedented uncertainty."