Gold Supporting Member
- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
Did anyone else get the announcement from Oakwood Homes concerning their "immenent bankruptcy"? They blame this on many factors, primarily that "our poor loan performance, coupled with declining recovery rates in the wholesale repossession market, have resulted in the Company's loan servicing income being substatially eliminated." They further state that "annual repossessions have increased to more than 50% of new home shipments." (That means that you have a greater than 50% chance that the double wide you appraise today will be foreclosed on in 12 months.) I can't help but wonder how they got into this situation if they had unbiased, honest appraisals of the properties they were financing. The last order I got from them (about 8 months ago) was cancelled because I wouldn't commit to an inflated appraisal. Now the stockholders in this company (NYSE:OH) will pay for inflated appraisals. It's as simple as that.