HousingWire's Brena Swanson reports that although appraisal volume appears to have taken a significant tumble after last week's slight rise, the drop is still better than that of past years, and not a cause for concern.
According to appraisal forms software company A La Mode, the Nation Appraisal Volume Index plummeted 29.2% from previous recordings the week of November 22. The drop is due to the Thanksgiving holiday, as appraisers take that Thursday, and sometimes, Friday, off.
“This apparently dramatic drop is not something to be concerned about, in fact it is less than the average drop of 30.6% for the Thanksgiving Day week," Kevin Golden, director of analytics at A La Mode, said. "The better than average drop in the NAVI may be due to lower interest rates softening the seasonal slow down.”