| Comment | I mean that very literally means the valuation, the process of which value is determined is wrong. The house may (although very rarely does) go down in value and it is possible for individuals to pay above the market value for personal reasons but if the market is routinely paying > 20% above the "valuation" then the valuation is by definition wrong.
However more important than the semantics are the effects this has, effectively pricing a large amount of usually first time home owners out of the market. |
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