I received a letter today from these people, and being the incredulous type, did some research. Read this article for more info.
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14 August 2009
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I have heard that some of your current slowing is from the new appraisal rules. I understand there is a form the appraiser has to fill out that causes the appraisals to come in low. An appraiser that I talked to said in the areas such as Arizona it is now nearly impossible to appraise out a house. There are factors like depreciation and extending out past market decline percentages that make it virtually impossible to meet the sales prices
Posted by: John Beck Property Vault | 11 September 2009 at 01:57 AM