Yes we are having a problem with low appraissals. I New york we are not allowed to influence the appraissers. We can provide them with comps but other then that we have to allow them to do their appraissal on their own.
This will be a common problem as the market recovers. We will have the homes that sold in a market that was depressed as comps for the recovering market. It will all be a part of the process to recovery which I hope is soon for everyone.