I understand that this is a pretty gloomy picture, but I can also assure you that this is not want anyone wants, including the past AND current administrations. Unfortunately, we live in a culture that operates on the laws of supply and demand economics and market prices fluctuate accordingly. Itâ€™s the dark side to our economic system, and there is no easy fix.
Let me know if youâ€™d like me to do a CMA for your home to tell you exactly where you are. You can click through to my profile to contact me through Trulia.
The appraisal will be based on comparable sales in the area oevr the past three months. If you have less equity in your home than you owe on your existing loans, you will not be able to refiance. You might want to check sooner than later - prices are still going down in your area.