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The Real Estate market is in turmoil since 2008. All the reasons above are true. But also, in many instances the appraisers have been held liable for not disclosing and for over inflating the value. In my market there is a multi-million dollar mortgae fraud case involving the developers, atorneys, realtors, straw buyers and appraisers.
Then again he may be on a power trip.
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