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Pendulum Swing
Remember that back during the real estate boom of approx 2000 - 2007, many appraisals were artificially inflated. Of course then it didn't matter because all home values were always going to go up forever!!! I have been told by Real Estate Agents and others in the industry that many appraisers got their hands slapped, were threatened w/ lawsuits, etc over artificially high appraisals and now the reaction is to make the appraisals artificially low.
If this is true, the theory that pendulum swings even out would explain current appraisals being much more conservative.
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