Just got rejected on a refinance from 30-yr to 15-yr fixed.
Bought home near Elmhurst in 2003 at $259,000.
Appraised in 2006 at $305,000.
Appraised October 2010 at $276,000.
Just got the refinance appraisal from two weeks ago... $155,000. Absolutely stunned.
If this is an accurate appraisal, we are heading into a DEEP depression.