It seems as though the real market place and the law of supply and demand mean little in setting value in today's real estate market. Informed buyers and sellers can agree on a fair market price which is vetoed by appraisers using "comparable sales" that are questionable because they are not really comparable when setting values. How can the market in the upper price ranges go anywhere but down???? I believe lenders are fearful that pricing will continue to decline and because the appraisals are so conservative what they prophesy comes true. How can pricing ever recover the way the system currently operates???