My best friend is a mortgage broker in San Diego. He has had a flood of people who have been trying to re-fi for the last six months………but 99% of the loans cannot get an appraisal so his business is totally in the tank. The potential borrowers have all had ARM’s and bought with 100% down loans. He is telling me that the appraisers that he has been working with are not about to appraise any home, anywhere near the value that someone bought at a couple of years ago.
