Yes this is happening with Fannie and Freddie properties. As soon as Fannie realizes that prices have not only stabilized, but are now dipping somewhat, and it doesn't matter what they WANT....the second these homes don't APPRAISE on buyers doing a LOAN....they will HAVE to come down. CASH buyers want a discount and aren't even CLOSE to paying RETAIL prices on properties..so that leaves people buying with a LOAN. What are they going to do when the buyer's lender's send the appraisers out to APPRAISE properties that won't even APPRAISE at the crazy price the buyer's got into escrow with...this is the CRAP that got us into this mess in the 1st place???DUH???
This just happened to me in NY, the value came back roughly, 300,000 above market. I responded right away and haven't had a response back yet. They are probably ignoring me. Also received a letter that we have to increase the listing to that price which won't help at all since it is so unrealistic. I agree with Sheyenne this is what for us into this mess.