It has appreciated only about 3% a year in what could be argued as the period of the best rebound in real estate values. 

The only surprise was that the appraisals came in over 10k more than expected - which I really like the market rebound that is occurring.Thanks for your insight.

So I am starting to think no depreciation is unlikely.Our RE assets are significant enough that 20% decline would impact our value significantly (almost $2M), but we could be in a position to buy and I am confident the prices will rebound. 

Timing also helped make a decision because the foreclosed property I bought in 2009 hadn’t rebounded yet in 2011.

For anyone visiting this topic recently, please disregard my earlier comments.VE and their PM service, VPS, have gone through substantial changes as the Indianapolis market has continued to rebound and I can no longer recommend them.  

If the "Fed" stop before the end of 2022, you might see a rebound next year!

Nevertheless, retail sales rebounded far faster than anyone would have expected six months ago and now exceed pre-pandemic levels.

They have since gone to the negatives and just now rebounded to sub 10%.

@Jaren TaylorI would probably eat my losses on this one and sell unless we think this area can rebound.

There are still some great properties to be found, however and a lot of great lenders with products like a rate rebound, where you can get your loan refunanced through your original lender for a discounted rate when rates drop again.