As we all know the economic "crisis"/recession that we are in has greatly affected many areas of real estate by bringing down prices dramatically.

Part of this is due to the damage being done to small business by the credit crisis (still a crisis contrary to government propaganda).

@David NutakorYes and no.If appraisal was the only thing that mattered, we would not have 2008 crisis, and people would not lose money.Right now, housing stock is low and prices are high.Also, if you decide to sell, people should show interest in that location for that price, and they need to qualify to buy that house etc etc...So yes appraisal matters, but it does not tell the whole story

@Brian BurkeIt would be great to know why this crisis can use the same playbook that worked for many of us in 2008.

I managed the housing crisis well because we purchased the home based upon a single income rather than as a DINK, but not so for most, so even before the crash of '08 started, my neighborhood went into foreclosure.

@Ryan MontesAs this crisis showed, being local is not a good requirement.

I heard him say on a recent interview the next financial crisis will be like "auschwitz"  I was like really??

I can take a lot of chips out of play and feel extremely secure but still be ready to swoop in like a vulture if we have another serious crisis.

I don't know any HMLs that will make loans to owner-occupants simply because of all the financial regulation/protections that came about through the financial crisis (Dodd-Frank etc.).

Especially now, in the current mortgage crisis, FHA guaranteed loans are the principal means to qualify for and afford a low cost, low interest home loan.