After adjusting to the steep learning curve, I stopped doing residential altogether.I now own my own company and haven't looked back.

If you want to use past values to get an idea, go back to 1999 or 2000, get those prices, and adjust for inflation, about 25% higher.

The unemployed weren't dropped from the counts in those times, now we seasonally adjust 'til the news is improved enough to keep the masses from the gates of the palaces (where unemployment isn't a problem - yet)...

Shut water valve off, flush toilet, take a baster or a sponge and remove the excess water, unscrew hose and valve, replace with new valve, screw the hose back on, turn water valve back on, make adjustment to flapper if necessary, test and your done.You should be able to do in 15 minutes.

Also, I've lived in my house for 2 years already by myself, so it would be an adjustment to go back to living with roommates, so that is the other thing that is potentially a negative.3.

Luckily I have a well covered policy in which they already sent out a "board up" crew and are sending an adjuster in the morning.

But the heinous piece of the legislation is in section 101(3)(e), which defines the affected principals as:> '(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan-> (i) is fully amortizing;> (ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan;> (iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and> (iv) meets any other criteria the Federal banking agencies may prescribe; and> > Yeah, I know, confusing.

But the heinous piece of the legislation is in section 101(3)(e), which defines the affected principals as:'(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan-(i) is fully amortizing;(ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan;(iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and            (iv) meets any other criteria the Federal banking agencies may prescribe; and             Yeah, I know, confusing.

The truth is your home prob. wasn't worth 105K and it worth more then $22K but the new rules that went into effect on 5/1 are going to plague you.You really need sales within 3 months - time adjustments are not being used as they were in the past under the new guidelines so if there are no sales within 3 months other then forclosures sales then your kind of stuck.You can try to go to a new lender but unfortunately this isn't a lender problem - this is an appraisal problem.Let me know what part of Michigan this home is in and if it is in an area where I know a trusted appraiser you can pay him $25-$75 to give you the real deal - a value check costs like $25 and a desktop appraisal will cost like $75 but this guy is good and will give you the value a lender will accept.The one thing you can't do is go from lender to lender in this market - you need to step back and look at plan B and C move forward with those...Not being a jerk here - just giving you the truth about the current market.

Even with such large price drops in some of these areas it is amazing to see how many people still can't afford to get in as home buyers, perhaps a lot more price adjustments are in our future.