Here is a link to a Yahoo article of low valuations: Low appraisals are common throughout the country and the Twin Cities real estate market. 

http://finance.yahoo.com/news/Foreclosures-weigh-on-home-apf-850847141.html?x=0&sec=topStories&pos=5&asset=&ccode=

I can tell you from experience that the trend is not any different in Minnesota either.  You will find many times that the only current sales are distressed sales.  Unfortunately, sometimes these sales set the bar that needs to be used to determine what a home is currently worth.  Lenders may even "adjust" the valuation if they think it is too high after they do an AVM (automated valuation model).  So, a property appraisal doesn't necessarily mean you're out of the woods. If you are considering refinancing a Twin Cities home visit our Minnesota loan site and fill out an application.  We can help you determine the valuation of your home with Minnesota Multiple Listing Service .  We frequently will consult the MLS to determine if you have the equity necessary in your Minnesota home.