Fannie Mae recently announced that it will begin to alert lenders if the collateral property for a mortgage is located in an area where house prices are in the decline. Fannie Mae Underwriters will be sending a message to the lenders notifying them that they should review appraisals to assure accuracy and require appraiser to included additional about market trends as of July 22 2007. The area's market trend and its effect on the value of the subject property must be disclosed by the appraiser.
Good and qualified appraisers have been doing this all along:)
For more info click on: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2007/0711.pdf
For a qualified Residential Appraiser in the Bellingham & Whatcom County area call Bennett Appraisals 360-746-0224. Order online @ www.bennett4appraisals.com