In short, thanks to Carl –

“It is possible that if a buyer was approved for a specific loan product say with a 95% loan to value and the after the investor looks at the appraisal report and determines the comps are old or the property is in a “declining market” they could turn around and only approve the loan up to a 90% loan to value.”

We’re not (yet) in a “declining market,” but I’ve been given indications from several sources that we might be on that track.

Start your education here.

– Advice for buyers – do your due diligence, be patient, save your money in the meantime.
– For Sellers – as I said last year – do not attempt to chase the market down. Beat it down. (ask me for advice)