http://www.miamiherald.com/business/story/1036019.html "Roughly 71 percent of owners who bought in Miami-Dade and Broward counties in the past five years were ''upside down'' -- meaning they owed more than their homes were worth -- at the end of March, according to a report released Wednesday by the Web-based real estate services firm Zillow.com. There is nothing to address principal reduction in the Obama plan. People who owe more than $300,000 on their mortgage that now own a $200,000 house won't get their loans reduced to $200,000.'' ====================================================================== Here is what I said in June 21, 2001.......... http://www.ired.com/news/2001/0106/appraisalbloat.htm "At the present time, there is a shortage of available residential properties for sale in certain areas. Therefore, properties could be sold for more than they are worth. In an "over-heated" market, the prudent consumer/purchaser should take reasonable steps to determine the Fair Market Value of a real estate property. Use an experienced, reputable appraiser, whose primary duty is to estimate market value, and not price, to protect your interests. Find one who knows the particular market area very well."