i_am_the_swammi Posted February 24, 2009 Share Posted February 24, 2009 Ouch...that's a monstrous YOY decline. If your home was worth $400K in December of 2007, its now worth about $325K. Home prices post record annual decline in 4th qtr. NEW YORK – A widely watched index shows home prices tumbled by the sharpest annual rate on record in the fourth quarter and in December. The Standard & Poor's/Case-Shiller U.S. National Home Price Index plunged 18.2 percent during the quarter from the same period a year ago, the largest drop in its 21-year history. Prices are now at levels not seen since the third quarter of 2003. In the month of December, the Case-Shiller 20-city index plunged 18.5 percent from December 2007 levels, while the 10-city index dropped 19.2 percent. Prices in the 20-city index have plummeted 27 percent from their peak in the summer of 2006, and the 10-city index has fallen more than 28 percent. Quote Link to comment Share on other sites More sharing options...
Cunning Runt Posted February 24, 2009 Share Posted February 24, 2009 Ouch...that's a monstrous YOY decline. If your home was worth $400K in December of 2007, its now worth about $325K. Home prices post record annual decline in 4th qtr. NEW YORK – A widely watched index shows home prices tumbled by the sharpest annual rate on record in the fourth quarter and in December. The Standard & Poor's/Case-Shiller U.S. National Home Price Index plunged 18.2 percent during the quarter from the same period a year ago, the largest drop in its 21-year history. Prices are now at levels not seen since the third quarter of 2003. In the month of December, the Case-Shiller 20-city index plunged 18.5 percent from December 2007 levels, while the 10-city index dropped 19.2 percent. Prices in the 20-city index have plummeted 27 percent from their peak in the summer of 2006, and the 10-city index has fallen more than 28 percent. My home value has increased since my last refinance 2 yrs ago. Fort Wayne, IN has not seen the drastic swings up OR down in home values. Granted you would never see the huge increases that you saw in CA, FL, NV, etc... but you also don't see the huge declines either. Very stable prices. I've heard others on the boards say the same about their areas. So, my guess is that it's a small percentage of markets that are really impacting these numbers. Quote Link to comment Share on other sites More sharing options...
Jackass Posted February 24, 2009 Share Posted February 24, 2009 My home value has increased since my last refinance 2 yrs ago. Fort Wayne, IN has not seen the drastic swings up OR down in home values. Granted you would never see the huge increases that you saw in CA, FL, NV, etc... but you also don't see the huge declines either. Very stable prices. I've heard others on the boards say the same about their areas. So, my guess is that it's a small percentage of markets that are really impacting these numbers. Case -schiller is focused on the big cities so swings will be exaggerated. Quote Link to comment Share on other sites More sharing options...
billay Posted February 24, 2009 Share Posted February 24, 2009 My home value has increased since my last refinance 2 yrs ago. Fort Wayne, IN has not seen the drastic swings up OR down in home values. Granted you would never see the huge increases that you saw in CA, FL, NV, etc... but you also don't see the huge declines either. Very stable prices. I've heard others on the boards say the same about their areas. So, my guess is that it's a small percentage of markets that are really impacting these numbers. Same here. Just got my evaluation in the mail and value is up around 20%. It will probably be contested though. Tax evaluation increases in the area have been rescinded over the last several years due to the number of appeals. NC has been pretty resilient in this economy, but I'm not sure how much longer that's going to last. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted February 24, 2009 Share Posted February 24, 2009 I had my house appraised in either October or November of last year and it is up 21.82% from when I bought it in 2001. Now I bought it really, really cheap so that may be overstating our market a bit, but not that much. My buddy says realistically I would probably get 3% less than it appraised for, which is still 18.16% more than I paid for it. Quote Link to comment Share on other sites More sharing options...
TimC Posted February 24, 2009 Share Posted February 24, 2009 Case -schiller is focused on the big cities so swings will be exaggerated. We should let big cities rot in hell. Of course, how would we notice any change? Quote Link to comment Share on other sites More sharing options...
billay Posted February 24, 2009 Share Posted February 24, 2009 There's an interesting little graphic at the New York Times online comparing real estate values in various cities to a 20 city average. Talk about proportionality, take a look a phoenix. wow Quote Link to comment Share on other sites More sharing options...
Czarina Posted February 24, 2009 Share Posted February 24, 2009 I bought mine in '95, partially finished for $114k. When we had it valued for listing a few years ago, they said we should list it around 300k...we didn't sell because we couldn't find anything we considered comparable for reasonable money. Couple years ago our agent looked us up in hopes of getting us moving. She said we could list at $325k. Now there's house down the street with similar layout/size that's been on the market +6 months and it's currently at $269k. Our across the street neightbor's house is listed at $209k, short sale. Ouch. Quote Link to comment Share on other sites More sharing options...
Dutch Oven Posted February 24, 2009 Share Posted February 24, 2009 My home value has increased since my last refinance 2 yrs ago. Fort Wayne, IN has not seen the drastic swings up OR down in home values. Granted you would never see the huge increases that you saw in CA, FL, NV, etc... but you also don't see the huge declines either. Very stable prices. I've heard others on the boards say the same about their areas. So, my guess is that it's a small percentage of markets that are really impacting these numbers. Same here. Just got my evaluation in the mail and value is up around 20%. It will probably be contested though. Tax evaluation increases in the area have been rescinded over the last several years due to the number of appeals. NC has been pretty resilient in this economy, but I'm not sure how much longer that's going to last. Are you all talking about appraisals by a private appraiser or for property taxes? Here, in Northwest Arkansas, things are better than most places, but housing is still down a little. On the other hand, county appraisals were jacked up this year resulting in higher property taxes. Needless to say, people are pissed. Quote Link to comment Share on other sites More sharing options...
whomper Posted February 24, 2009 Share Posted February 24, 2009 (edited) The people who suffer along with those that cant make their payments and go under water are people that are not moving out of neccesity. Granted they should do OK on the buying end but its tough for a person to get fair value for their home when chances are in the same town there are drastically reduced houses and short sales. Its sad all around Edited February 24, 2009 by whomper Quote Link to comment Share on other sites More sharing options...
Czarina Posted February 24, 2009 Share Posted February 24, 2009 Appraisals vary greatly depending on who's paying for it. If the bank/broker needs it, it's lower. If the town is wanting it to adjust for taxes, it's higher. There's no such thing as an absolute value. BTW, Chase has one of those home value calculator thingies. Mine was UGLY. Much lower than I thought. Of course, there was a place to correct misinformation and it wouldn't "take." Argh. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted February 24, 2009 Share Posted February 24, 2009 Appraisals vary greatly depending on who's paying for it. If the bank/broker needs it, it's lower. If the town is wanting it to adjust for taxes, it's higher. There's no such thing as an absolute value. The appraisal used for the county is about 10% less than the one the bank had done, and the off hand value my buddy (a realator) put on my house. Of course it helps that I used to eat lunch with the county tax assessor once a week too. Quote Link to comment Share on other sites More sharing options...
Footballjoe Posted February 24, 2009 Share Posted February 24, 2009 Feb of 2007 - appraised value - $284,000 Feb of 2009 - appraised value - $240,000 This was after I put on a new roof and installed new windows. Quote Link to comment Share on other sites More sharing options...
Czarina Posted February 24, 2009 Share Posted February 24, 2009 Of course, it's all 'on paper' value anyway, since if I really needed to sell right now, I couldn't. Quote Link to comment Share on other sites More sharing options...
whomper Posted February 24, 2009 Share Posted February 24, 2009 www.zillow.com Plug in your house. Do you think it is accurate ? Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted February 24, 2009 Share Posted February 24, 2009 www.zillow.com Plug in your house. Do you think it is accurate ? It is fairly accurate. I think it has my tax assessment dead on, but like the tax assessor, it doesn't know about the additional 200 square feet we added which includes an additional restroom. What does kind of shock me some is that there are only 2 houses in my immediate area that are assessed as high as mine. One is a monster and a lot bigger the other is right with me, every thing else is at least 60k lower. Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted February 24, 2009 Author Share Posted February 24, 2009 www.zillow.com Plug in your house. Do you think it is accurate ? Mine surprisingly looks about right....off about 15-20% from its peak. Quote Link to comment Share on other sites More sharing options...
whomper Posted February 24, 2009 Share Posted February 24, 2009 Mine surprisingly looks about right....off about 15-20% from its peak. Mine was 5000 more than my neighhbor got 6 months ago for pretty much the exact same house. Its pretty accurate I suppose. I plugged in a few houses that seemed bloated. Not a bad tool though Quote Link to comment Share on other sites More sharing options...
Square Posted February 24, 2009 Share Posted February 24, 2009 www.zillow.com Plug in your house. Do you think it is accurate ? I went to the Zillow site and put in my address. It shows my tax assessors value @ 128k, but my house is currently on the market for 137k. . Its a pretty basic starter home (3 bedroom split entry in a medium sized Midwestern city). Their "zestimate" said n/a. Not sure if this site is really helpful for much. Quote Link to comment Share on other sites More sharing options...
Big Country Posted February 24, 2009 Share Posted February 24, 2009 We bouught 6 years ago January and are listing for 30% above what we paid for it. We will likely end up getting about 25% above what we paid 6 years ago. Just under 2 years ago we appraised at a 74% gain from what we paid, so, right now we are down 28% from the peak about 2 years ago. I just want to sell my house so we can close on the one we have found that we really like. Quote Link to comment Share on other sites More sharing options...
whomper Posted February 24, 2009 Share Posted February 24, 2009 The people who suffer along with those that cant make their payments and go under water are people that are not moving out of neccesity. Granted they should do OK on the buying end but its tough for a person to get fair value for their home when chances are in the same town there are drastically reduced houses and short sales. Its sad all around We bouught 6 years ago January and are listing for 30% above what we paid for it. We will likely end up getting about 25% above what we paid 6 years ago. Just under 2 years ago we appraised at a 74% gain from what we paid, so, right now we are down 28% from the peak about 2 years ago. I just want to sell my house so we can close on the one we have found that we really like. This is what I mean.. Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted February 24, 2009 Share Posted February 24, 2009 Values schmalues. It's not a real number anyways. Appraiser says one thing tax assessor says another and then there's the guy who really matters, the person looking at buying your house. That's the person who determines the value. Quote Link to comment Share on other sites More sharing options...
Czarina Posted February 24, 2009 Share Posted February 24, 2009 The zillow thing wasn't working for mine. It gave me a figure, but said my house had 0 sqft. built in 2009. So I tried to fill in the house info, but it didn't go in. And there's no place with other value info. Weird. Quote Link to comment Share on other sites More sharing options...
Scooby Posted February 24, 2009 Share Posted February 24, 2009 I don't think one can use the zillow thingy for TX homes, some sort of privacy issue/state law, but you can go to any county appraisal district and look at tax-assessor values, they jacked mine up almost 10%!!! I was a little irked, but I got a bigger deduction for prop taxes this time around. This area (& me) are reeling from slumping oil prices, but not too bad yet...Sorry all, but I'd love to see $150/barrel again! Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted February 24, 2009 Share Posted February 24, 2009 I don't think one can use the zillow thingy for TX homes, some sort of privacy issue/state law, but you can go to any county appraisal district and look at tax-assessor values, they jacked mine up almost 10%!!! I was a little irked, but I got a bigger deduction for prop taxes this time around. This area (& me) are reeling from slumping oil prices, but not too bad yet...Sorry all, but I'd love to see $150/barrel again! I used the zillow thingy. It showed my house, the 2007 tax appraisal, the square footage and # of bedrooms and baths I have, (it was wrong, but so is the county's info). It also showed a pretty sharp satellite image of my house. I could tell it was taken in the late fall because of the number of leaves in my pool. Quote Link to comment Share on other sites More sharing options...
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