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Has your home lost a lot of value?

We were thinking about refinancing our home and so I looked into home values in our neighborhood. I know things are bad, but seeing the actual numbers shocked me.
I know that we bought high -- May of 2005-- at the very tippy top of the market -- we put 25% as a downpayment.
We've been so careful with our money and saved up for years. Now that is gone.
At least we are not "upside down" at this point... and we have no plans to sell right now, so I guess we can ride it out... still it is really depressing. I'm sad for those who are losing homes to foreclosure. At least we can afford to stay here as long as it takes to make some of our money back.
Have you looked at home prices in your area?
Is it bad?

Answer Question
 
Anonymous

Asked by Anonymous at 2:59 PM on Oct. 15, 2009 in Home & Garden

Answers (6)
  • I can tell you that we are very fortunate. We just moved from the Dallas area to the Phoenix area...the Dallas area is fairly stable and we didn't loose money on the sale of our house. In Phoenix, they've lost anywhere from 30-60% of the value of their homes in the last few years. It is really depressing to see so many foreclosures and short sales on the market here but we are going to end up being able to buy a home for less than half of what it sold for 4 years ago. Every area has been hit differently by the housing market collapse. I will tell you that Dallas prices have always been reasonable and they never saw a super inflated housing market whereas different areas of the country have seen inflated housing prices in the past. Perhaps that is part of the reason why Dallas has been so stable...they didn't have far to fall.
    ANGIE409

    Answer by ANGIE409 at 3:08 PM on Oct. 15, 2009

  • We paid $182,500 eleven years ago. Our house is currently worth $450,000
    rkoloms

    Answer by rkoloms at 3:11 PM on Oct. 15, 2009

  • We are in the Dallas area and paid 215,000 a few years ago. Due to the forclosures in our neighborhood. It has dropped our value alot. We could not sell now if we tried.
    Anonymous

    Answer by Anonymous at 4:15 PM on Oct. 15, 2009

  • Yes, and it makes me very upset. We have lived in our home for almost 10 years, and basically all the equity we would have from 10 years worth of payments is gone. If we tried to sell now, we'd be lucky to get what we paid for the house back in early 2000. There's been a lot of foreclosures in our area, and quite a few of them in my subdivision, and it has wiped out the value. I'd say we're down about 35% or so from 3 years ago. On the upside, if we do move in the spring, which we are considering, we should also be able to get a really good deal on whatever home we purchase, so it should balance things out. Still, the depleted value does sting.
    vicesix

    Answer by vicesix at 7:51 AM on Oct. 16, 2009

  • Ours is still worth more than what we originally paid for it 10 years ago, but the market where we are has always been very low until the last few years. We were excited back in 2005 to think that our home was worth $100,000 more than we paid for it. Now it's probably only worth $30k more than we paid for it. Like you we have no plans to move, so it doesn't really matter except for the impact that it's value has on our property taxes. So the less it's worth, the less taxes we'll pay, I'll take that. Don't dwell on what you perceive as "overpaying" for the house. That's what you agreed to pay, so don't think about it anymore. Pay it off as quickly as you can and save yourself the added interest payments to the bank and you'll save several tens of thousands of dollars that way. Someday if you decide to move, you'll make money off of it and it will make a nice down payment on something else.
    slw123

    Answer by slw123 at 7:27 PM on Oct. 16, 2009

  • We bought our house last May and in our neighborhood, we're sort of in the middle. The house behind us is the same floor plan as ours and paid $100,000 more than we paid. There's a house with the same floor plan two streets over that paid about $75,000 less than we paid. It sucks, but we plan to stay here a long time so in the long run I don't think it will be too bad.
    JulieJacobKyle

    Answer by JulieJacobKyle at 11:25 AM on Oct. 17, 2009

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