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5 Bumps

Is this reflective of the housing market in your area?

The Zillow Home Value Index has now fallen 26% since its peak in June 2006. That’s more than the 25.9% decline in the Depression-era years between 1928 and 1933.

November marked the 53rd consecutive month of home value declines, with the Zillow Home Value Index (ZHVI) falling 0.8% from October to November, and falling 5.1% year-over-year.

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On a slightly funny note, even the White House has been impacted~  Zillow also has devalued the White House, from $335 million at the housing boom’s peak to just $251 million today. 

;o)

Answer Question
 
grlygrlz2

Asked by grlygrlz2 at 12:24 PM on Jan. 13, 2011 in Politics & Current Events

Level 39 (106,530 Credits)
Answers (14)
  • Our area is not at a 26% down. But it definitely down depending on the area of the city between 10 and 20 %.
    tootoobusy

    Answer by tootoobusy at 12:25 PM on Jan. 13, 2011

  • ours is down about 15%, interesting note: several houses in the area that have been vacant for more then a year have all hit the market in the last 3 weeks.

    emptynstr

    Answer by emptynstr at 12:27 PM on Jan. 13, 2011

  • not quite. our school system is pretty good and town council has stopped all building permits, so real estate hasn't been hit that hard.
    jewjewbee

    Answer by jewjewbee at 12:28 PM on Jan. 13, 2011

  • ours is down about 15%, interesting note: several houses in the area that have been vacant for more then a year have all hit the market in the last 3 weeks.

    --
    the banks are shedding the properties no longer propped up by the Feds. you'll see more and more, and people will start being evicted for foreclosures again.
    jewjewbee

    Answer by jewjewbee at 12:29 PM on Jan. 13, 2011

  • Our area is just okay. We do have a lot of short sales going on right now, but less foreclosures.
    m-avi

    Answer by m-avi at 12:33 PM on Jan. 13, 2011

  • Ours is down quite a bit. A lot of short sales and foreclosures have really had an impact on those of us that aren't in that position. The only positive is that the appraisal district is valuing the houses at a lower price and the property taxes have come down a bit. That's little consolation to those that are upside-down in their homes though. While we would be okay even if we had to take a deep reduction in price for our house, we have already listed our house for much less than we bought it for. While it's sad for us personally, I remind myself how much worse it could be.

    QuinnMae

    Answer by QuinnMae at 12:33 PM on Jan. 13, 2011

  • The median home price in Oct of 2008 in my hometown was 193k. In December of 2009 it was 225k and in Nov 2010 it was 213k. This is according to Zillow.com

    We bought our first home in the area for 167k five years ago and sold the house last month for 245k. We painted the inside of the house and finished two rooms in the basement otherwise the house was just like it was when we bought it. We were surprised when the realtor told us to list it for 235k we figured 225k at the most. We had a small bidding war so we got more than asking. Our new home we had a small bidding war spent 565k the asking price was 550k. The home is gorgeous and the only one of its size for sale right now so we were very lucky to have our bid accepted. We are lucky here I know it isn't this way in most places.
    Anonymous

    Answer by Anonymous at 12:41 PM on Jan. 13, 2011

  • Ours is down a good 30% overall - and I think that's a little conservative. Our neighborhood was considered "transitional," right on the brink of becoming a not-so-desireable neighborhood when we bought our home. We saw the effort, thought it was going to turn around - it didn't. Between some poor choices the schools & zoning committees have made, and the overall economic picture of the country, the bottom has completely fallen out.

    Five years ago the value of our home was $185,000, today the value is $100,000. We move the end of this month.
    Scuba

    Answer by Scuba at 12:44 PM on Jan. 13, 2011

  • Yes, 20 to 30% is normal and it is much worse in more depressed areas...
    agentwanda

    Answer by agentwanda at 4:22 PM on Jan. 13, 2011

  • Yeah and unemployment filings are up highest since Oct. Just a sign of the times.
    We are slow but holding our own.
    You know the Dems are gonna think they have to "fix" this sooner or later.
    itsmesteph11

    Answer by itsmesteph11 at 4:51 PM on Jan. 13, 2011

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