Posted on 09/21/2007 8:14:20 AM PDT by Hydroshock
More Americans Say Value Of Their Home Has Fallen Topics:Housing | Real Estate | Consumers | Economy (U.S.)By Reuters | 21 Sep 2007 | 10:48 AM ET Font size: A record 26% of U.S. homeowners say the value of their homes has fallen during the past year, above the previous peak of 24% seen in 1992, a survey released Friday showed.
Reflecting the extent of the prolonged housing slump, 21% of homeowners polled in September expect the value of their home to decline in the year ahead, up from 18% in August, according to the data from Reuters/University of Michigan Surveys of Consumers.
"Overall, the data indicate no let-up in the slump in home prices," said Richard Curtin, director of the consumer surveys, in a statement.
While the Federal Reserve's half-percentage-point interest rate cut Tuesday would help homeowners whose mortgage rates are about to reset, shrinking home values and tougher credit requirements would overwhelm the positive impact from cash-out refinancing in the coming year, according to Curtin.
Homeowners in the western United States, where some of the most dramatic home appreciation had occurred, have been especially hard hit by the real estate downturn
(Excerpt) Read more at cnbc.com ...
This is one of those idiotic stories that makes it sound like people haven’t made money on their real estate purchases. I bought my house in 2000 and while my value peaked in late 2005, true it has fallen, but still far ahead of what I purchased for in 2000.
It’s all relative to the timing.
Do these folks have their houses appraised every 20 minutes, or are they just reacting to the hysteria dealers?
For me the drop in home values has been a blessing. I don’t plan to sell my home anytime soon and high values just drive up my property taxes. This year I was able to protest to the county the appraisal value of my home and got the appraisal value lowered significantly, which in turn lowered my property taxes significantly.
The taxman says the value of my home and the entire region has risen several percent. This means the generality is false in detail. Once the Natural Gas Pipeline deal has fallen through again and Democrats fill all pertinent offices a little over a year from now, this will become a ghosttown. But, for now we don’t care what they are doing Outside.
Well, I know my home’s value has gone down, but it’s more because the neighborhood has gone all to he!!. If I sold now, I would be lucky to recoup the purchase price I paid back in 1989. More likely, the home will sell for a lot less than that. If the house was in a better neighborhood, I could probably get a heckuva lot more.
That is correct. Housing was overpriced before and the market is making its natural correction.
>> This is one of those idiotic stories that makes it sound like people haven’t made money on their real estate purchases.
Its also dumb because it says people “say the value has fallen” ... it doesn’t say the value has ACTUALLY fallen. Its another public opinion survey about a factual issue ... and is mostly a demonstration of the apocalyptic media coverage surrounding home values, rather than the actual value of homes.
H
You have NO real way of knowing the value of a home until you sign the sales contract. Everything up ‘til then is wild a$$ed speculation.
The exact same scenario as me. The market has cooled and demand is down. That said, I’m still in really great shape, equity-wise. If housing prices around here drop 30%, then I’ll be concerned.
I bought my house in 1989. Even with the recent decline, it has still tripled in value.
Not according to property tax appraisers.
Of course, that’s just a backend way to raise taxes and is not tied to actual market value in many communities.
Really, fallen huh... more like the house prices were artificially inflated, and now they are coming back down to more sensible prices...
I mean I like at my house and it’s decent, but the market value is ludicrous...
Where do you live?
My home hasn’t fallen in value. In fact, according to the county I live in, it is worth about 20K more than I could sell it for. :)
Personally, I don’t mind being taxed less to live in my home.
But they will. And the courthouse auctions will start up again.
We have seen it all before.
BUMP
What backwoods den do you live in? Even in the GHETTO, housing values tripled over the past 10 years in NY/NJ.
I feel the ame way. This old house we live in has gone up
and down in value over the 30 years it took us to pay for it. But I don’t care other than for tax reasons. It served it’s purpose well by providing a home for our kids to grow up in and I don’t care what it is worth because it was to be a home and not looked at as an investment.
Now it is all ours(and of course the tax man’s) and nobody is going to take it away except the aforementioned tax man if I give him the opportunity.
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