How much has your home value depreciated?

faceking

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Curious how folk here have taken a hit on their home, condo, property value.

In my area, I'm pretty fortunate as there so much unbelievable restriction on building, combined with a handful of mill/billionaires buying up huge swaths of surrounding open land in the name of "land preservation". While outlying areas of the SF Bay Area that just kept seeing bands and bands of tract development just take a swift and humiliating beating.

I've owned 6 years now at my current location... and property value dropped about 10-15% over the last year, but over the 6 years am still way up, so am thankful, but regardless don't have any plans/need to move. An old friend who lives out in those "bands of tracts" is down 40%, needing to move, and competing with 107 homes in his area up for sale as well.
 

Pecker

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As of last year my home's value had tripled since 1992. Since then it may have dropped only 3-5% but I've never borrowed against the equity so a few percents here or there won't hurt me at all.
 

BearGut340

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Home prices on my street (VA suburb of DC) have dropped 50% from the mid 400K to the mid 200K. But no one can get their asking price becuase at least half of the houses on the street are up for auction as the starting price is 50K.

My sister lives in Florida (Gulf side) and they have the same problem. Prices were artificially run up and now that the market has crashed, no one can afford to sell at a loss.
 

rexcasual

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Hence the mantras from old time real estate advisors:

Location. Location. Location.

Invest for the long term.

If someone hangs on they'll probably be fine, over the long term. It is unfortunate when someone has no choice but to sell in a down market.

It happened to me in the early 90s. I had purchased at the peak in the late 80s, paid too much, and I was wiped out as far as preserving any equity when I had to sell. I lost 75G (my cash investment) on the sale. Had I been able to hold on to that house I would now hypothetically have over $250G in equity in today's market.

Toronto's market has not experienced any depreciation yet. There has been a 24% slowdown in sales compared to last year's record breaking first quarter, but average prices are still up 2% from a year ago.
 

FuzzyKen

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The fall in real estate depends on where you are. My California home has lost about $200,000.00 in value and I am selling at this time with what will be an incredible loss. It was appraised 2 years ago at over $550K and since that time in hopes of maximizing the sale dollar we invested about $65,000 in the kitchen, bathrooms and xeriscape landscaping. This hurts.....
 

Ethyl

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Negative equity? Hand the keys back and go rent. I used to work for a bank.

I am SO glad I rent at the moment. I may not be accumulating equity but landscaping, home improvement, repairs, parking, heat and hot water are all included every month. I'll buy when it's worth my time and money.
 

THEDUDEofDestiny

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montgomery county, maryland loves restricting development so no big losee yet. the metro area is about to put heavy tolls on all the roads and i live close to the city, so that should help to keep them high.
 

canuck_pa

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I'm sorry to hear the stories coming out of the States. Thankfully we in Canada aren't experiencing the same downturn in the property market.

Here in Vancouver we've had an enormous problem with leaky condos. My current condo was one. I had to come up with $56,000 as my share to get the building fixed. The value of my condo dropped from about $200,000 to $ 135,000 in one year. Thankfully now that its fixed, and with the increase in the BC market, its worth $ 435,000.
 

kalipygian

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No downturn in Alaska. My tax appraisal is 6x the 1990 purchase price, the appreciation is just 2% over last year. I had a fifteen year mortgage, it is paid off. No plans to sell.

Have some land in Florida that has dropped about 25% in the last year. Wish I'd put up for sale three years ago.
 

transformer_99

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Real estate has dropped around 25 % in Miami, S FL. It's still 3X higher than it's really worth in the area I live. Last time something like this happened, 2nd Reagan term and Daddy Bush had the S&L bailout/Crisis. "W" won't be around to see the real estate market bottom out, so it's a matter of whether McCain or a Democrat inherits the bail out. What to do though, local taxing authorities have raised property taxes here. FL government has tried to pass tax relief, but it's not much relief for homeowners. FL taxes won't go down in that regard, so that might hold home prices up a little more and the fact so many people were duped into buying when homes were at their highest selling prices. Simply put incomes for the working class haven't gone up enough to handle the inflation. Home prices tripled and quadrupled, while most incomes have gone up at a much lower cost of living increase adjustment rate. I suspect many more will either flat out be foreclosed upon and yet others will simply burn their houses down to get insurance to pick the tab up on it. Either way, foreclosure or unprosecuted arson, the banking and insurance industries will need to be bailed out by the Govt/taxpayer.
 

VeeP

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This year it declined for the first time since I bought it in '02... but only about 4%.