U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 06-20-2012, 06:10 AM
 
Location: Islip,NY
11,198 posts, read 7,799,213 times
Reputation: 8916
Default Has the value of your house gone down???

I recently went to apply for a home equity line of credit again with Citibank and was told NO because the value of my house went down. I had an 80/20 mortgage when we first bought the house. When we refinanced 3 years ago, the Home equity line was paid off. My house was appraised at $315,000 now I am told it's gone down to $260,000. These mortgage bankers use Zillow to determine the valuation of your home. Is that even accurate??? My mom's house was appraised at $550,000 some years back and now it's worth $360,000, even with all the recent home inmprovements we have done to the outside of our home does not matter at this point. I was wondering about Bethpage Federal Credit Union, is it worth trying to get a line of credit with them? Oh and my mortage payment is actually going down which is good.
Reply With Quote Quick reply to this message

 
Old 06-20-2012, 06:16 AM
 
147 posts, read 113,545 times
Reputation: 71
Quote:
Originally Posted by lubby View Post
I recently went to apply for a home equity line of credit again with Citibank and was told NO because the value of my house went down. I had an 80/20 mortgage when we first bought the house. When we refinanced 3 years ago, the Home equity line was paid off. My house was appraised at $315,000 now I am told it's gone down to $260,000. These mortgage bankers use Zillow to determine the valuation of your home. Is that even accurate??? My mom's house was appraised at $550,000 some years back and now it's worth $360,000, even with all the recent home inmprovements we have done to the outside of our home does not matter at this point. I was wondering about Bethpage Federal Credit Union, is it worth trying to get a line of credit with them? Oh and my mortage payment is actually going down which is good.
Zillow is not accurate and if your mortgage broker strictly uses zillow, I would find a new one. In fact, why even use a broker? Deal direct, cheaper. have you tried Quicken Loans?

Zillow does not take into account an upgrades, etc. They go strictly by the town's property records.
Reply With Quote Quick reply to this message
 
Old 06-20-2012, 06:41 AM
 
6,046 posts, read 7,111,254 times
Reputation: 1860
I think most people's houses have gone down within the last couple of years. My parents house went down even despite the work they did on it. Its just bad economical times right now.
Reply With Quote Quick reply to this message
 
Old 06-20-2012, 06:42 AM
 
2,630 posts, read 2,110,562 times
Reputation: 1699
Zillow is wildly inaccurate but home prices are still down +/- 20% from '05-'07. Most quick appraisals are inaccurate and don't take upgrades into account. They are based on comp sales. If most of the comp sales are foreclosures and short sales, of course values will be depressed. Trillions in lost equity and many if not most can't capitalize on these great mortgage rates because of high LTV. I'm one of those. Sounds like you are too.
Reply With Quote Quick reply to this message
 
Old 06-20-2012, 06:45 AM
 
6,046 posts, read 7,111,254 times
Reputation: 1860
If u live in Nassau, check out mynassauproperty.com you can look up your house and it will tell u what you were assessed at for the last few years.
Reply With Quote Quick reply to this message
 
Old 06-20-2012, 06:45 AM
 
44 posts, read 35,633 times
Reputation: 19
What do you think ?

Sit down and figure out how much You Lost !




Median U.S. Household Lost 40% of Wealth During Recession

10:03 PM, Jun 11, 2012

By Tim Mullaney

USA TODAY

The median U.S. household lost nearly 39% of its wealth from 2007 to 2010, the Federal Reserve said Monday, emphasizing anew the impact of the financial crisis and the recession on ordinary Americans. Middle-class families took the biggest hit to their net worth during the crunch because much of their wealth was in their homes, whose values plunged during the recession and in its aftermath, the Fed report said. Wealthier families saw a smaller drop in their incomes, but nowhere near as much impact on their net worth.

Median incomes among the richest 10% of Americans fell 5.3%, compared with 7.7% for all Americans. The median net worth of the wealthiest 10% actually rose. The median is the point where half are above and half below.

Overall, median household net worth slid to 1992 levels after adjusting for inflation, wiping out the gains of the late-1990s Internet boom and the post-2000 housing surge, the Fed said.

The impact a given family felt varied depending on where they live, how much they earn and what kind of investments they had, said Scott Hoyt, an economist at Moody's Analytics.

"Richer people owned more bonds that didn't get killed," Hoyt said. "For middle-income households, their primary asset is their house, and the government stimulus backstopped incomes at the low end."

The median family's net worth dropped to $77,300 from $126,400 in 2007, the Fed said. The wealthiest 10% of families saw their median net worth rise 1.9% to $1.17 million.

Household net worth peaked at $66 trillion before the recession hit in December 2007 and fell to $54 trillion in 2008, according to the Fed. It was $63 trillion in the first quarter this year, but that doesn't reflect the stock market's fall since.

The Fed estimates Americans lost $7 trillion in home equity due to a housing bust that followed a surge in mortgage defaults after 2006.

Movements in the housing and stock markets suggest that middle-class households probably have not regained much of their lost ground since 2010.

The Standard & Poor's 500-stock index is up 4.1% since the end of that year. Housing prices have kept declining, falling 1.9% in the 12 months ended in March, according to the S&P/Case-Shiller composite index.

As recently as April, median household incomes, adjusted for inflation, were still 5.9% lower than in June 2009, when the recession ended, according to Sentier Research, and 8.3% lower than in late 2007.

Incomes improved in late 2011 but have begun sliding again this year, said Gordon Green, co-founder of Sentier.

The decline is larger and more persistent than in the recovery from the recession after 2000, when family incomes were restored within 18 months, Green said.

"Incomes went down more during two years of this recovery than during the recession itself," he said. "I don't think we've seen anything like this."

http://www.wltx.com/news/story.aspx?storyid=190159
Reply With Quote Quick reply to this message
 
Old 06-20-2012, 07:00 AM
 
4,193 posts, read 68,335 times
Reputation: 1983
Yep its gone down. And we are selling!! and loosing money. So you are not the only one.
Reply With Quote Quick reply to this message
 
Old 06-20-2012, 07:06 AM
 
Location: under the beautiful Carolina blue
8,913 posts, read 10,014,207 times
Reputation: 4886
Zillow is not necessarily accurate. Neither is my nassau property. I looked at my old house and it's valued on the Nassau website $200K less than we sold for, and that's unchanged since we sold it.

I looked it up on zillow; it's listed for what houses are currently being listed for in my old neighborhood (about $100K less than we sold for) so I guess that's more accurate.

My current house is listed right about what we bought it for. Recent comps in my neighborhood are about 10% up from my purchase price so I'll have to check back.

I do think I'd find a new broker if they are using zillow for comps!
Reply With Quote Quick reply to this message
 
Old 06-20-2012, 07:37 AM
 
855 posts, read 698,477 times
Reputation: 407
Doesn't your lender send down an estimator to check out the house? I refinanced in Jan. and they sent someone to visually inspect and take pictures.
Reply With Quote Quick reply to this message
 
Old 06-20-2012, 08:46 AM
 
Location: Glen Head, NY
840 posts, read 1,209,058 times
Reputation: 346
i am in the process of refinancing and the house appraised 55k higher than when we bought in december
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island
Similar Threads
View detailed profiles of:

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top