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Curious how the booming markets are rich coastal areas and the more struggling ones are in flyover country.
The OP must have flunked geography in school. The OP does apparently did not read the article he linked to.
Since when are Northeast markets like Washington, D.C., Baltimore, and Philadelphia reported by CBS News to have seen price declines of more than 40 percent, fly over country. Since when did San Francisco where prices were reported to decline in single diget figure, become fly over country.
I live in fly over country, and we did not have real estate prices collapse here like they did in places like the North East and California a few years ago, and are still appreciating. Our assessment went up $40,000 this year and is well within the current value for both years. Of course it is well under what it would sell for in our old home the western side of Silicon Valley, with a 3,700 sq. ft. 4 level contemporary on a 5 acre estate with barn, stables and level pasture, with rail fence. As a long time Realtor I know it would be worth about $2.5 Million plus there. Of course we left that area years ago when the doctors told me to get my wife and one son out of the Silicon Valley, or go down and arrange their funerals which would both happen within 6 months. As soon ad we left that polluted area, they got their health back, from just barely surviving there.
Me I will take fly over country, with clean air to breath and a lower cost of living by far. And instead of getting stuck in traffic jams for long periods of time, here a big traffic jam is 3 cars ahead of you at a stop sign during the peak rush hour.
Corrects story to indicate Zillow's data measured values not prices and clarifies that the service's data indicates the percentage of homes in a particular area where values fell in the past year.
Like UNC4Me said, this so called decline is based on Zillow's notoriously inaccurate zestimate. Basically, if this report is accurate, it is an accident. Just like zestimate.
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Northeast markets like Washington, D.C., Baltimore, and Philadelphia have seen price declines of more than 40 percent, as reported by CBS News. Metro areas in the Midwest like Pittsburgh, Chicago, Cincinnati and Cleveland, experienced declines of more than 30 percent.
Uh huh...
The author mangled these statistics. 40% of homes declining in value does not equal a 40% decline, in fact it likely indicates the market as a whole increased in value.
Zillows "Zestimates" are notoriously inaccurate. Why would anyone assume anything said by Zillow is even remotely correct?!?
You are not kidding.
Last year we sold a home and moved to another market. The home we sold was "valued" on Zillow for nearly $100,000 less than it's actual value, and actual sale price! I would occasionally pull up that "listing" on Zillow and just shudder, hoping that potential buyers weren't actually expecting that "zestimate" to be accurate.
Serves them right. They have been jerking homeowners around long enough. Glad people are wising up.
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