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I read recently that home values overall are expected to decline another 10% this year. Someone intimately familiar with the housing/foreclosure market told me this mess will take ten years to resolve, and has told me about mtn properties not far from here now valued at $1000-$5000 that once sold for $400,000 and more. In some areas, it's a real bloodbath. Certainly, those types of foreclosures represent the extreme and are skewing the overall numbers, but still it ain't pretty.
I'm assuming those are national numbers. There will be variation (both good & bad) from metro to metro. Greenville has definitely been affected, but has done much better than many areas thus far.
I recently heard comments in a discussion of housing where someone from the US Treasury was quoted as saying the housing bust won't be over for 2 more years; it will take a least five years recover and when it is over there will be 40M foreclosures. He was also quick to point out the recovery could be much faster in some areas.
I think it will have a profound effect from coast to coast but not as much in some areas as others.
The comment was not G'ville specific, but it did not exclude G'ville either. Let's move on and see what G'ville residents have to say.
HUGE jump there in years 09-10, even when compared to the boom years (03, 04, 05). An anomaly?
If you go by number of homes sold, our boom years were actually 2005, 2006, and 2007. 2009 and 2010 each had more homes sold than 2003.
I firmly believe that 2010 was our pricing correction, as initially predicted it would be. At this point, our remaining point of correction will be number of homes sold (i.e. market growth), but that is dependent on other markets recovering first.
Quote:
Originally Posted by Art123
For the record, those are his/her personal numbers, only verifiable by his/her computer. Right ckeegan?
If memory serves, those numbers exclude new construction and foreclosures...
Charts are right on my website for everyone to see, or at least they will be soon since I just compiled the data today. Those numbers include foreclosures, but I compile new construction separately (for good reason):
New Construction Average Sold Price
2003 - $178,271
2004 - $187,973
2005 - $210,150
2006 - $229,606
2007 - $243,664
2008 - $243,406
2009 - $224,900
2010 - $222,160
It's taken right from the MLS, just as I've been doing every single quarter since April 2003.
Slow and steady has always been the story in Greenville. I just compiled the MLS stats for 4Q10 today.
From 2003-2010, resale homes in the Greater Greenville area have appreciated by an average of 1.44% per year.
Are those numbers avg sales value per home per year? It will be interesting to see how the backlog of foreclosures hitting the market this year will affect the number for 2011. What constitutes the Greater Greenville area?
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