Please register to participate in our discussions with 2 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.
As most of you know, when news like this comes out, I always like to share it with everyone.
In the Federal Housing Finance Agency House Price Index (released today), the Greenville market (once again) ranked in the top 20 for home price appreciation when comparing 1st quarter of 2009 to 1st quarter of 2008. The Greenville Metropolitan Statistical Area saw a 2.23% increase in median home price during that time, and a .67% increase from 4th quarter 2008 to 1st quarter 2009. Over the past 5 years, this index states that the Greenville MSA has enjoyed appreication in median home price of 22.66%.
The comparison of 1Q08 to 1Q09 ranks the Greenville MSA as the 18th highest appreciating metro of the 291 metro areas indexed, and marks the 10th straight quarter where Greenville has ranked in the top 20 appreciating metro areas.
Whether you agree with the FHFA's methods or not, it's still positive news, and typically consistent with other available indexes (that cover the Greenville market) and local MLS data.
I read that report too, but believe me, I talk to appraiser's daily. I see and review appraisals daily. I am seeing most houses appraising for less than what they were worth a year ago. I am seeing houses selling for less than what was paid for it a year or more ago. We are basically back to values of 2006. It is very scary. I hope I am wrong, but it looks like it could get worse around here before it gets better.
I read that report too, but believe me, I talk to appraiser's daily. I see and review appraisals daily. I am seeing most houses appraising for less than what they were worth a year ago. I am seeing houses selling for less than what was paid for it a year or more ago. We are basically back to values of 2006. It is very scary. I hope I am wrong, but it looks like it could get worse around here before it gets better.
Obviously everyone is entitled to their opinion, but I would find it hard to believe that you have reviewed even a small percentage of appraisals for the 1,300 home sales that occured in the 1st quarter of this year. I also have a hard time believing some of your statement, given the fact that most people only sell within the first two years of ownership out of necessity (job relocation, job loss, foreclosure, etc), and potential short sales only account for 2.95% of the properties currently available in the Greater Greenville MLS.
I understand that many people have criticisms of the FHFA price index, because it only looks at homes within conforming loan limits (below $417,000). The reason that this data is relatively accurate for the Greenville market is the fact that 95.9% of home sales in 1Q09 met that criteria, and 94.9% of home sales in 1Q08.
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.
Please register to participate in our discussions with 2 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.
