Home values still going down? Why?

[GilbertMom]

Originally Posted by YAZ

Phoenix had the largest percentage of jobs lost and the largest actual number of jobs lost of any other large city in the past year.

Motown has been shedding jobs for decades; there just aren't many more jobs to cut back there.

The unenjoyment "rate" doesn't really tell the whole story....

While we most likely won't see $500 home prices here in the Valley of the Sun, this 'lil "correction" is gonna be around for a long time.

Check out the Maricopa County Tax Valuations for 2011. They are showing a 50% REDUCTION from 2010! That is bad news for all of Arizona, but especially for Phoenix. Look it up at http://www.maricopa.gov

[Ponderosa]

Originally Posted by GilbertMom

Check out the Maricopa County Tax Valuations for 2011. They are showing a 50% REDUCTION from 2010! That is bad news for all of Arizona, but especially for Phoenix. Look it up at Maricopa County, Arizona

Mine only went down 14% from 2010. I don't know if I am lucky or not.

[Steerpike]

Originally Posted by GilbertMom

What, exactly, was "the height of the market?" Our neighbors bought in 2002 for $240,000 (2100 sq. ft, 3-car garage, large lot beautiful pool, excellent neighborhood, granite countertops, etc.) and a realtor wants to put it on the market for $260,000 in 2010, after putting more than 30,000 into the house. Your boy, George, was in charge of the "lost decade." Before the lost decade, money doubled every ten years. So, not only did we lose a decade of value, but we lost the doubling effect as well.

I was merely trying to be accurate about the situation at hand; 'George' was not my boy - I despise the man and blame him for the big mess we are in. Rampant deregulation allowing greedy wall street money folks to get 'creative' with all their re-packaging of debt was a huge component of this.

[algia]

The home values will "drop" in an area because of the foreclosures = abandoned properties, if you have many unattended properties in a sub division then their value will drop! because who ever buys a property like that buys it "as is" and they'll have to repaint, fix whatever was damaged, replace appliances etc (as the banks won't remodel or add appliances if they were removed etc nor will maintain the property)....therefore, if you have a well maintained home next to 3 foreclosures sure your property value will drop too.........who wants to live next to deserted properties? it only makes sense! It is sad indeed, but abandoned properties will help devalue yours.