Housing Values Dropping?

[bobo]

My house was appraised at 113. last year this year it appraised at 148. the only are assesing the 10% of 122. but it gave them the room to raise it 10% for the next three years.

[BrandonA]

I have a client in Cal. that bought his home 3 yrs ago for $750k, his appraised tax value is $1mil. Today homes in the the same neighborhood are selling for $400k. Thats a $600K difference.

[topherstrux]

Mine went up 10% AS WELL

[JHT]

Protesters have a very high success rate.

Go for it. Fight the man.

[Bill]

According to the doom and gloom news. DFW area should have droped 2.5% instead of going up 10%.

Your local paper says they have dropped.

Its survey does not include condominiums and townhouses.

It covers only pre-owned properties – no new construction.

It should be representative of average pricing of an existing, single family home.

Good news? it's it fallen less than other areas.




Dallas-area home prices fall more than 4%

11:53 PM CDT on Tuesday, April 29, 2008

By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com

Dallas-area home price declines gained momentum early this year, according to a just-released analysis.

But the housing slowdown here still pales compared with that in much of the country. Local home prices fell more than 4 percent in the latest monthly Standard & Poor's/Case-Shiller home price index, published Tuesday.

The benchmark housing price survey found that Dallas-area home prices in February dropped to their lowest point since April 2005.

And local home prices were down almost 7 percent from their peak in the Case-Shiller index last summer. Nationally, home prices declined more than 12.5 percent from a year earlier in the latest 20-city survey.

"There is no sign of a bottom in the numbers," S&P's David M. Blitzer said in a news release.

"Prices of single-family homes continue to drop across the nation."

The index shows that 17 of the 20 major housing markets had record annual price declines in the period ending with February.

The biggest price declines were in Las Vegas, down 22.8 percent, and Miami, 21.7 percent lower than a year ago.

Charlotte, N.C., was the only city in Case-Shiller's report that continues to see home price gains, though modest ones.

The Dallas-area had the third-lowest annual decline, behind Portland, Ore., down 2 percent, and Seattle, off 2.7 percent.

Case-Shiller tracks the prices of typical single-family homes in each of the metropolitan areas.

Its survey does not include condominiums and townhouses.

It covers only pre-owned properties – no new construction.

Although Dallas' home price dip remains modest, economists are troubled by the direction that the housing market has taken in recent months.

"Right now, declining home prices may be the single most important economic variable affecting the overall health of the economy," said Dr. James Gaines, research economist with Texas A&M University's Real Estate Center.

"As you know, there are growing reports of people being upside-down on their mortgages and walking the loans – a very bad choice if you can manage not to," Dr. Gaines said.

"Unfortunately, we focused for so many years on the investment value of a home, people seem to forget it's first and foremost a place to live," he said.

"If the people walking loans are only concerned about the investment value of the home, why should we get so excited about it and try to bail them out?"

[Bill]

Here's some 'real' data that you can use to justify that your area homes are decreasing, and not increasing. It's the Standard and Poors Case-Shiller index data. SF's only on there, because I was comparing what's happening there vs. here- your housing market is standing up a whole lost better than here. They set Jan 2000 to 100 and then track the changes from then for each market, so it does not get effected by the difference in the average selling price, just percentage.

http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_csmahp/0,0,0,0,0,0,0,0,0,3,1,0,0,0,0,0.html

If somebody needs help in applying it to their home valuation, I'd be happy to help out, I'm better with this type of analysis than doing some other things in life and I'm greatful for other TBH'rs helping me out when I need it.