What's Your Home Worth?

Off Topic Politics & World Issues
1

"U.S. single-family home prices fell for a fourth straight month in October pressured by a supply glut, home foreclosures and high unemployment, data from a closely watched survey showed Tuesday.

The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas declined 1.0 percent in October from September on a seasonally adjusted basis, a much steeper drop than the 0.6 percent fall expected by economists.

The decline built on a revised decrease of 1.0 percent in September and took prices down 0.8 percent from year-ago levels. It was the first year-on-year drop in the index since January.

The housing market has been struggling since home buyer tax credits expired earlier this year. To take advantage of the tax credits, buyers had to sign purchase contracts by April 30.

“The (housing) double dip is almost here, as six cities set new lows for the period since 2006 peaks. There is no good news in October’s report,‘’ said David Blitzer, chairman of the index committee at S&P.”

http://www.cnbc.com/id/40827184

The typical home is down around 32% or so, since 2006. Vegas was the worst at -51.6%.

Case-Shiller is also considered too optimistic by some.

2

A lot less than it used be.

3

about 2 yrs ago the house we recently sold was appraised at 320K, when it sold 3 months ago, it was appraised 212K.

was a 4bedroom house in the suburbs.

4

Humpty Dumpty sat on a wall,
Humpty Dumpty had a great fall.
All the King’s horses, And all the King’s men
Couldn’t put Humpty together again!

5

I just had an appraisal for a refinance and it slightly more than when I purchased it in 2005.

6

I dunno. I bought it in April at about 10k less than its 2005 assessed value.

Doubt it dropped much. Regionally the prices are pretty stable, and I don’t care much because I plan on being here a while.

7

325k Built new in '03
Sold in '05 for 537k
Bought by me in '08 for 305k
Currently appraised on Zillow.com at 299-315k

8

15k less than it was last year.

9

about 10k more than 3 years ago.

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[quote]SkyzykS wrote:
I dunno. I bought it in April at about 10k less than its 2005 assessed value.

Doubt it dropped much. Regionally the prices are pretty stable, and I don’t care much because I plan on being here a while. [/quote]We bought our house for 28 grand less than it’s appraised value 6 years ago and it’s now worth 14,000 less than what we paid for it. Welcome to Detroit.

11

40,000 less than I paid for it in 2006 - but still worth 400 k even in this economy. North Shore of Long Island - not hit anywhere near as hard as much of the rest of the country’s housing market. Just refinanced and dropped my rate to 4.5 % (from 6) a few months ago - saves me almost 500 a month on my mortgage payment, so that was good. : )

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Here’s an interesting graphic, from Case Shiller.

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Bought it at half of what it is currently appraised at, which is $125,000.

14

Bought and renovated it for 140, should be around 180 by now.

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addendum, after all of 5 seconds of research it might be up to 250.

16

[quote]orion wrote:
addendum, after all of 5 seconds of research it might be up to 250.

[/quote]

If your home is in a city, it’ll soon be worth a lot less:

"Financial analyst Meredith Whitney stated in mid-2010 that the public sector will have to lay off 2 million workers over the coming 24 months - and that wonâ??t even help them to break even, thatâ??s just to keep operations going.

Currently, the focus is on the aforementioned public sector jobs, but consider what will happen as states can no longer afford public pension funds or health and human services like Medicaid and Medicare. Eventually, the contagion spreads to the Federal level.

The billions of dollars in services on which many Americans depend will start being reduced. This is going to hit Americans like an 8 pound sledgehammer.

Weâ??ve become so dependent on entitlement programs, that the majority of people on those soon to be cut services will be left with nowhere to turn."

The demand for services in cities will overwhelm a shrinking pie. Not good…

17

[quote]Headhunter wrote:

[quote]orion wrote:
addendum, after all of 5 seconds of research it might be up to 250.

[/quote]

If your home is in a city, it’ll soon be worth a lot less:

"Financial analyst Meredith Whitney stated in mid-2010 that the public sector will have to lay off 2 million workers over the coming 24 months - and that wonâ??t even help them to break even, thatâ??s just to keep operations going.

Currently, the focus is on the aforementioned public sector jobs, but consider what will happen as states can no longer afford public pension funds or health and human services like Medicaid and Medicare. Eventually, the contagion spreads to the Federal level.

The billions of dollars in services on which many Americans depend will start being reduced. This is going to hit Americans like an 8 pound sledgehammer.

Weâ??ve become so dependent on entitlement programs, that the majority of people on those soon to be cut services will be left with nowhere to turn."

The demand for services in cities will overwhelm a shrinking pie. Not good…

[/quote]

Au contraire, demand in Vienna goes constantly up because people bunker down and try to get a place to live as cheaply as possible.

Not that I intend to sell, because I need a roof over my head and 300 a month is awespome.

Also, my loan was in Swiss Francs and I paid less than 1% most of the time which was lower than the infaltion rate so at the very worst I still got paid to live somewhere.

I got out in time though, most people didnt.

Well, serves them right for listening to their bank instead of me.