"but?" maybe "because"?
Great news - this has to mean property taxes, based on an assessed value, will be decreasing. I can’t wait.
Who would have thunk.
The housing bubble is deflating, with those who took on high-risk mortages they could not afford getting foreclosed upon.
Meanwhile, young creditworthy couples who had a hard time coming up with a 20 percent down payment because of the bubble, all of a sudden can now afford a home.
In the long run, a better situation - a much higher percentage of mortages being low-risk and conventional. But NOOO... we need to re-inflate the bubble!
>> At $165,400 in February, the median price was down 15.5% from $195,800 in February 2008. The median price in January this year was $164,800. The 15.5% plunge is the second biggest ever, behind January’s 17.5% drop. <<
In other words, prices ROSE in February, from January, but were still well below last year’s prices. That’s the big news. Talking about a year-over-year decline as a monthly price plunge is ridiculous: did anyone seriously think that the entire collapse of 2008 would be made up for in a single month?
One month of stability does not make the end of a bubble collapse, of course...
Existing-home sales rebounded in February, climbing above expectations, but prices plunged when stocks are worthless invest in homes.
All Hail Pres. Obama....
oh wait...his plan hasn't kicked in yet.
Never mind !
If foreclosures represent some 45% of those sales, it looks like real property sales might actually be down.
the actual value and county assessed value, of my home more than doubled since purchasing it in 1998. In this economy it has decreased in actual value (but not by county assessed value) by maybe 10-15%.
I’m still ahead.