Where Prices Have Increased and Decreased the Most in 2008

U.S. Home values declined an average of 8.4 percent in the first three periods of 2008, down $2 trillion in total value, according to Zillow.com Real Estate Market Report, released this week.

Thirty of the 163 metropolitan statistical areas covered by Zillow, either showed gains in the median value of homes in the area or values stabilized.

Here are the 10 areas where values increased and declined the most.

Places Where Values Increased the Most

• Ithaca, N.Y., 5.6%
• State College, Pa., 4%
• Jacksonville, N.C., 3.9%
• Winston-Salem, N.C., 3.4%
• Bay City, Mi., 3.2%
• Rochester, N.Y. 3.1%
• Greenville, S. C., 2.8%
• Anderson, S.C. 2.7%
• Burlington, N.C., 2.6%
• Spartanburg, S.C., 2.0%

Places Where Values Decreased the Most

• Las Vegas-Paradise, Nev., -24.6%
• Bakersfield, Calif., -24.9%
• Madera, Calif., -26.2%
• Gainesville, Ga., -26.4%
• Riverside-San Bernardino-Ontario, Calif., -30.4%
• Modesto, Calif., -31%
• Salinas, Calif., -32.4%
• Merced, Calif., -32.5%
• Vallejo-Fairfield, Calif., -33.2%
• Stockton, Calif., -35.5%

Source: Zillow.com (12/15/08)

 

 

 

When Will Real Estate Bottom?

After one of the most challenging Real Estate downturns in history, many people have only one major question that they want answered... "when will we see prices hit bottom?"

We can only speculate about when the turnaround will take place, but most professional economists are hinting at a price bottom in the second quarter of 2009. In Seattle, we can expect home prices to dip another 6-10% between now and then - followed by a recover that will drift around the rate of inflation over the next several years. That being said, many properties, both distressed and otherwise, have already taken a huge hit on price. This fact, combined with record low interedt rates and near record high inventories create one of the best BUY NOW markets in history.

If you can qualify for a loan, which is still easier said than done for most people, then you should be out there right now looking for your next great investment. Until recently you needed almost 50% down on investment properties in order to receive enough income to have the building pay for itself. What are the numbers now??? let's just say that things are looking great for anyone with the means to buy!

For more information on Seattle Real Estate, Shawn Filer, or Coldwell Banker Bain, please visit www.shawnfiler.com

 

 

Real Estate Bottom???

After one of the most challenging Real Estate downturns in history, many people have only one major question that they want answered... "when will we see prices hit bottom?"We can only speculate about when the turnaround will take place, but most professional economists are hinting at a price bottom in the second quarter of 2009. In Seattle, we can expect home prices to dip another 6-10% between now and then - followed by a recover that will drift around the rate of inflation over the next several years. That being said, many properties, both distressed and otherwise, have already taken a huge hit on price. This fact, combined with record low interedt rates and near record high inventories create one of the best BUY NOW markets in history.If you can qualify for a loan, which is still easier said than done for most people, then you should be out there right now looking for your next great investment. Until recently you needed almost 50% down on investment properties in order to receive enough income to have the building pay for itself. What are the numbers now??? let's just say that things are looking great for anyone with the means to buy!

For more information on Seattle area Real Estate, Shawn Filer, or Coldwell Banker Bain please visit www.shawnfiler.com