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Fewer homeowners say their homes appreciated

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posted on Jan, 25 2008 @ 11:12 AM
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Fewer homeowners say their homes appreciated


www.reuters.com

NEW YORK (Reuters) - The number of U.S homeowners that thought their homes increased in value has dropped sharply over the last two and a half years, according to a Reuters/University of Michigan survey published on Friday.

Just 29 percent of homeowners surveyed in January said their homes appreciated in value. That is in stark contrast to August 2005 when 76 percent of homeowners reported gains in their home's value. That percentage fell to 65 percent in January 2006 and then 52 percent in January 2007.

Half of the total decline of 47 percentage points was recorded in 2007, and nearly all of that deterioration took place in the last half of 2007. Recent declines have been particularly steep among homeowners residing in the Northeast as well as for consumers who owned moderately priced homes.

When asked about prospects for the year ahead, homeowners were somewhat less inclined to expect either declines or increases. More homeowners expect no change and the average expected change among all homeowners is exactly zero for 2008.

While declines during the past year were concentrated among residents of the Northeast, anticipated declines during the year ahead were more frequently reported by residents of the West.

"The data indicates an association between falling home prices and expectations of a slowing economy and greater job losses during the year ahead," the survey said.

(visit the link for the full news article)




posted on Jan, 25 2008 @ 11:12 AM
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Well DUH...What did people THINK was going to happen when buying a home that was worth 200k for 400k?

I can't tell you how many people I heard giving the argument, "Buying a home is ALWAYS a great investment-you'll ALWAYS make a profit off of it, no matter what!"

Not when in the midst of an inflated bubble...

www.reuters.com
(visit the link for the full news article)



posted on Jan, 25 2008 @ 11:19 AM
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If homes are depreciating then the gov better not keep saying my house is worth more so they can continue raising the property tax on it. According to them, my house went up 4k last year. Hah!



posted on Jan, 25 2008 @ 11:19 AM
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If my house doesn't appreciate, but doesn't depreciate either, I will be happy. Home values in my area have been flat this last year, but haven't really declined... which is nice.

I got in to my house at pretty close to the top of the market, which sucks. However, I got out of my old house (which appreciated about 75% in 4 years) at about the top of the market, putting the equity into my new home. All in all I can't complain. Had I not got out of my old house when I did, I would still be stuck there because they simply aren't selling. Houses will have to drop quite a bit for me to end up being upside down, so I am not sweating it too bad yet.



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