Whoa! US banks told: prepare for 47% drop in house prices

Glad I sold my house before this all started happening.

And will be happy to buy again when prices hit bottom!!!

Good Work!

How many here have experienced a decline in their home's value already?

everyone i know....

went from 220,000
now is 40,000

in some parts of the uk and ireland house prices have already fallen by up to 50% of peak prices. by the time the market bottoms in 2011-2012 i am expecting a greater than 50% fall.

in parts of the uk and ireland property prices have already fallen by 50% from peak valuations and when the market eventually bottoms in 2011/2012 i am expecting to see some price reductions of more than 50%.

No...I just received my property tax notice and supposedly the value has gone up.....hmmmm very strange

Maybe all of the McMansions will be half price.......

:kaneclap:

your tax assessed value is EXTRAORDINARILY different from your appraised value.

you can appeal the assessed value (which is what your taxes are based upon)....

Yes that is true you might want to appeal with what is going on, you can do it yourself or hire a local attorney who specializes in it .

AWESOME! Just getting preapproved for my land now... woo hoo!

I'm in so. fl. and where i live homes are off more than 47% already. Homes that sold for 329,000 are now listing around 129 - 149,000. Lots that were being sold between 90 - 100,000 are now listed for 12,900. People are in trouble.

I bought my house in SW Florida, Naples area for 156,000 in 2004, my neighbor just bought the house across the street, that is 1 bed and 1 bath larger than mine for 109,000, houses are selling for under 100,000 in this area. What to do? I have to live somewhere, and would never qualify for a loan now, as I am unemployed.. (contractor)

I'm in S. Florida too, and you're right. At the peak of the bubble, houses in my neighborhood were selling for around $420k. A house down the street sold in January for $240k. I look at my house on zillow.com about once a week. It has gone down $10k/week for the last few weeks.

You know what is even scarier ?????? I have looked at some houses , compared comps and talked to some realtors about offering etc and some people out there are still paying way too much , offering almost full price etc. They are so clueless , if they can't see the signs there will be another wave in a year or so again if we even recover to the point a wave would matter. Wish they would wake up and pull their heads out of their....

It's unclear if the source means "ANOTHER 47%" on top of what's already happened, or if they mean an overall 47% - which has already been exceeded in markets like Phoenix, Las Vegas, and Simi Valley CA and Stockton CA. (The average drop in a "luxury" home in Phoenix is now in excess of 55%!)

There are many on the market still at their "old" prices or appraised valuations. But they're not selling. They sit there until hell freezes over. Once the owner or the bank (if they're a forclosure) drops the price below 50% of the old "high" then they start to move. Some have had to go down to 75% below their old "high" but mostly on VERY costly homes! If they were ten million to start with, getting 3 million for them today is about average!

But heaven help the guys who put 10 million into the construction of one of these!

in 2005 there were no homes under $200,000. Now we have homes being listed for 70, and im talking about 3/2/2s. BTW the county is St Lucie.

They know the exact number....47 percent. Now how would they know? And why will they probably get this right on the nose when they didn't have a clue that the economy was going to crash? Because they planned it to happen just like its happening.

.

In the Inland Empire (southern CA), the condo I have as a rental has dropped 44% in value since I stupidly purchased it in Nov 2005.

I bought it for $288K and the same model just sold for $162K! I'll never get that much back! Thinking of letting it go...It will take a long time to get $126K back!

SMART MOVE SAME IN SAN DIEGO

Saw some info for Santa Clara County (San Jose) CA yesterday. The median home price for Feb was 47% below the median for Feb 2008 and condos were down 43% YOY.