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Home Values Still Declining

Recent reports show that the real estate market continued its decline in the 3rd quarter making it the 17th consecutive quarter for falling home values.  Home values are 25% below the peak of the market in June of 2006. An interesting fact shows that during the Great Depression, home values fell 25.9% in 5 years.

Around 23.2% of the single family home owners with mortgages were underwater in the 3rd quarter which was up from 22.5% in the 2nd quarter.  Times are getting tough and we’re starting to see more and more homes being foreclosed on.  11 markets had negative equity above 50% and the leading market was Las Vegas with 80.2%.

I’ll give you my honest opinion about homeowners that are underwater.  I know for a fact that they’re losing sleep every night thinking about one of the biggest investments that they purchased going awry.  I have friends that are in this predicament.  It has to be very hard to not just throw in the towel and start over.  The market is not picking up anytime soon and the worst part about it is the home values will probably never reach what they were in 2005-2006.  Can you really blame people walking away from their homes?  I know I don’t judge anyone because it’s devastating.

Here’s a chart of the median sales price in Fairfax, VA in the past 5 years

Fairfax median sales prices

Homes for sale in Fairfax, VA

  1. 4 beds, 4 baths
    Lot size: 10,687 sqft
    Year built: 2003
    Days on market: 2
  2. 4 beds, 3 baths
    Home size: 2,350 sq ft
    Lot size: 11,225 sqft
    Year built: 1971
    Days on market: 2
  3. 4 beds, 3 baths
    Home size: 2,600 sq ft
    Lot size: 8,544 sqft
    Year built: 1983
    Days on market: 2
  4. 4 beds, 3 baths
    Home size: 2,203 sq ft
    Lot size: 9,816 sqft
    Year built: 1982
    Days on market: 3
  5. 4 beds, 3 baths
    Lot size: 10,737 sqft
    Year built: 1973
    Days on market: 3
  6. 4 beds, 4 baths
    Home size: 3,832 sq ft
    Lot size: 12,845 sqft
    Year built: 1981
    Days on market: 3
  7. 6 beds, 5 baths
    Home size: 7,139 sq ft
    Lot size: 24,017 sqft
    Year built: 1950
    Days on market: 3
  8. 3 beds, 4 baths
    Home size: 1,906 sq ft
    Lot size: 847 sqft
    Year built: 2015
    Days on market: 3
  9. 3 beds, 3 baths
    Home size: 1,768 sq ft
    Lot size: 7,199 sqft
    Year built: 1952
    Days on market: 3
  10. 4 beds, 3 baths
    Home size: 1,225 sq ft
    Lot size: 15,001 sqft
    Year built: 1960
    Days on market: 3
  11. 4 beds, 3 baths
    Home size: 2,090 sq ft
    Lot size: 15,001 sqft
    Year built: 1974
    Days on market: 4
  12. 4 beds, 3 baths
    Lot size: 11,179 sqft
    Year built: 1972
    Days on market: 4
  13. 4 beds, 4 baths
    Home size: 2,763 sq ft
    Lot size: 9,654 sqft
    Year built: 1978
    Days on market: 4
  14. 4 beds, 3 baths
    Lot size: 10,901 sqft
    Year built: 1966
    Days on market: 4
  15. 4 beds, 3 baths
    Lot size: 14,708 sqft
    Year built: 1971
    Days on market: 4
  16. 4 beds, 3 baths
    Home size: 2,634 sq ft