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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

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