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Nationwide and Marin Home Value Update
New numbers are suggesting that there may be more than two trillion dollars in nationwide home value losses for 2008. This would mean that there will be almost
twelve million households that will owe more on their home, than it is worth.
Through the end of September 2008, there had already been nearly two trillion dollars in home value losses in the United States. The recent news suggests that the
losses will only continue through this quarter, exceeding two trillion dollars and beating last years numbers of a little more than 1.2 trillion dollars in dropping
home values.
This has some experts claiming that there has not been this much value taken out of the market since the Great Depression. The amount of foreclosures continue to
rise because homeowners, buried by negative equity, begin to give up on their homes. In the third quarter, one in every ten homeowners fell behind on their
house payment or had already gone into foreclosure. Unemployment continues to rise to levels we have not seen since the early eighties and the national recession seems to
be in full effect.
While all the news seems to be negative, home values for the Marin real estate market have remained quite steady in some areas in the county, as have other more affluent areas in San Francisco. Areas in California that have been hit the hardest are Stockton, Merced and Modesto; all having their area home values falling thirty percent or more. Stockton has already seen a consistent drop for the past half decade, falling nearly four percent every year.
Several experts agree that although home values have appeared stable in some areas in Marin County and San Francisco, it is still not certain that they will remain that way in the
first quarter of 2009. Recent trends suggest that there have been fewer potential buyers looking at properties in Marin and there are less people coming to open houses. We are not sure if buyers are waiting for their 401k to kick in, or if they are waiting on the new President-elect to take office, but the market seems to have cooled down.
As a whole, the median price for a home in Marin County is down, with a median price of $850,000 in September 2008, compared to a little over a million dollars in
2007. This is between a sixteen percent to twenty percent drop from the previous year.
The average price of a home in Marin has dropped dramatically compared to the year before. Recently, the average price for a home in Marin was hovering around $1.2 million, while averaging more than $1.5 million in 2007. All this news suggests that there are a lot of buying opportunities in Marin. Very popular areas in Marin County, such as Mill Valley, have even seen prices drop. In the past, areas like Mill Valley have been immune to many of the price fluctuations of the rest of the
housing market, however, now there are even more reasons to live in one of the favorite areas in Marin County.
Search Mill Valley Real Estate.
Marin Real Estate Blog
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