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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (126019)	5/29/2008 10:09:26 PM
From: Jim McMannis	Respond to of 306849

Appraisers see SoCal values off 15.4%, worst in 43+ years lansner.freedomblogging.com The Real Estate Research Council of Southern California has perhaps the most curious tracking of local home value: Every six months they send out volunteer appraisers who value the exact same homes over and over again. While it involves a small sample of homes — 308, to be exact — it’s a marker that’s not tilted by changing mixes of homes that sold recent, a problem with other indexes, for example. And RERC’s been doing this math for 43 years, so there’s great history, too. The latest chapter of these appraisals is downright upsetting. SoCal homes are depreciating at a 15.4% annual rate, the WORST showing in the history of these studies. Orange County’s 39 tracked homes contributed a 16.7% dip to the mix. The recent drop leaves the RERC average home price for SoCal at $560,260 — the lowest in four years. RERC notes that prices failed to increase for 98% of the homes studied in 7 SoCal counties (all of O.C.’s 39 tracked homes were lower) and declined by 10% or more in 76% of the SoCal cases. Here’s how O.C. broke down, by RERC count … • Northern (13 homes) — $494,231, off 16.5% • Central (9 homes) — $528,444, off 20% • Southern & Beach (17 homes) — $693,188, off 15.1% • Overall (39 homes) — $588,821, off 16.7%