It’s no longer just a slowdown: Portland-area home prices have begun to slide after a long post-recession boom, according to one industry measure.An index from the real estate website Zillow says the area’s median home value reached a peak $399,300 in February. It’s since fallen ever so slightly to $397,400 in April.The decline is small, but the index uses a rolling average and seasonal adjustment to iron out volatility. Prices remain 3% higher than they were a year earlier, but the company’s seasonally adjusted index has shown declines for two months in a row. Before March, the last time Zillow reported a decline in metro home prices was February 2012.Home prices have slowed across the country but overheated West Coast markets have seen a more dramatic turnaround. According to Zillow, home values in Southern California, the Bay Area and Seattle all turned negative before Portland.The decline is a sign of lingering volatility from the housing bubble, the … [Read more...] about Home values falling in Portland metro, index says
Home value zillow
Signals in the housing market have been pointing to a potential drop in home prices for almost a year now, and according to a new report from listings giant Zillow, it’s finally happened. The company published data for the month of April that show the median home value has dropped compared to a month ago in each of the 35 biggest markets in the U.S., except for New York, which didn’t change at all. This collective dip in markets across the county caused the median home value for the U.S. as a whole to drop by 0.1 percent, the first time the median home value dropped nationally in seven years. Zillow’s median home value is its “Zestimate,” an estimation of home values in a city calculated in part based on sales in the area. Home prices have been on the upswing since the housing market bottomed out after the financial crisis of 2008, when millions lost their homes to foreclosure and prices went into free fall, a dramatic collapse thought to be unthinkable in … [Read more...] about Home values drop for the first time in seven years
Houston’s home values may be at their peak. According to Zillow, the housing market is already on its way down. The real estate website released a report Thursday morning saying Houston-area home values fell 0.3 percent in April from the month before. Nationally, home prices have been growing by less each month since March 2018, but they were still on the rise, according to the Case-Shiller Price Index of home values. That changed last month when, for the first time since February 2012, Zillow’s data show home values nationwide fell 0.1 percent month-over-month. “This most certainly hasn’t happened in a long time,” said Skylar Olsen, Zillow’s director of economic research. “It’s not common. And it’s definitely not common for it to happen without a recession to match it.” While past downturns were caused by a combination of job loss and predatory loans, this one is being driven by prices rising more quickly than buyers … [Read more...] about Zillow report sees Houston home values starting to decline
Over the past 30 years selling real estate in Tallahassee, one question asked of me often is “What is my home worth?”. The simple answer you should know is that there is no set dollar amount that any single house is worth. As each home is unique and will be valued differently by different buyers, instead, consider a range of values for your home. Here are several variables that you should consider to determine today’s value range for your home. Square foot, online valuation tools Understanding price per square foot is OK for making general assumptions about home values in specific areas, but not so great for determining your own home’s value. For example, we might know that homes in Killearn Estates are selling for an average of $125 per square foot, but that does not necessarily mean that your 2,000-square-foot home in Killearn Estates is worth exactly $250,000. Factors such as the home’s age, upgrades, improvements, additional features, … [Read more...] about What’s your home worth?
Keri Weishaar lives in a spacious, four-bedroom house near Tampa, Florida, thanks to the easy financing that prevailed during last decade’s housing boom. “It was basically nothing to get into this house,” said Weishaar, 48, who bought the house in the spring of 2003 after obtaining a no-money down, adjustable-rate mortgage. Then again, Weishaar and her husband are fortunate to still have their home. That same mortgage eventually morphed into a financial albatross and, for a time, the house in the suburb of Tarpon Springs was on a countdown to foreclosure. As home values plummeted after the housing bubble burst in 2007, many borrowers with exotic types of loans were stuck, unable to refinance as lenders began to tighten their lending criteria. That set the stage for cascading mortgage defaults that eventually took down Lehman Brothers, Wall Street’s fourth-biggest investment bank at the time, 10 years ago this week. Lehman and other financial institutions were … [Read more...] about Home mortgages harder to get but safer