Home Prices in 20 U.S. Cities Fell by a Record 19%

My neighborhood is in the 50-65% range.:no:

"Fin Fan In Cali wrote:

My neighborhood is in the 50-65% range.:no:

I never could understand how the bank or appraiser can say our houses are worth less then they would cost to build. This is such a screwed up system. We need to desperately overhaul the appraisal system and how properties are appraised. Most of it is pure speculation, there is a huge range built in. What I mean is 1 appraiser may say finished basements are worth 22 dollars a square foot and the next may say 35. That would/could represent a difference of 10-15,000 dollars on the same property.

We have to freeze foreclosures or we are gonna really be hurting. Freeze them, manage them and if necessary release them into the economy over a 20 year period instead of all at once....what do you think???????

"2socks wrote:

I never could understand how the bank or appraiser can say our houses are worth less then they would cost to build. This is such a screwed up system. We need to desperately overhaul the appraisal system and how properties are appraised. Most of it is pure speculation, there is a huge range built in. What I mean is 1 appraiser may say finished basements are worth 22 dollars a square foot and the next may say 35. That would/could represent a difference of 10-15,000 dollars on the same property.

We have to freeze foreclosures or we are gonna really be hurting. Freeze them, manage them and if necessary release them into the economy over a 20 year period instead of all at once....what do you think???????

Foreclosures out here in Cali will be picking up some real steam now I am sorry to say. Since I started this new job, there are so many small businesses going under, or they are severely down sizing from the people I have talked to, or have heard them say it themselves. The foreclosures problem will not be going away any time soon. Some of the counties around us have unemployment rates in the 20 percent range.

Also today here in Cali, sales tax went up 1 percent. It is a different percentage in the counties here. We are up to 8.75%, and some counties are over 10% sales tax now.