Residential Property Values Fall 3%

While Zillow's valuations of properties are not as accurate as a bank or lender's appraisal, the valuations have helped consumers judge property worth since the company took their site online. Per a report by Zillow, the first quarter of 2011 showed home values experience the biggest drop since the real estate market plunge in 2008.

Sales prices of homes hit an all-time high in June of 2009. Since that time, values have fallen 29.5%. The only areas not experiencing this kind of pricing decline are Fort Myers, Florida, Champaign-Urbana, Illinois and Honolulu, Hawaii. Local areas vary widely as some areas have maintained values since that time.

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Foreclosure Inventory

DSnews.com reports that foreclosure inventory is higher than historical norms at 2.2 million loans for the end of March, 2011. New foreclosures numbered 270,681 in March, which is up over 30% from February. While these numbers increased, the number of delinquencies has decreased by 11%. Loans in foreclosure are delinquent well over a year, on average.

For the full text of the article, see the DSnews website: http://www.dsnews.com/

Statements herein are provided for information purposes only and do not represent the advice of an attorney nor establish an attorney client relationship.