Posted by Stamper_WI on 3/4/08 8:50am
Msg #237986

Ripple effect

Or round 2 in the real estate market.

Just helped a realtor with a current market analysis. Its a computerized program through the local MLS that utilizes sold and closed property data of properties similar to the subject property. Ideally you find properties that have sold in the last 6 months but lately it has been pushed back to a year ago.
Can't find decent comparables that indicate the property has increased in value in the last 4 yrs. In fact it has definately lost value in the last 18 months.
According to the OFHEO last quarterly report for this area, housing prices still showed a slight increase in value. I think the first quarter report for this year is going to tell a different story.
This data (comparables) is the same data used by appraisers when they appraise for refinance.

Reply by ME/NJ on 3/4/08 9:09am
Msg #237987

Reports show my area home prices went up .05% since last year.. Woooo Hoooooo party time. Not sure if I trust that report, with foreclosures up 5x's from last year, homes on the market for 1 year or more before they sell. Townhomes and Condos are moving in my area.