Posted by Derrick/MT on 10/17/08 9:33am
Msg #267578

Just got done talking with an appraiser

He was saying that the last 8 of 10 appraisals that he has done the house is now worth less than when they bought it. Missoula has been very insulated from most of the housing woes, but I guess since it is going on so long it is finally catching up to us here.

Reply by LisaWI on 10/17/08 12:13pm
Msg #267590

I talked with a RE agent last year sometime, and she was convinced this mess was never going to hit around here. Sales were strong and house values were still ok. I bet thats a different story now. I just did a closing a few weeks ago, that the owners said the value of their home had dropped significantly compared to when they bought the home. So yes, its hit here.

Reply by Deborah Lewellen on 10/17/08 12:46pm
Msg #267595

did a closing yesterday for a borrower down here visiting in TN, her house value dropped about $65,000-$70,000 in value, was worth about $166,000 before, now appraised at just under $100k, the house was in Michigan, one of the hardest hit states.

Reply by davidK/CA on 10/17/08 1:22pm
Msg #267599

Zillow says my home is down $115,00 in the last 12 mos

I know that's good compared to some areas of CA, but it still hurts. Maybe the Feds will send a check to my bank to pay down my mortgage, after all we wouldn't want any BANKS to suffer.

Reply by MW/VA on 10/17/08 2:07pm
Msg #267603

Re: Zillow says my home is down $115,00 in the last 12 mos

IMO they are considering the inflated real estate values to be national, and no area is "insulated" as you mentioned. The real estate market is much like the stock market, after all--investors drive prices up, take their money out, and leave what's left. Didn't we see this happening?