Fitch Ratings service recently indicated that increasing numbers of foreclosures will add to the distressed housing inventory and will put further pressure on housing prices over the near-term. Of the huge number of delinquent home loans out there approximately 10% are moving into foreclosure now every month. Fitch went on to predict that housing prices will decline another 10% before they stabilize.
At the same time CoreLogic released data that showed that the year-over-year decline in residential real estate values in September was 4.1%. Of course, that number includes a lot of distressed sales but when you take out the distressed sales there was still a year over year decline in value of 1.1%. Due to the large number of delinquent residential mortgages that have not been processed because of the robo-signing scandal, the number of foreclosure properties coming to market will continue to stay high for months to come.
Separately, Clear Capital, which has their own housing price index reported that their year-over-year October reading was a -2.8% and they indicated that all data indicates a further negative path in home prices through this winter. If your County assessor is sitting on his or her hands and not doing anything with the values in your neighborhood, you should seriously consider a property tax appeal. If you need assistance with a property tax appeal or additional information please contact us.
At the same time CoreLogic released data that showed that the year-over-year decline in residential real estate values in September was 4.1%. Of course, that number includes a lot of distressed sales but when you take out the distressed sales there was still a year over year decline in value of 1.1%. Due to the large number of delinquent residential mortgages that have not been processed because of the robo-signing scandal, the number of foreclosure properties coming to market will continue to stay high for months to come.
Separately, Clear Capital, which has their own housing price index reported that their year-over-year October reading was a -2.8% and they indicated that all data indicates a further negative path in home prices through this winter. If your County assessor is sitting on his or her hands and not doing anything with the values in your neighborhood, you should seriously consider a property tax appeal. If you need assistance with a property tax appeal or additional information please contact us.
