It does not take a doctorate decree in economics to look at facts and understand the housing market in the United States is collapsing. By any logical statistic, fact, chart, or pictures of desolated cities it is undeniable.
But yet when I talk to real estate agents, bankers, homeowners I hear continually we are now coming off the bottom. When I pick up local news papers I read “story” and “story” that housing is rebounding and now is the time to get into the market. I live in an area of the country where peoples entire life’s savings, and personal ego’s are invested in their homes. To put it simple “they are their homes”.
I thought I would spend a little time trying to find some facts supporting the assertions of a market rebounding. Three of the best, most respected real estate websites are Trulia, Zillow, and realty-trac. Here are some facts I was able to pull together in about three hours.
Concord, CA 94521
| Beds: |
2 |
| Baths: |
1.5 |
| Sqft: |
973 |
| Lot: |
702 sq ft / 0.02 acres |
| Type: |
Condo |
| Year built: |
1970 |
| Last sold: |
Jun 2006 for $339,000 |
| Parking: |
– |
| Cooling: |
– |
| Heating: |
– |
| Fireplace: |
– |
| On Zillow: |
22 days |
| MLS #: |
40568417 |
Two story, two bedroom, One and 1/2 Bath townhouse ready for a new owner. Convenient location with local access to renovated Clayton shopping center, Schools and direct access to Ygnacio Valley Rd. One assigned carport parking, large community greenery spaces, Pool, Co-op Laundry and more…
3055 Treat Blvd
Concord, CA 94518
| Beds: |
2 |
| Baths: |
1.5 |
| Sqft: |
1,044 |
| Lot: |
– |
| Type: |
Condo |
| Year built: |
1971 |
| Last sold: |
Sep 2005 for $379,000 |
| Parking: |
– |
| Cooling: |
– |
| Heating: |
– |
| Fireplace: |
Yes |
| On Zillow: |
33 days |
| MLS #: |
40566897 |
| Listing website: |
Coldwell Banker Resi… |
WC/Concord boarderBest location in back of complex w/view of community pool! In 2005 owner installed extra insulation, removed popcorn ceilings, installed recessed lights, laminate floors thru out and updated master bathroom. Open floor plan with fireplace and great patio too! OWNER OCCUPIED ONLY
———————————–
So let me try to summiraze just two random listings that I pulled off from the city of Concord California.
Property A Listed for $85,000 on April 2012, last sold for $339,000 on June 2006
Property B Listed for $104,000 on April 2012, last sold for $379,000 on April 2005
Property A has declined in value $254,000, or 75% of its value in 6 years!!
Property B has declined in value $275,000, or 73% of its value in 7 years!!
How can a 75% DECREASE in value over 6 years be called anything else but a housing market collapse?
I imagine one could just go and look at county tax assessment records and see there is ABSOLUTELY NO HOUSING RECOVERY. But I imagine by now you understand that what papers, main stream media and real agents are trying to sell you is not the truth but lies of the largest degrees. Here is the property tax assessment history for Property B
| Year |
Property taxes |
Change |
Tax assessment |
Change |
|
|
|
|
|
– |
| 2010 |
$2,028 |
-39.1% |
$115,500 |
-22.0% |
| 2009 |
$3,329 |
-16.6% |
$148,000 |
-45.5% |
| 2008 |
$3,992 |
– |
$271,500 |
-18.7% |
| 2007 |
$3,992 |
48.8% |
$334,000 |
-11.9% |
| 2006 |
$2,683 |
– |
$379,000 |
68.9% |
Maybe you are thinking I am just taking a snapshot in one city, and one area, okay lets transport to San Diego California.
3540 Madison Ave
San Diego, CA 92116
For Sale:$125,000
Zestimate®:$218,800
| Beds: |
2 |
| Baths: |
2 |
| Sqft: |
720 |
| Lot: |
– |
| Type: |
Condo |
| Year built: |
1984 |
| Last sold: |
Mar 2004 for $330,000 |
| Parking: |
– |
| Cooling: |
– |
| Heating: |
– |
| Fireplace: |
– |
| On Zillow: |
91 days |
| MLS #: |
120004472 |
LOCATION,LOCATION,LOCATION! In the heart of it all!!! BBQ on your balconey while taking in the evening lights. Conveniently located to all! Modern decorator colors, stainless steel appliances, stackable washer/dryer in closet, garage. Gated community. Nice, cozy and affordable! Brokered And
For Sale:$140,000
Zestimate®:$150,000
| Beds: |
3 |
| Baths: |
2 |
| Sqft: |
1,000 |
| Lot: |
479 sq ft / 0.01 acres |
| Type: |
Single Family |
| Year built: |
1954 |
| Last sold: |
Nov 2005 for $390,000 |
| Parking: |
– |
| Cooling: |
– |
| Heating: |
– |
| Fireplace: |
– |
| On Zillow: |
146 days |
| MLS #: |
110065134 |
SHORT SALE, LARGE LIVING ROOM AND DINING ROOM, PLENTY OF STREET PARKING EXCELLENT FOR INVESTORS OR FIRST TIME HOME BUYERS. Brokered And Advertised By: Sellstate Next Generation Listing Agent: Melva Duque
——————————–
Property A listed for $125,000 April 2012 last sold $330,000 Mar 2004.
Property B listed for $140,000 April 2012 last sold $390,000 Nov 2005.
Property A has lost $205,000 in value or 62%
Property B has lost $250,000 in value or 64%
So Property B has lost 64% in value over 6.5 years. How can that be considered anything other than a property value COLLAPSE?
—————–
Now someone might be thinking gosh you are only showing California, my market is so much better, and my home is not losing value. Really? Let me just pull out a city in say the midwest, how about Chicago, Illinois.
6042 N Kenmore Ave
Chicago, IL 60660
For Sale:$100,000
Price cut:-$10,000(Mar 16)
Zestimate®:$106,300
| Beds: |
2 |
| Baths: |
2 |
| Sqft: |
1,200 |
| Lot: |
– |
| Type: |
Condo |
| Year built: |
1930 |
| Last sold: |
Oct 2003 for $238,500 |
| Parking: |
– |
| Cooling: |
– |
| Heating: |
– |
| Fireplace: |
– |
| On Zillow: |
419 days |
| MLS #: |
07744906 |
GUT REHAB OF A VINTAGE BUILDING A FEW YEARS BACK. EDGEWATER VINTAGE BRICK WALK-UP BY LAKE & TRAIN. CHARMING CORNER UNIT. WINDOWS ON 3 SIDES. BRIGHT TOP FLR OVERLOOKS TREES + MINI- MANSION ACROSS THE STREET. IN UNIT LAUNDRY, CENTRAL AIR. LOVELY KITCHEN WITH BREAKFAST BAR. HUGE BSMT STORAGE RM
1550 S Blue Island Ave
Chicago, IL 60608
For Sale:$109,000
Zestimate®:$152,800
| Beds: |
2 |
| Baths: |
2 |
| Sqft: |
1,231 |
| Lot: |
– |
| Type: |
Multi Family |
| Year built: |
– |
| Last sold: |
May 2007 for $347,500 |
| Parking: |
– |
| Cooling: |
– |
| Heating: |
– |
| Fireplace: |
– |
| On Zillow: |
44 days |
| MLS #: |
08016968 |
Beautiful 2bed/2bath corner loft with perfect downtown skyline views. Gorgeous hardwood floors, upgraded kitchen, in-unit laundry, balcony, terrific location in historic loft building close to UIC, Rush. and local shopping. Enclosed bedrooms. Building amenities include fitness center, storage,
Property A listed for $100,000, (just dropped $10,000) last sold for $238,500 Oct 2003.
Property B listed for $109,000, last sold for 347,500 on May 2007
Property A has lost $138,500 in value or 58% in 9 years
Property B has lost $238,500 in value or 69% in 5 years
That is right one of the property has dropped 69% in value in 5 years in Chicago Illinois, and still has not sold to date.
———————————–
Now I am specifically DRILLING down into examples of properties currently on the market today, which all of my facts are verifiable by you going to zillow or trulia or calling up the agent that I included in all the information. Ask yourself a question every-time you read a story about a “housing recovery”, or a bottom reached. What are their facts? Do they show you exactly what is happening in the market? Do they pull records from the county on property assessment histories, or they just trying TO BRAIN WASH YOU?
It does not take a doctorate decree in economics to look at facts and understand the housing market in the United States is collapsing. By any logical statistic, fact, chart, or pictures of desolated cities it is undeniable.
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