Although most of the US has seen a minimal downfall in value, there are some cities that are experiencing a greater drop in value than average. If you look at the list of cities with values coming down drastically, you’ll notice that those are the same cities that also had an upswing in value greater than average and it is almost expected for those areas to have the greatest value adjustment downward.
There is one CA city in this group that saw such a huge uptick in value and it is now starting to correct downward. Look, at the end of the day, none of this really matters because it’s only “funny money” . . . meaning if you don’t sell you don’t lose. Plus most of us saw our properties double/triple in value these past 10-15 years so honestly, are we truly losing anything? The experts continue to fight over how much they think the values and home prices will correct with the average being 20 percent.
This seems very reasonable considering we have experienced more than a 20% upswing in our property values in the past decade. Click on the link to see how markets in the US a fairing compared to Southern CA.
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Source: Realtor.com