Zillow, an online home valuation service, says that home values in Menifee (zip code 92584) dropped 31.1% in the first quarter of 2008, compared to the first quarter of 2007.

Compare that to national figures which show single-family home values decreased 7.5% while condo values declined 9.0% during this same period.

Labels: Property-Values

BankRate.com reports that having a registered sex offender living in your neighborhood will cause your property value to drop...

A 2002 Wright State University study concluded that homes within one-tenth of a mile of a registered sex offender sold for an average of 17.4 percent less than comparable houses elsewhere. It also noted that homes one-tenth to two-tenths of a mile away sold for 10.2 percent less and homes two-tenths to three-tenths of a mile sold for 9.3 percent less.

This is quickly becoming an issue because homeowners around the country have been able to convince their county tax assessors to lower their property taxes due to the presence of a nearby sex offender.

To find out if you have a registered sex offender in your neighborhood, visit this link...

http://www.menifee247.com/2007/10/menifee-valley-sex-offenders.htm

Labels: Property-Values

The Orange County Register reported today that Capital Pacific Homes, which is building some home developments here in Menifee, is offering a price guarantee against falling home prices when you buy a one of their homes.

Under the plan, buyers can back out of deals and get their deposits back if the home loan appraisal issued about 30 days before closing shows that the home value is less than the price tag.

I'm not certain 30 days before closing is enough time to prove that your home value has lost its value. I'm sure you'd have to hire an appraiser to just before taking ownership to prove this, and I don't most think will fork over money to hire one.

Moreover, when buying a new home, buyers have already invested themselves into that home by picking out tile, carpeting, outlets, cabinets, and so on.

Also, I don't think home buyers are putting off buying homes for fear of falling home prices. Most people buy homes based on need. Investors, on the other hand, are staying from certain homes.

Capital Pacific Homes is currently building the following communities in Menifee...

Calder Ranch (link)
Marsden (link)

Labels: Property-Values

NEW YORK - U.S. home prices fell in October for the 10th consecutive month, posting their largest monthly drop since early 1991, a widely watched index showed on Wednesday.

The record 6.7 percent drop in the Standard & Poor's/Case-Shiller home price index also marked the 23rd consecutive month prices either grew more slowly or declined.

"No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," said Robert Shiller, who helped create the index, in a statement.

To read more of this article go to:
http://www.msnbc.msn.com/id/22397888/

Labels: Property-Values