"lost" $30,000 today

[Pastamom]

We got our house assessment today. Our house and land went down about $30,000 this year (Although I'm sure our property taxes will not go down )
We live in Wisconsin.

Just wondering how bad it is for everyone else???

 

[SaraJayne]

We haven't received ours yet.

 

[Tiana]

.

 

[MommaSnowwhite]

We have lost $100K on our house in 3 years.

 

[Zerosinthecloset]

Ours keep going up, ever so slightly each year.

 

[vicki_c]

My house is worth about $135K LESS than I paid for it in 2006 (also in the DC area). No equity here anymore and I wish there was because I would love to refinance, but that's a no go for us.

Not much to do but wait it out, and hope nothing comes up that would cause us to have to move.

 

[LuLuO]

Our house's market value is stated at $10K less than what we paid, but in reality if we listed the house today we'd at least have to take another $5K off of that.

That being said, our taxes did go down in 2009.

 

[DebMcDonald]

We bought three years ago and got our house appraised and we are down $130,000 (yes I typed in the right number), but of course our town will not reassess our taxes.

 

[minnie1928]

If I were to sell today, I'd be down about $150,000+ (not including realtor commission) from when I bought in 6/08.

I recently fought my assessment and won, it dropped our assessed value (and taxes) about 20%.

 

[blanq]

We did have a drop in value in our proposed 2011 property tax assessment. What is a bigger kick in the pants is a recent appraisal we had. Two years ago we completed a major renovation of our 1903 home, dropping about $120K into it. We had it appraised before the renovation (before the huge drops in value began in this area) and after when we went to refinance. Our home appraised at $280,000 before the renovation and the exact same amount after we dropped $120K into it. Lucky for us, we still have about $100K in equity at this point, and we have no plans to sell in the near future, so we are just trying to ignore this whole thing and pray that when we are ready to sell the picture is a bit more rosy.

 

[wide awake]

I know I am probably down about $100,000...but I refuse to find the exact figure. No sense upsetting myself, and prices have started going up a little where I am...Sacramento area. I bought this house in 4/08, so will just have to sit here awhile.

 

[disneyfans95]

Wonder how many owners just assumed they were going to gain equity....

you do realize that buying a house is not some promise that you will be able to flip it, right??

 

[kydisneyfans]

Gradual increase yearly here, we never really had the bubble. We paid 142K in 2004, the appraisal came in at 168K for the refi. Property taxes have remained roughtly the same at 1K a year, give or take 50 bucks.

 

[pixiewings71]

Of course people realize that Disneyfans95, but we also don't expect our values to fall so fast and so far. We lost about $250,000 in value from our rebuild (house fire gutted our house) to now, we are currently upside-down about $160,000.

 

[PaulaSue]

OP Good Luck with that, ours went down 25,000 (we re-fi-ed this year) and our school taxes went up.

 

[mrodgers]

Wish my house was nice enough to lose $100k+. It's not even worth $100k.

Most people buy a house and live in it. Why not try that? I'm pretty sure the value of my house will be fine 50 years from now when the kids sell it....

 

[kirstenb1]

Our assessment has gone down 25k in the last 3 yrs. But on the plus side, we've been in it for 14 yrs, so we don't owe that much on it. DH always throws any extra cash at the principal amt.

 

[howlongtildisney]

Our assessment went down about $120,000 from last year (when we bought) until this year. The property was horrendously overvalued by the city, so we're actually quite thankful for it.

 

[JamesMom]

I am reading this thread in horror. $100,000 to $150,000 upside down in home loan?! Lost equity?! Good grief.

My house is valued about $10,000 less than we paid for it 7 years ago (and the purchase price is less than a previous poster said was there current upside down amount ) and we don't plan to move until the kids graduate high school (youngest enters K next year).

My hubby's co-workers are shocked by our frugality in housing. They have houses that double our square footage and subsequently their mortgage.

In this down ecomony I take our modest 2,100 sq ft, 3 bed/2 bath house with its mortgage payment that is only 14% of hubby's gross salary with pride.

 

[patsal]

Up $30,000 from when I bought it. But I waited and found a house that was within my budget and was in need of doable updates It is almost paid for, but I didn't get caught up in that inflated home values thing, or the McMansion craze that seems to have most of my friends and co-workers in a tizzy. My house is big enough for the family I am almost done raising in it, it will be not too big for DH and I when we are alone in it. We can sell and buy a condo if we decide to much later.

I am sorry for those of you who are that upside down in property value to price paid. I hope you are happy in the homes you decided to buy because if you are not that would be even sadder.