Is there a source showing the average losses on property over the past 2-3 years? I need to do some projections.
Thanks!
Knowing the average will mean little. The market is to crazzy to do any accurate projections. Some areas the loss is in the area of 60 to 70 percent. Some less and some not at all. You are going to have to look at the comps in your area to figure where you are, and that has changed sense last week.
Our county just did reassessment and decided the average home had declined 9% from its 2006 value. But it’s pretty much a meaningless figure because homes in some areas had plummeted in value, some held even, and more than a few desirable areas continued to increase in value.
I agree with Snnipe. You’ll have to look at comps for your area, and like they always say, past performance is not an indicator of future results.
You might want to buzz over to zillow and see what they have to say.
You might want to look at graphs of the FHFA (previously OFHEO) data, or the Case-Shiller Indices.