housing makt still in the pits

[dalakhani]

Originally Posted by dellinger63

Forget about averages. Averages are ajar because high end properties have decreased in value far less than med-low end real estate both commercial and residential, regardless of location.

This is simply not true. Real Estate is local. a 1,000,000 dollar property in loudon county virginia 3 years ago is now 650,000k. That same 1,000,000 dollar property in downtown DC (30 minutes away and same MSA) is worth 1,100,000. Location, location, location.

Rates of decline are certainly going to vary depending on locality and obviously some localities are actually increasing despite what the rest of the country is doing.