Randolph Kinney
Elite Member
- Joined
- Apr 7, 2005
- Professional Status
- Retired Appraiser
- State
- North Carolina
I see down 20% in some neighborhoods around here.I still don't see indications of major price declines in the resale market here, yet.
The one short sale in my neighborhood that I am watching is indicating how bad things are going to be; bought August 2005 for $585,000 - first listed in September 2006 at $579,000 then $569,000 then $559,000 then $549,000 then $539,000 and now $519,000 at 80 days on market without any interest.
The borrowers have moved out and the property is vacant. This one is going to go to foreclosure. Speculators are not interested and investors can't make the cash flow work at current pricing.