By: Diane Benjamin
This is from a website that helps “home flippers” find good markets. https://www.housingalerts.com/blog/market-report/104-declining-markets-quarterly/?
It has a list of the top 104 markets in the country with ONE quarter declining values. They suggest multiplying the percent by 4 to estimate the yearly decline. This is a nationwide list with way too many Illinois cities!
- Decatur (-3.7)
- Danville (-.7)
- Peoria (-.9)
- Springfield (-.2)
- Carbondale-Marion (-.5)
Bloomington made the list too. In one quarter property values lost 1.7%. That amounts to an annual loss of 6.8%
I picked some random examples of homes currently for sale:
1)
2604 Addison Lane This house has been for sale for almost a year. The pictures on-line show it empty. It appears to have been built in 2010-2100.
Last January it was listed for $699,999. Today it has been reduced to $624,999. Since it is still for sale, it is still priced too high or no buyers exist in the price range.
2)
3902 Rave Road. It has been listed on and off for sale since 2009. It had a high selling price of $439,900. Currently it is for sale for $309,000.
3)
230 Fairway Drive Listed in August for $209,000. In October the price was reduced to $191,500
4)
2519 W Market. Listed in May for $167,500. In November it was reduced to $157,900
The decreasing values appear to be crossing all price ranges. Your home equity is being stolen while governments demand you pay more. The latest is Unit 5, 9.21% property tax increase.
Elections have consequences, so does not voting.
On the bright side – affordable housing will soon be a reality.
Decatur had the steepest decline. Congrats – Bloomington now has their City Manager.
But don’t expect to pay less in property taxes. Rates will continue to rise faster than property values decline. This is what a death spiral looks like.
Yes… you are correct. Add population decline (more layoffs are coming from State Farm) and you have a toxic mix of an oversupply of unsold houses, declining property tax receipts forcing government to extract more money from less people to feed their money eating machine. As retail businesses continue to close (our mall is dying) more pressure will be put on the city governments to generate replace lost (and not coming back) retail tax revenue. This is what general economic decline looks like in it’s early stages. Soon the engines of the economy will be gone or seriously handicapped. Empty office space, empty retail space, unemployment, declining job numbers, population decline, increased bankruptcy, unsold properties (private and commercial), and dramatically reduced property values (private and commercial). And our leadership has yet to admit we have a problem?
Elect clowns, expect a circus!
I mean…..really…..if you are productive, traditional, moral, and/or, Heaven Forbid, Christian and Conservative,
why on earth would you choose to live in, much less move to, McLean County and deal with Tari, Chris and their Clown Car of Commies. Now if you are Marxist, deviant, dependent, illegal, or subversive, you have increasing found a “welcoming” home. Caracas On the Prairie.
I’m currently in the market for my first house in this area, and honestly, I’m in no rush. I’ve watched over the last 6 months as prices have continued to fall on homes the longer they sit. I’ve also watched as houses that I’ve made offers on have now been pulled from the market because no one else is interested. It’s combination of property values dropping and ignorant sellers who think they’re homes are worth more then they really are. I’ll just keep waiting.