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I paid $325,000 for my house. According to Zillow, it is now worth $237,000. The larger house on the corner (500 sq feet larger) is on the market for $235,000, so that will obviously drop my value quite a bit once it sells.
I actually just drove through my neighborhood and I looked at every home. Only 1 for sale, and none are bank owned. I am thankful that through all this, our neighborhood is still in amazing shape, there are no neglected homes and the area around it will be filled up with high end retail and mansions in the next 2 years.
Eventually the market will swing back up. Just when everybody thinks things are going 1 way, they will go the opposite In this case, we all think it's going down...so let's see how it is in 3 years from now. I expect a decent recovery. =)
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