OT: Drop in value of homes

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On Sat, 23 Feb 2008 16:10:13 -0500, "Phil-In-Mich."

They are still selling houses here in SW Florida but the builders are dropping prices about 20% and throwing in things like country club memberships for free.
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Value of a home has noting to do with quality of construction. It has everything to do with what people are willing to pay. Yes, location is a big factor. The same exact house built with say, $100k in material can sell for $150k in rural Nebraska or $1.2 million in San Diego CA, near the water.
My house has fluctuated in value over 15% recently, but so what? I'm not selling or buying so it is meaningless. Only when I decide to sell will it matter a bit, but if the house I want to buy is also up 15%, we still come out about even. From what I've seen and read, home values are getting back in line closer to what they should be. It was too easy to buy and people were getting in over their heads based on nothing but the hope to re-finance before the big balloon hit. Ooops.
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