Comments on Single Guy Money: How Much Has My Home Value Decreased?

I don't have enough equity in my house to refinanc...

2009-06-07T23:11:31.598-04:00

I don't have enough equity in my house to refinance. Bummer. Still, owning a home today is an accomplishment, in light of all the foreclosures one hears about on the news.

That's a very modest decline! I bought my home ...

2009-06-05T18:37:46.163-04:00

That's a very modest decline!

I bought my home in November 2007. It was a foreclosure. The previous owners had paid $359,500 in early 2004 (not the market peak). I paid $231,400, and immediately spent another 10k painting, re-texturing walls, replacing lighting fixtures, and replacing flooring.

Today, zillow says my home is worth $168,500. Judging by the prices of homes for sale in my subdivision, I would say that is optimistic.

I wouldn't re-finance anyhow though, I am at 5.25%.

This post made me giggle. I cannot refinance and ...

2009-06-05T01:48:25.655-04:00

This post made me giggle. I cannot refinance and I have applied for a loan modification as the only possible way to get a rate reduction. I have excellent credit, no debt but the mortgage, etc. but I cannot refi because the value of my home has dropped about $150,000 (more than 15%). Because the cost of housing is so high, my really expensive house is not a mansion but a 2 bedroom bungalow. At least I can afford my mortgage payments and my job is stable. I'm just glad my situation isn't any worse.

So if your house is only down a little and you can actually refinance you are sitting pretty in my opinion. I'd be glad to trade mortgage payments anytime.

Surprisingly, my husband and I were able to refina...

2009-06-04T13:55:12.483-04:00

Surprisingly, my husband and I were able to refinance in late February. We live in the metro Detroit area, less than 10 miles from Chrysler's headquarters, which is some of the worst-hit real estate market in the country. We were very fortunately that our house appraised for more than it had when we bought it in January 2008. What helped us was that we live in a subdivision that is still being developed, and two houses had been built and closed on within the past few months, for close to $100,000 more than what we paid for ours (which we bought out of foreclosure).

We refinanced with a 15-year 4.875% mortgage through a local credit union. I am definitely glad we did it when we did - especially now with all the crazy auto news.