I often get appraisal orders for re-finace transactions for homes that were bought in 2005.  It appears that many people are still unaware that most homes that were bought in 2005 have lost considerable value since then. My personal residence has experienced about a 20% decrease since the high in 2005.  It is easy to find the current trends in the real estate market here in Southern California by clicking on the "Home Appreciation Rates" tab at the left on my website. This will bring you to the DataQuick site which has a breakdown of appreciation (or depreciation) according to zip code as gleaned from the Los Angeles Times or San Diego Union Tribune.

As my other post pointed out, most homes bought in 2005 have lost considerable value since then. Although this is bad news for most, there is a "silver lining" behind this cloud- You may be able to reduce your property taxes!!  Since property taxes are assessed based on the value at purchase, most homes are probably being taxed too high for their current value. Procedures are different for every county, but I know that in San Diego, they have an application for temporary tax reduction that you can submit. I encourage you to investigate to see if you qualify for a tax reduction- it could be thousands of dollars a year!  If you need help with home valuation to see if you qualify, we offer several services that can be of help.