http://www.homeappraisalsbatonrouge.com/ – CoreLogic Report Shows Greater Baton Rouge Home Prices Continues To Correct Eight Months Straight!
According to the Baton Rouge Business Report and CoreLogic, Greater Baton Rouge home prices continues to correct downward for the 8th straight month.
The Baton Rouge Business Report Real Estate Weekly stated, “The CoreLogic index of Baton Rouge home prices was down 7% in March, when compared with the previous year’s figures. This is the eighth month in a row the local index was down. The CoreLogic Home Price Index for Louisiana saw a smaller decrease, falling 5.4% when compared with March 2010. The national index was down by 7.5%, also its eighth consecutive year-to-year drop. Despite the continued overall drop, Mark Fleming, chief economist for CoreLogic, says the figures for this year suffer in comparison to those for 2010, which had the advantage of the tax credit for first-time homebuyers being in effect for the first several months of the year. “The first-time homebuyer tax credit pulled a significant number of sales forward and, to an extent, artificially supported prices. So, absent the tax credit, it is understandable that we see prices continue to decline when compared with last year,” Fleming says. CoreLogic bases its indexes on public sale records and databases.”
This news is what this home appraiser was expecting to hear after viewing daily snapshots of local residential subdivision statistics for home appraisals. There is a familiar charting pattern being seen in Baton Rouge Real Estate these days – that stair-step up (the Post Hurricane Katrina Rise) and stair-step down (the correction) taking place in some local subdivision. The chart below is illustrative of such a pattern. In this illustration, the 2009 – 2011 median sales price declined from $145,000 in 2009 to $139,900 in 2010 to $129,000 into 2011 based only on 2 sales.
Below is a home price decline chart for a subdivision in 70816
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to May 17, 2011. This information was extracted on 5/17/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!
Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.
Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).
Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638