Property in NC coastal counties loses value

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Submitted: Fri, 02/25/2011 - 2:11pm
Updated: Fri, 02/25/2011 - 2:13pm

RALEIGH, NC (AP) — Recent tax valuations in Brunswick and Carteret counties show property prices have dropped by more than 25 percent since the peak of the coastal real estate bubble.

The News & Observer of Raleigh reports properties in the two counties collectively lost $12 billion in value during the economic downturn. The previous tax valuation was based on 2006 market values.

Condominiums or building lots that had been on the market for $300,000 may be worth less than $200,000. Million-dollar homes have dropped well into the six figures.

Real estate agents say the lower values may help stimulate sales by convincing would-be sellers to drop asking prices to realistic levels based on the current market rather than conditions at the peak of the boom.

Information from: The News & Observer,

(Copyright 2011 by The Associated Press. All Rights Reserved.)


  • Guest2 says:

    Really? I guess next we’ll be told that Gas prices are rising.
    Thanks for the info.

  • Guest says:

    The value loss of homes is hitting everyone hard. With obama’s new laws regarding even the selling of homes it is hard to even purchase a home now. They cry economy, however you have people that are trying to purchase new homes (helping to boost economy), but with the new obama laws recently set forth it states a new home can only be appraised based on what an old home’s sale price was and not based on other new homes built in the area and the old homes are not selling. WHY? because their price is higher and as we found out recently it is cheaper to buy new. Which is an economical holdback forced on us by our own president. While banks are pushing over priced forclosed homes and refusing to lend when a buyer CAN afford and quilify for loan on a new home, is also an economical holdback decreasing values. (again this is per Obama laws) People are losing homes based on cost of living increasing but not increasing pay adjustments to balance the living. Gas prices increasing when we can purchase AMERICAN!!! Cell phones and minuites given out with foodstamps when the recepient already can afford and has their own cell phone plan. There are many things we as Americans can do to fix the economy if we use our heads and stop spending money on our president to go to ball games and vacation in Hawaii for christmas, etc. Once we start spending money that isnt there, buy more american when at all possible, stop sending business overseas and shutting them down here, then and only then we might see all values start to turn around. It is all a snowball affect.

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