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ONLY ON 3: New Hanover property values down significantly; beach towns hit hardest

READ MORE: ONLY ON 3: New Hanover property values down significantly; beach towns hit hardest
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WILMINGTON, NC (WWAY) -- Property values throughout New Hanover County are heading down. The areas seeing the largest drops since the last revaluation in 2007 are the beach towns.

Property values have taken a turn for the worse in New Hanover County since the latest recession.

"There are some areas, a few pockets, that are actually seeing an increase, but for the most part they are staying the same or dropping," New Hanover County Tax Administrator Roger Kelley said.

Kelley says the property values in New Hanover County have dropped fairly significantly since 2007.

The fire district property is down eight percent. Carolina Beach has dropped 46 percent. Kure Beach is down 40 percent. Wrightsville Beach has declined 18 percent The City of Wilmington has lost 13 percent of its value.

The county overall is facing a 14 percent drop.

Another issue in New Hanover County is foreclosures. There have been 3,000 in the county in the last eight months.

"A lot of people have lost their properties to foreclosures because they purchased at the peak, in that 2006-2007 time frame and now they are saying they are upside down and the problem has really gotten bad for a lot of people," Kelley said.

Kelley also say that decreases in property value have hit Carolina and Kure Beach the hardest. Property here has dipped in value 40-50 percent since last valuations in 2007.

"If I were to have to sell, then I don't know what would happen," Carolina Beach resident Teressa Sandeford said. "I definitely would lose and probably have to sell and still owe money, that's messed up."

Property owners are still paying taxes based on the value assigned to that property back in 2007. That has a lot of people where values have dropped looking forward to the next valuation in January.

"Every property owner in the county is hoping and praying that this turns around, but I haven't seen any indicators that say that's going to be anytime in the near future," Kelley said.

Kelley say the 3,000 thousand foreclosures in New Hanover County in the last eight months put the county in the top five in the state in that category.

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Pender County should have

Pender County should have hired this group, Pender's values are up 200%

Pender Co home values

You are correct, when I recieved my property re-evaluation my property had gone up by 40,000.Sure is funny how everyones is dropping but everyone I have talked to in Pender Co it went up. Maybe they should be investigated.

I know

I know this is bad news to a lot of people who may eventually want to sell their homes and upsize, but it's great news for me personally.

I bought my house 35 years ago and paid $32,000 for it (it was only 3 years old). I love my house and will never sell it. Even if it loses value, it's still worth more than I paid for it 35 years ago and it's paid in full, so I'm still in a win-win situation.

WHAT???

You actually viewed your house as "where I live" rather than the road to instantaneous mega-riches!!??

Where would we be if everyone thought like you? Let me answer that - the Great Recession of 2008 would never have happened because there would never have been a housing bubble.

I'm sure there's an especially hot spot in hell reserved for those people who started preaching twenty-five years ago that your primary residence is an investment, rather than primarily being your home.

Guilty

Guilty...and smiling all the way to the bank...no mortgage and a car paid in full!!!

Yes, It makes me sick to

Yes, It makes me sick to think I paid 173,000 for a house 1 1/2 yrs ago and had to shortsale. The bank accepted the purchase price to be $118!!!!!!!!!! Imagine! Change you can believe in!

proptery value dropping

I want a new appraisal, pay tax on my true value.

LOL

First of all...the market SHOULD have turned around a few months ago...it JUST started picking up...so by the next quarter we might be going back up in sales...

Second, "That has a lot of people where values have dropped looking forward to the next valuation in January. " DON'T fool yourselves...your taxes are NOT going down...when they reevaluate property and the values are down across the board...they just raise the rate to even it back out...what you have to look out for is when the values start going back up....and they don't lower the rates...

House prices crashed in 1927

House prices crashed in 1927 and didn't come back until 1954. This time it will be worse. There is no engine for jobs and the US Government is lending on 96% of all residential mortgage dependent purchases. The SAFE Act, which is part of the Dodd/Frank bill, will make owner carry mortgages all but impossible. Believing that the market will come back is little more than magical thinking.

It won't help if the re-evaluate

"That has a lot of people where values have dropped looking forward to the next valuation in January."

They will just increase the per $ amount you owe. They will not loose money.