Maybe not 27%, but the values of homes follow the law of supply and demand, just like anything else. If you own a $300k home that simply won't sell, it's obviously not "worth" $300k on the market. If you list it at $250k and sell it, than a fairer value would be $250k, no?
Of course, there's no way to measure that accurately for every home, the state law limits the duration of re-evaluations, and those thieving b**tards at the county would never de-value a home if their lives depended upon it.
So your sentiment is correct (it ain't happening) but your economic reasoning is off a bit. The value of our homes has indeed fallen.
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