Home Values Drop With Plummetting Prices

Tuesday a government report gave a 4.8 percent drop in home prices. Yet the percentage of dropping prices were a lot higher in other parts of the country.

Just four months ago, my husband and I went to our bank to see about refinancing our home into a 30 year fixed. But because the value of our home had already dropped approximately $150,000.00, while making our home almost $50,000.00 less in value than what we owed on our home, our bank was 'UNWILLING' to refinance with no money out on a 30 year fixed. We were stuck. Out contract with a finance loan company was sold to a different company in November 2007, when it was brought to their attention that our loan was suppose to be a 30 year fixed, and not an Adjustable Rate. When we originally did that refinancing back in December 2006 it was the Notary, who had the finance company on speed dial of his cell phone, told us that according to the Finance company the information of the 30 year fixed was just worded differently because it was just that type of wording, but not to worry it did mean a 30 year fixed. So under duress both my husband and I signed. Since December 2006 a lot has changed.

But why was the bank unwilling to refinance our home? The drop in home value just did not make any sense to us.

Well, according to the bank's home financing person, it was the homes as far as 10 to 25 miles from my home that did their quick sells, lowering their home prices below what they owed their Financial institutions in mortgage that caused my home to plummet in value.

Three months ago my friend's home, at the other end of town, had dropped $200,000.00 in value.

Just this month a friend of mine who lives up in Washington State in the Pacific Northwest was in shock to find out that the value of her home had decreased by $100,000.00 as well. However, just last month the news were reporting that Washington State with 9 other states were doing far better than the rest of the country and not loosing any of their home values.

It is now four months later after that trip to my bank. I am even more shocked to find out that the value of my home was lowered at least another $100,000.00.

Still my government keeps bailing out the same Financial Companies and Banks that are responsible for ripping off and lying to the homeowners.

Now isn't that a kick in the head?