Great Depression Real Estate Values

In 1933 the housing market bottomed out.  Your could get a mortgage for about 4% and housing values fell to as little as 25% of the 1929 boom prices due to foreclosures and a simple lack of demand for homes.

In 2006, a condo which sold for $140,000 can be sold for $50,000.  This over 50% reduction in real estate values couldn't even be conceived of during the housing boom.

The good news is that this is allowing most Chapter 13 Debtors to get rid of their second mortgages.  The bad news is that for many of us we have lost a lot of equity in our homes.

The really important thing to remember is that whether you are selling a home in a real estate closing or filing a bankruptcy - 2011 is not an ordinary time and extraordinary if not surprising things are happening.

For basic values on real estate - I recommend trying zillow.com

 For realistic values that are rock solid I recommend a licensed appraiser such as Sara Chambers at PF Appraisal (pfappraisal.com).  Oftentimes, asking a realtor for a recommendation is a good place to start.