DATABASE | S. HAMPTON ROADS PROPERTY TAX ASSESSMENTS
Find out whether property tax assessments rose or fell in neighborhoods in all five cities. You can search multiple cities at once to do side-by-side comparisons.
City stories
Virginia Beach: Down 3.3 percent
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regional house values should be down 30% from the high
Interesting that the cities and not going to drop the house values to reflect the market. Hampton Roads in general should be down 30% from the 2005 highs and Portsmouth should be down 40%.
http://www.jchs.harvard.edu/publications/markets/son2010/son2010_housing_markets.pdf
good study by Harvard University on housing trends link above.
OUCH!!!
I will be the first to swallow my pride. I purchased a home at the peak. Now, I am out 60K from the initial value of the property. Some leasons hurt more than others, but one must keep a positive attitude. Thanks to the radio station in the morning for having their college Football Coach interview that reminding me to have PMA, everyday! So I do see the light at the end of the tunnel. I just have to walk a little longer. :-)
Positive Mental Attitude (PMA)
You are without a doubt, on the right path! If your home is in a decent neighborhood, I'd ride it out. I'd expect about 3-5 years until you reach the break even point. But the good news is...you have a "Home" now, and with a PMA, doors will certainly open for you! Great to hear your uplifting words!
Housing
Not without some change in the current administration! It make the houses cheaper for the government to buy them for the people who can't afford to by one.