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Declining Property Value
There are many reasons property values continue to fall. After reaching an all time high in 2006, many homes were priced so that the average American could not afford to purchase a home. With a decrease in demand, and a surplus of homes available the market turned into a Buyers Market. Those that could still afford to purchase property with rising interest rates and tighter Lending guidelines began to demand lower prices.
As Sellers reduced their price to liquidate property, the value the Lenders used also reduced. Coupled with a rise in Foreclosure Auctions and Short Sales, most property values have been reduced.