Nearly One Third of Homes In Mobile/Baldwin Losing Value

When you think of homes losing value, you might go to homes considered blighted by the city of mobile, but the homes losing value are ones that were overvalued in the first place according to economists with the website, Zillow.com.

“Home values could be a little lower they are on a slightly low side at 2.2 percent, but things are on a good path you’ve seen higher appreciation recently and things are pointing to a steadily increasing home market,” said Zillow Senior Economist Skylar Olsen.

From August 2014 to august of this year more than 29-percent of homes in mobile and Baldwin counties lost value. But for the same period a year earlier more than 46-percent of homes lost value–far above the national average.

This is an example of a home on a list of homes to be demolished by the city of Mobile. This is not necessarily what most of the homes losing value year over year look like.
This is an example of a home on a list of homes to be demolished by the city of Mobile. This is not necessarily what most of the homes losing value year over year look like.

 

“So whereas the nation, home values might have gotten rationing up fairly quickly hitting double digit appreciation rates, mobile has been recovering fairly slowly at around two percentage points a year,” said Olsen. So what can you do about your home? You’re probably doing it already.

“Keep an eye on your own home, make sure you’re maintaining it well and taking care of the value of your own asset and enjoy living,” said Olsen.

The number of homes losing value here is in line with the national average, if just slightly higher.

 

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