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Is the Recent Dip in Home Values Cause for Concern?

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The real estate market has, for the most part, been on a steady incline for the past 5-7 years, in terms of home values.  Homeowners have been comfortably seeing the value of their house increase at a fairly consistent rate, recovering from the major decreases in value they saw about 10 years ago.

However, according to data released by Black Knight, the upward trend may be coming to an end, or at least slowing down some.  According to an article published by Housing Wire, “Home values fell 0.2% in November, down $580 for the month and marking the first time the market has seen a consecutive three-month decline since early 2012. Now, the average home is down $1,361 in value since August 2018.”

Although the growth rate varies across the United States, overall home values are still higher than they were in 2017 in 99 of the 100 markets.  So, many homeowners may still be breathing easy knowing that, over a larger span of time, the value of their home is moving in the right direction.

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Why are Du Page County Home Values Declining?

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A recent report released by the Du Page Policy Journal at the end of January pointed to some alarming statistics about the value of homes in Du Page county.   According to the report, in the past decade, home values in Du Page county have seen a decrease of just over 11%.  Home values in suburbs such as Hinsdale and Elmhurst have dropped approximately 25 percent since 2007.  Worse yet, homes in Willowbrook are down 48 percent from values ten years ago. An article published in the Downers Grove Patch details the home value decreases of many Du Page County towns and villages.  The article, written by Anicka Slachta, goes on to project what the next few years could look like for home values in this area of Illinois.FotoFlexer_Photo

These numbers can be unsettling to home owners, especially considering favorable mortgage rates home buyers have been able to secure recently, which normally helps drive up home values.  However, there is an obvious culprit behind these decreased home values.  As homeowners in these suburbs can attest, there has been a significant increase in government spending and taxes increases brought on by school tax levies and city debts.  As the homeowner rate taxes increase in these towns, the values of the property fall.

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Photo Credit: Craig Toocheck

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