Unencumbered by the thought process!

This week I had a couple of interesting appraisals of single family homes. One of the appraisals was for a home in Antelope that was purchased for $310,000 in October 2006... the homes was recently offered for sale for $106,000. I thought maybe the condition of the home has declined - but, when I looked at the listing and comments from the Realtor in 2006 - I realized the home was actually in better condition now! That means the home has declined just over $200,000 in 2 years or $100,000 a year.

Would you be shocked if I told you the cost to build the home was $150,000 not including the land? It appears the land is free if you buy this home!

We MUST be getting close to the bottom!!!!