Tag Archives: real estate

The housing market and the regional approach

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I’m sure the JS story this morning saying that home prices in the region fell 4.6% is right, but defining the real estate market as the entire region sure disguises the extent of the price collapse in central Milwaukee, where homes are selling for less than 50% of their assessed value (and assessments are based on sales prices). The paper does report that Milwaukee County prices are down 12%, but even that doesn’t get at the extent of the Milwaukee problem.

However, the regional approach could be really useful in other areas of reporting — how about reporting crime stats on a regional basis? Milwaukee would improve immensely. Same with student test scores — why not report on a regionwide basis and just footnote the results from individual school districts?

50% of sales 50% or more under assessment

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Thirty of 59 Milwaukee property sales published in yesterday’s Journal Sentinel were for less than 50% of assessment.

Now, that’s scary.

(There were actually 60 sales published, but one address had two properties associated with it, and I couldn’t figure out whether both properties were included or just one, so I tossed it.)

The geography of the crash in values is depressing. Here are two snapshots of central milwaukee. The one on the left shows the sales for more than 50% of assessment; the one on the right shows the sales for less than 50% of assessment.

values-1_11_09

Here are a couple links to Google maps I put together. The first shows sales for less than 50% of assessment. Note that there are exactly three south of I-94. Then take a look at the other map, which shows sales for more than 50% of assessment. What a difference!

Less than 50%

More than 50%

You may have to zoom in on the maps to actually see Milwaukee.