Home values keep falling in Asheville

The chief economist with Zillow.com says residential real estate values are continuing to decline across the country — including Buncombe County.

“The supply and demand picture continues to look challenging to say the least. …  Data on mortgage applications from MBA and pending sales data coming in now from local markets suggests that housing demand plummeted after the expiration of the first-time homebuyer tax credits at the end of April.”

via National Home Values Continue to Fall in April; Sales Likely to Dry Up After Tax Credit Expiration | Zillow Blog – Real Estate Market Stats, Celebrity Real Estate, and Zillow News.

Bank-owned properties, seriously delinquent mortgages and foreclosed homes are creating a “shadow inventory” that is depressing prices around the country. At the end of April, year-over-year home values declined in 81% of the metropolitan statistical areas that Zillow tracks.

Zillow data for Buncombe County (below) shows Biltmore Forest, Fairview and Black Mountain as sustaining the biggest YOY declines in house values.  Bent Creek, Swannanoa and Woodfin show actual increases in home values for the period ending in April.

According to the Zillow blog:

“Existing home sales will continue to stay robust through the end of June, when contracts that were signed by the end of April must close in order for buyers to receive the tax credits.  Expect them to fall off precipitously thereafter…”

Buncombe County Home Values - April 2010

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