From Dayton Daily News Front Page -- On Real Estate There

Values decline in urban, suburban neighborhoods
Comment: How will sinking property values affect you?
Related articles:Taxes may not drop with home values Realtors hopeful
By Lynn Hulsey
Staff Writer
Saturday, June 21, 2008
Extras
Photos
Click to enlarge
Dave Engle, who lives in the Cricket Woods subdivision in Butler Twp., talks about the neighborhood's drop in valuation.Click to enlarge
Kymberly Miller talks about problems with the vacant house next door to her South Torrence Street double. Home valuations in this East Dayton neighborhood declined in the latest reappraisal by the Montgomery County auditor.Click to enlarge
DAYTON — Kymberly Miller isn't surprised that nearly every home in her neighborhood dropped in value this year. After all, it wasn't long ago that she looked out the window at the dilapidated vacant house next door on South Torrence Street and saw a nude couple having sex on the back porch, not exactly a display that makes people clamor to live in a neighborhood.
But housing value declines are not limited to areas such as Miller's Lower Burkhardt neighborhood in East Dayton, where the average value of a house is $32,000, down from $41,000 last year.
Half of the residential parcels in Montgomery County dropped in value, according to Montgomery County's new six-year property reappraisal, which is awaiting final approval from the State Tax Commissioner.
"It is unprecedented," said county Auditor Karl Keith. "As long as I've been here we've never decreased values on tens of thousands of parcels before. Typically residential real estate values appreciate in value."
The total value of non-agricultural property in the county grew an anemic 1.7 percent. Residential property values increased by less than 0.42 percent, compared to a typical increase of 11 percent or 12 percent during a triennial update or sexennial reappraisal by the auditor, Keith said. The flat growth mirrors other counties across the state and reflects the impact of the growing economic crisis, including the slumping housing market, increasing numbers of foreclosures, a credit crunch and job losses.
"Economists are saying we haven't near hit bottom," Keith said. "It's far from over."
To the north in Butler Twp., the quiet cul-de-sac neighborhood of Cricket Woods features large houses and beautifully kept lawns. It's also a place where overall value declined and the average value of a house is now $194,000, down from $223,000.
Nine-year resident Dave Engle said the decline in value is troubling for folks whose primary asset often is their house.
"If you spend $20,000 on a kitchen or bathroom, which is easy to do, will you get your money back?" he said. "In this neighborhood, maybe not."

Related articles:Taxes may not drop with home values Realtors hopeful
How will sinking property values affect you?


Comments

By SunshineQueen
June 22, 2008 2:54 PM Link to this
I live in the heart of the city and have a beautiful home. Sure, some of my neighbors let their houses and yards grow out of control. Sure, there are some people walking the streets that should be behind bars. But really, I have no fear of my neighborhood, the yards, or the people. I’m kind to everyone I meet, my home is a beautiful place to live, and the people complaining about the urban neighborhoods are the ones that the current economical delcline is going to affect the most!

By Jeff
June 22, 2008 1:42 PM Link to this
“The sinking property values in Montgomery County will not effect me at all.”
That has to be the stupidest thing I’ve ever read. You also mention you live in the Beavercreek/Fairborn area, and that people take care of their homes. Have you even been to Fairborn? It’s a dying city too.
Beavercreek, Oakwood, Bellbrook, and Centerville are the only “nice” areas in the greater-Dayton metro area. There are many “stable” communities, but these are the more wealthy ones.

By dirk sniggler
June 22, 2008 1:12 PM Link to this
Why did she lead off with the comment about the couple having sex?
Because it is the objective of the mainstream media in this area to promulgate as much as possible a superiority complex in suburbanites, so they may continue to keep building McMansion after McMansion and mall after mall. For as long as the sprawl continues, the DDN and their corporate whorewholes continue to get rich at the expense of society and our community as a whole.

By Paul
June 22, 2008 1:07 PM Link to this
I can’t believe the author chose to put the part about a couple having sex. What does that have to do with housing values? Nothing. It could happen in any area, and it totally detracted from anything this story might have had to offer. Shame on you, Lynn… and the Dayton Daily for allowing it to be their cover story today. This is a prime example of why I don’t subscribe to the DDN at home anymore.

By dirk sniggler
June 22, 2008 1:03 PM Link to this
I’ve lived in the east end for about eight years now, and have NEVER been threatened with mugging. I walk ALL over and I’ve never had a problem with safety.
All of the folks who these scardycat suburbanites fear so much are really pathetic junkies and drunks owho can barely stand up, let along threaten you.
99 percent of violent crimes happen between people who know each other. I guess that means you’ll stop attending your family reunion, in order to increase your personal safety?

By East Ender
June 22, 2008 12:56 PM Link to this
tbill, and others, I am so sick and tired of people putting down our neighborhoods. All you saw was one building. You didn’t see the rest of the houses around it. There are lots of well taken care of houses on that street. The media is only going to show you what they want, and only report the bad things. I feel safe walking down our streets.

By dirk sniggler
June 22, 2008 12:52 PM Link to this
tbill, you really need to wake up. You have EVERYTHING to worry about.
Suburbia is ground zero for the newly underway American depression. An urban lifestyle in a rural setting (what suburbia is), is another example of Americans living in a fantasy land of economic
When fuel hits $10 a gallon (maybe at $5), the happy-go-lucky car culture than has created suburbia all of the sudden becomes economically impossible.
You REALLY need to go to: http://www.kunstler.com
and get some education

By tbill
June 22, 2008 12:35 PM Link to this
What a stupid way to begin a story, about a couple having sex in the open? Oh, and their clothes were off, too; maybe the writer keeps theirs on?? Who cares? Home owners have been mortgaging their futures and now it doesn’t work that way any longer. Look at the photo in the paper of the neighborhood where the woman who ended up in the garbage died: trashy. Incomes haven’t kept pace with home prices and something had to give. Increased home values are great for sellers, only!

By John
June 22, 2008 12:12 PM Link to this
The sinking property values in Montgomery County will not effect me at all. I moved out of Montgomery County in January and into a very nice home in the Fairborn/Beavercreek area where the crime rate is low, the people take care of their homes, and where the schools are still good. If one really wonders why homes in Dayton are decreasing in value need only to walk down any given street in West or East Dayton on a Saturday night. If they can do so without getting mugged.

By mtm
June 22, 2008 11:58 AM Link to this
Video link posted by JB: Yes, all so true. Part of the housing boom were people that purchased homes beyond their means and people aquiring home equity loans on what little equity existed. Also, so called, creative mortgages; ARM’s, duals and interest only. We purchased below our means, 30 year fixed, 5.5% and shred every home equity loan junk mailing. We may have a low mortgage payment but, ability to sell is not very good. The more forclosures that occur, the fewer qualified buyers.

By dirk sniggler
June 22, 2008 11:31 AM Link to this
If you succumb to fear, then you never really get to live.
I live in the city, and if any of these crackheads dared touch me, there wouldn’t be much left afterwards besides chalk marks on the pavement.
They know as much too. I feel fine. Don’t believe the hype.

By Sam
June 22, 2008 11:29 AM Link to this
I lived in Dayton (Springboro) for 18 months for my job; the area was terrible, probably the most depressing, run down, area I have ever lived in. I never considered taking my own life until I had to spend time in Dayton. Lots of people are thinking like I and moving away. Those who moved to Dayton for jobs no longer have jobs, and are moving on. Face it Dayton is a dumb, Dayton is dead. Ya’ll need another good flood to wash it away, along with the trash that call Dayton home.

By Kathy
June 22, 2008 11:25 AM Link to this
Even before the “bubble”, my house in this god-forsaken city lost value. I can never move unless I want to pay to do it. My $70,000 house is now worth maybe $40,000 on a really good day. It isn’t only about jobs. Who wants to live in a city where you’re afraid to take a walk down your street or afraid you’ll be shot by accident, or send your kids to schools where you fear for their physical safety because the “charter” (loser) schools are taking all of the public school funds? This city sucks!

By dirk sniggler
June 22, 2008 11:20 AM Link to this
Comparatively speaking to the schlock the DDN usually puts out, it’s a good job. Now she’s got lots of follow-up stories to work on (if she’s a perceptive reader of her reader’s comments), thanks to you.
Stop hatin’ on everything and everybody. It has never solved a single thing.

By JB
June 22, 2008 10:42 AM Link to this
Economic implications of the real estate bubble http://www.youtube.com/watch?v=11sG3zgE9Hk&feature=related

By WRG
June 22, 2008 10:42 AM Link to this
“Excellent, thorough, explanatory journalism. Thank you for your efforts.” - Dirk
Are you kidding me? A couple of quotes from the auditor and a look at two - count them - two areas – this is excellent journalism? Where is the breakdown by area? Which areas are getting hit the hardest and which are getting hit the least? How did we get here? How can we get out of this mess? What’s the City and County going to do with less revenue? This is just like everything else that the DDN reports on; a couple of quick paragraphs that really don’t tell you anymore than the title did. Give me a break! They’re just filling space between ads.

By dirk sniggler
June 22, 2008 10:03 AM Link to this
One more thing dear Lynn Hulsey:
Excellent, thorough, explanatory journalism. Thank you for your efforts. We need more of this, and less Britney.
Make that no Britney.

By dirk sniggler
June 22, 2008 9:58 AM Link to this
In so many ways, Dayton is where the dream of a happy-go-lucky culture of automobile worship began, and where it is all ending.
Good riddance.

By dirk sniggler
June 22, 2008 9:52 AM Link to this
To the poster Mobea who posted the following the paragraph that follows this, the answer to your question is VERY clear. You, and thousands and thousands of others just like you, left.
> I grew up in Dayton and came back two years ago for vacation. I was sick to my stomach to see so many vacant and boarded up homes in what used to be nice neighborhoods. What the hell happen? >

By JB
June 22, 2008 9:49 AM Link to this
“It is unprecedented,” said county Auditor Karl Keith. “As long as I’ve been here we’ve never decreased values on tens of thousands of parcels before. Typically residential real estate values appreciate in value.”————————————————————- To quote Homer Simpson -“DOH!” - what did you expect ? Real Estate values have been in an artificial bubble for over a decade. Housing is NOT an investment - it is a commodity ! http://www.speculativebubble.com/images/homevalues1.gif

By MIC
June 22, 2008 9:40 AM Link to this
As a former employee of Montgomery County, I have to comment on the assertion by one poster that Montgomery County is “…largely bloated with loosers that are unemployable in the private sector.” I now work in the private sector, but initially faced the prejudice expressed by this poster. I have won awards for excellence in my current private sector position. You can find bloat and losers in any organization. Montgomery County employs many fine people.

By MIC
June 22, 2008 9:37 AM Link to this
As a former employee of Montgomery County, I have to comment on the assertion by one poster that Montgomery County is “…largely bloated with loosers that are unemployable in the private sector.” I now work in the private sector, but initially faced the prejudice expressed by this poster. I have won awards for excellence in my current private sector position. You can find bloat and losers in any organization. Montgomery County employees many fine people.

By mtm
June 22, 2008 9:05 AM Link to this
Perhaps a full scale tax revolt would be a solution. City and county govt work for us. We do not work for them! But, as jobs and people leave, some parts of the dayton area will look like a ghost town, slums or both. The people that are left will not be able to pay for govt services.

By Mobea
June 22, 2008 8:54 AM Link to this
I grew up in Dayton and came back two years ago for vacation. I was sick to my stomach to see so many vacant and boarded up homes in what used to be nice neighborhoods. What the hell happen? It’s like the drug addicts took over the whole city. How did that happen? It was horrible to see! Street after street.Oh my God, now that GM is closing it’s only going to get worse. I cried when I left. I feel sorry for Dayton. The city that died.

By Gaishan
June 22, 2008 8:45 AM Link to this
I’ve been looking for a home, since the market is so depressed I felt now was as good a time as I was ever going to get. But I’m finding that while there are literally thousands of homes on the market, people aren’t coming down much on pricing, now in truth that could be because they’re up to their eyeballs in debt on the houses, I completely understand that. What a shame that a market correction has to have such wide and devastating effects.

By Papa Ubu
June 22, 2008 8:36 AM Link to this
No. I live under the train trestle next to Harrison Radiator. Furthermore, Bill Pout of DaytonMostMediocre.Commedy will solve everything through his Creative Crass Inanity. Why just this year alone four never-open art galleries have been established in the SnoreAgain Distict!

By h
June 22, 2008 8:31 AM Link to this
Hey bulldog, I bet those county losers can spell. Dumba$$.

By Lynn
June 22, 2008 8:13 AM Link to this
I now think about just leaving my house since no one will buy it. Its not even for foreclosure reasosns, just to get out while I have some sanity left. I will never own a home ever again.

By barking bulldog
June 22, 2008 7:12 AM Link to this
Folks, when are you going to realize your government is just like the oil commpanies. just as gas goes up from $3 to $5 a gallon - property taxes are going up too despite the fact that real property values are tanking in the toilet. Property taxes aren’t about property values - they’re only about government revenue. Montgomery County is the prime example of a too big, unresponsive, uncaring government that is largely bloated with loosers that are unemployable in the private sector.

By mtm
June 22, 2008 6:38 AM Link to this
If property values decrease, then, with that, property taxes should decrease. If taxes are based upon the appraisal rate. And, there should be a decrease in the number of bond levy’s being passed. Fewer homeowners due to a decline in population and jobs. Fewer student in public schools. Reality is that a persons primary asset may be a 401k, retirement or other investment. Not a house or property.

By Joaniesgarden
June 22, 2008 5:24 AM Link to this
There is a restructuring of industry going on that is long overdue. It should have been done back in the 70’s but each time an auto industry threatened a bail out to re-tool to market trends (based on OPEC fuel prices and our dependency on petroleum products) Pressure from government and direct municipalities would prop them up with a crutch like a Dali painting. The dinosaurs are becoming extinct, the value of the American dollar is dropping like a rock. Don’t think you are not affected.

By deb
June 22, 2008 4:33 AM Link to this
I would like to know how Dayton can show an INCREASE of .42% in residential value, when Columbus shows zero growth? That doesn’t make sense…..I can’t sell my home for the current tax value, i hate to see what the new one is going to be..

By Democratic Party
June 22, 2008 12:02 AM Link to this
I am concerned as my late mother’s house will be put on the market and my brothers and I worry that we will not get top dollar for it.

By concerned
June 21, 2008 11:09 PM Link to this
Dayton’s housing values won’t affect me, but I do worry about all of my family members that live in the area. There has to be new innovative industry to get Dayton propped back up. Maybe making solar products. Hopefully GM or some other car manufacturer will build high efficiency vehicles. Dayton has so much history with the wright brothers and wright pat. It would be a great lose to America if it doesn’t come back.