I pulled the assessment records for my house in Bristow, VA. This area was part of the far suburbs of Washington D.C. and experienced the full effect of this market crash. The County of Prince William now has a large amount of foreclosures and has suffered from a massive decline in assessed values. This of course makes it hard for people to sell their houses. Here are the assessments on my house:
2002 -- $237,400
2003 -- $276,900
2004 -- $311,300, I sold the house in August of that year for $370,000
2005 -- $384,100
2006 -- $470,400, the market peaked that year with someone paying $500,000 for a house on my street
2007 -- $421,100
2008 -- $343,600
2009 -- $266,600
I paid $203,000 in 1999 for the house so by 2006 it had increased 113% in price and by 2009 it had decreased 43% from its high. I expect the 2010 value to be lower as there are houses for sale now for around $260,000.
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