We just took a look at a home in Smith Valley, Nevada in preparation for an "Interior BPO". What an interesting experience!
The subject house was listed for $849,000 and sold in 2007 for $825,000.00!
This beautiful home was recently listed for $354,800.00. It's been listed twice as an REO with two different offices and hasn't sold in over 6 months!
WOW! 40% of what it sold for two years ago! This has been an eye opener of us!
We have gotten used to the reduced sales prices and lower values ... it's become common place. Even at that ... this one took me by surprise!