house price

The prices in your development may be coming down largely because of seller motivation. Some of your neighbors bought their houses in the height of the market at historically high prices. As living situations changed (divorce, unemployment, relocation) some of these sellers just had to sell quickly or were in danger of going into default (foreclosure). Those who needed to sell quickly priced their house aggresively to get it sold quickly and bargain hunting buyers were out there low balling the prices to get the best deals possible and because the seller's needed to sell, they accepted very low offers. Therefore setting a precedent for the rest of the market prices in that development. Some of the sellers who were in danger of foreclosure either foreclosed and the bank sold the house at a significantly low price or they made arrangements with their mortgage company to sell their house for whatever amount they could get which of course was low.  These few sellers who had to sell at drastically low prices have now set the pace for the rest of the sales in your development.
Please let me know if you need any further information. I would be happy to assist you.
Sincerely,
Theresa Trentacosta