The weekly poll is worried nobody is going to vote this week. Go over and give it a good left clickin’ to prove it wrong.

This week’s poll question has to do with something that’s on just about every American homeowner’s mind these days: home values. I got an email this week from a very distressed friend. Seems like someone had just told her husband that U.S. homes have lost an average of 40% of their value and that she and her husband’s home was therefore worth 40% less than they paid for it.

Now, statements like that just make me crazy for a variety of reasons. First of all, I have no idea where the 40% number came from or if it’s true. For an average, it seems extremely high to me. Second,  real estate is local, not national. The market here is not the same as the market in Nashville, Memphis, Jacksonville, Atlanta, or any other city,  and Knoxville certainly hasn’t been hit nearly as hard as cities like Las Vegas or Detroit. And even if there has been a  40% average decline in market value nationally, that does not mean that homes here have depreciated to that degree.

I’m not saying you can sell your home today for what you could have sold it for last year. And if you bought or refinanced your home last year and have to sell this year, you might not be in the greatest situation. But if you’ve owned your home for a few years or if you don’t need to sell or refinance now, there’s really nothing to worry about in the short term. Of course, there’s no way to know if prices will eventually go back up, but I’d put my money on the fact that they will.

But I realize that none of that stops people from worrying that their own home’s value has declined. And that’s understandable when you take into account the general state of the economy and the fact that, for most people, their home is the largest investment they will every make.

Which brings me back to the poll question. What about you? Are you worried about your home’s value? If so, are you worried because you need to sell soon or are you just generally worried? Or maybe you’re  not sweating the current market at all? Cast your vote and let me know.

If you have a suggestion for future Weekly Poll questions, let me know about it.

You may be worried about your home’s value, but you never have to worry about getting the latest news on the Knoxville real estate market – just subscribe to All Around KTown by RSS or email today!

photo credit: Brintam

This week’s poll is loitering over in the side bar. Go over there and click on it before it gets itself in trouble.

This week, former Bush Treasury Secretary Paul O’Neil said that in order to protect our financial system long-term, all future home loans should require a 20% minimum down payment. And that got me to thinking: even though we all know that it was a lot of no money down loans that got us into the mess we’re in now, is 20% down on every home realistic? And how many people would that knock out of the home buying market?

So, here’s my question this week – exactly how much money did you put down on the last home you bought? Could you have bought your last home if you had had to put 20% down or would you still be a renter today? I’m curious to see how many folks come in under 20% – I bet it’s a lot.

100% financing may have gone the way of the dinosaur, but you can still get the latest news on the Knoxville real estate market with absolutely no money down. Subscribe to All Around KTown in a feed reader or by email today!

photo credit: Leo Reynolds

The weekly poll is desperately trying not to look at its 401K. Do it a favor and distract it by clicking on it.

This week’s topic is the inescapable state of the world economy and how it is or isn’t affecting your decision to buy or sell a home. Has all of this financial turmoil made you change your mind about moving? Are you going to wait to buy or sell? Do you have to move no matter what? Or maybe you think now is the time to jump into the market and get a great deal? Cast your vote and let me know what your plans are.

There’s no need to panic! No matter how far the DOW plunges, you can always get the latest news on the Knoxville real estate market any time- subscribe to All Around KTown in a feed reader or by email today!

photo credit: aralbalkan

It seems like a millions years since I’ve done a link round-up, but if ever a situation called for one, it’s the situation we’re currently in.

Unless you’re still hiding out in your underground bunker, you know that the $700 billion bailout plan has passed Congress and has been signed into law by President Bush. And there has already been a lot of reaction to this historic event – and not just in the knoxnews.com comments.

Some people mourned the loss of a piece the American dream…

…others mourned the loss of free market economy…

and others just tried to look for the light at the end of the tunnel.

Oh yeah, and Wall Street didn’t exactly fall in love with it.

Other people just tried to make sense of it all …

either by laying out all the facts about it…

…or by putting together a big ole’ helpful mess of links about it. (h/t Inman Blog)

Still others noticed some pretty odd provisions in it.

As for me, I do what I always do when the going gets tough. I work my butt off and turn to YouTube to drown my sorrows – you know I’m a sucker for kitties in times of crises. Please to enjoy, Ninja Cat -

This week’s poll called while you were out. It said to tell you to come on over and vote already.

This week’s topic is today’s announcement that the federal government has taken control of mortgage giants Fannie Mae and Freddie Mac.  The question is no longer whether a government bailout was necessary. As Treasury Secretary Paulson himself said in his announcement of the takeover:

Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe. This turmoil would directly and negatively impact household wealth: from family budgets, to home values, to savings for college and retirement. A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance. And a failure would be harmful to economic growth and job creation.

No, now there are lots of new questions and one of them is how this major move will affect the current, ailing housing market. Several people, including Paulson, say that it will help, since government regulation will ease investor fears, which will ultimately result in lower interest rates. Others say it won’t help at all, since the housing market won’t recover until we get rid of excess inventory and prices finally bottom out. What do you think? Will it help, hurt or not matter much at all? Cast your vote and let your voice be heard.

Major lending institutions may come and go, but All Around KTown will always be here to provide you with the best and most up-to-date information on the Knoxville (and national) real estate market. Don’t miss out – subscribe to All Around KTown in a feed reader or by email today!

photo credit: Shiny Things

Early voting is open for this week’s poll. You can find your closest polling station in the upper left hand corner of the page.

This week’s topic is the new Housing Rescue Bill that was just signed into law. I wrote about it earlier this week and now it’s your turn to weigh in on what you think about it. Good, bad, or indifferent, let me know your opinion by casting your vote.

And even though they may have differing opinions about it, All Around KTown subscribers always have the latest information on local and national real estate. Don’t be left out – subscribe to AAKT in a feed reader or by email today!

OK, so by now you know there’s this new “Housing Rescue Bill” and that it just got signed into law. It has a lot of provisions that have raised a lot of questions and caused a lot of mixed opinions.

Some people think it’s good,

some people think it’s bad,

some people think it’s good and bad,

some people think it’s only a temporary fix,

and one person thinks it’s a lot like an episode of “Mad Men.”

What do you think?

Even as I’ve busted my behind the past week to do a short sale for a family who is about to lose their home to foreclosure, my feelings about how best to fix this mortgage mess are very mixed. Apparently the House and Senate Democrats are divided as well.

As usual, it’s to your left over there.

This week’s question is in honor of my super fun week spent trying to work a foreclosure sale and a suprise short sale (as in, “Suprise! We haven’t paid our mortgage in months!).

What are some signs your housing market may be in trouble?

1. Your pipes are worth more than your home. [msnbc.com]

2. Your bank is paying you not to trash your house when you move out. [Realestatejournal.com]

3. In your city, “Buying in bulk” refers to more than shopping at Sam’s Club. [The Real Estate Bloggers]