What would cause my home's value to go from over $100,000 to less than $40,000?

Oh boy

Would have to do with foreclosures in the surrounding area

babyboomer1001

That's very odd. Real Estate prices have been booming for quite some time. I can't say for sure and, your guess would be as good as mine. Think about "who" told you that your house was worth $100,000 and that it has dropped to $40,000 in less than a year.

Slumlord

If other homes in the area sold at these prices then that could cause a perceived drop though the other homes may have needed extensive work. If this is a drop in your assessed value this could be a very good thing as your taxes will go way down and if you aren't selling anytime soon then who cares what the perceived value is.

Anonymous

Who is saying the value has dropped that much?

Knightingale

That is extremely concerning.. Did they build a dump ground near by? Find out what has changed near your neighborhood..

Blessed

talk to the zoning board

megalomaniac

There are many possibilities. The assessment office could have made a mistake (or are incompetent or corrupt). Maybe there was a major business development that was OK'd behind closed doors that hasn't been made public yet (or is public information but not widely known). Maybe there's a freeway or a railroad proposal going right through your neighborhood. Maybe there was an environmental issue nearby (oil spill or chemical spill). Maybe they're going to build a new Trump tower (sorry couldn't resist).