Housing values down 8 percent

There are new signs that Douglas County homeowners — and governments — may feel more pain from the downturn in the housing industry.

Douglas County Appraiser Marion Johnson said Wednesday that preliminary home sale numbers for 2009 show that housing values have dropped by about 8 percent from a year ago.

“I would anticipate 2009 being a declining year again,” Johnson said.

Many homeowners in 2008 saw the value of their homes decline for the first time in memory. But Johnson said the average decline in 2008 was closer to 2 percent to 5 percent. If the current numbers hold up, the average decline for homeowners would be closer to 8 percent or 9 percent, which is still less than the national average of 15 percent.

“Values here have held up better than many places, but this could be a sign that it is starting to catch up with us,” Johnson said.

But Johnson also said he’s not entirely ruling out that the latest numbers are just a statistical blip. The numbers are based off just 44 sales, most made in January. He said he’ll be more confident predicting a trend once he sees numbers through March.

Some private appraisers said they’re cautiously optimistic that the numbers may make a rebound. Greg Moore of Lawrence-based Moore Valuation said the number of home sales have started to increase as the federal government holds interest rates low and has created new incentives for first-time buyers.

“I don’t think we’re going to see increasing prices, but I wouldn’t think most folks are going to see that sort of decline,” Moore said.

In addition to being important to homeowners, the property values are important to local governments because they affect how much the governments receive in property taxes.