Your Home Might Be Worth Less Than You Think

NBC News Radio National Correspondent Rory O'Neill joins us to discuss some hard truths about your home value. 

Episode Transcript

Speaker 1 (00:00):
So the price of your house could be dropping and
you didn't even know about it, unless maybe you're selling
it and you do. It's get the very latest with
Rory O'Neil, NBC News Radio National correspondent. Good day to you, sir.

Speaker 2 (00:12):
Hey, good morning, Happy Monday.

Speaker 1 (00:13):
So it's not true everywhere, right, talk to us a
little bit about what's going on with our homes.

Speaker 2 (00:18):
Yeah, now we're seeing, according to Zillow, dropping the value
of homes, but it's not necessarily something realized. Right, if
you've been in your house for twenty years and the
value went down a little bit in the past year, well,
if you haven't sold it, you're not seeing that law.
So this is really all happening on paper. And they
found that the biggest losses are happening in places like

(00:39):
Denver and Austin, Texas, but also a wide swath of Florida, California,
and the Pacific Northwest as well. Lots of various reasons specifically,
But you know what we're seeing is I think they
counted about fifty three percent of the home values in
the country are down, and we haven't seen a big
drop like that since twenty twelve.

Speaker 1 (00:58):
You call that good news if you're looking for I know,
we had one of our daughters do a little research
into Denver. She thought about moving there, and there was
no way she could afford it.

Speaker 2 (01:07):
Well, right, And that's been one of the factors. The
affordability is pricing out so many people in some markets
that things have just started to reverse because the prices
have gotten so outrageous and the local pay sort of
doesn't match what the prices are going. For places like Florida,
we've seen the hurricanes disrupting the market. They've gotten insurance
crisis happening both in Florida and California as well. That's

(01:30):
scaring off a lot of homeowners who suddenly see home
insurance bills costing them one thousand dollars a month for
their home insurance rory.

Speaker 3 (01:39):
Is there kind of a timeline on this, Like if
you've bought in like the last three to five years,
you're starting to be nervous, like, Ooh, I don't want
to be underwater with my home.

Speaker 2 (01:47):
Yeah, it doesn't seem to be a big problem at
this point, and we're talking really just very small percentages here. Again,
if you've been in your house for a while, you
may barely even notice it. But if you are racking
these things and seeing where the weakness is, it's clearly
there in the Denver area, and as I said, Florida,
big parts of Texas, in that Austin area. These are

(02:08):
areas that all saw huge explosions and home values and
suddenly maybe they're getting a little bit closer to getting
settling back to earth like levels.

Speaker 1 (02:17):
That is Rory O'Neil, NBC News Radio National Correspondent, Thank you.

Speaker 2 (02:21):
Thanks guys,