In the August 2009 eppraisal.com National Real Estate Market Analysis report, released today, 76 percent of the markets tracked saw an increase in the median home value, which was up from 50 percent in the prior report (July). In the current report, the trend continues with 80 percent of the markets tracked by eppraisal.com showing positive gains in home values. Even larger markets that have taken substantial hits in the past are showing continued recovery. For example, San Francisco, Los Angeles, and San Diego markets all saw over a 5 percent increase in the median home value with 17.8 percent, 6.7 percent, and 7.7 percent increases.

The full list of all 138 markets can be found in our market report. However, here are some of the most notable highlights.

• Santa Cruz-Watsonville, Calif., jumped 32 percent to a median value of $515,000.
• The Orlando-Kissimmee, Fla., area has stopped the decline and has increased by 1.6 percent to a median value of $152,900.
• Bend, Ore., and Sherman-Denison, Tex., were the only areas (tracked by eppraisal.com) that saw double digit declines in home values. Bend, Ore., dropped by 11.6 percent to a median value of $175,000, and Sherman-Denison, Tex., decreased by 11.2 percent to a median value of $86,568.
• Honolulu, HI, had a modest decrease of 1.6 percent to a median value of $555,000.
• Salt Lake City, UT, also had a modest decrease, with a 1.4 percent drop in value to a new median of $227,992.

The National Real Estate Market Analysis report tracks median sales price of residential homes in 138 markets across the continental U.S. compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009. This report compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009.

See the full list of national home value rankings.

Today eppraisal.com released its National Real Estate Market Analysis report for 183 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in the first quarter of 2009 with homes sold in the second quarter of 2009.

In this comparison of the first quarter with the second quarter, there are signs that most markets have hit bottom and are showing signs of recovery. In the last eppraisal.com report, only 50 percent of the markets tracked saw increases in median home values. In the current report, 76 percent of the markets tracked saw increases, while less than 20 percent saw a decline in median home values. Only two markets on the entire list saw a double digit decline in median home values.

Overall, the gains are spread across the U.S, but there are a few hot spots, with areas in Ohio and Michigan seeing the biggest increases. These areas have had some of the steepest declines in past reports and have the greatest potential for growth. For example, in Springfield, Ohio, the median home value jumped 36.4 percent to $75,000. Lima, Ohio, increased by 46.9 percent to a median home value of $78,000. In Michigan, the Lansing area saw a 31.6 percent increase to a median value of $75,000. The Saginaw area increased 47.2 percent to a median value of $44,000, and Battle Creek increased by 17.2 percent to a median value of $45,000.

The full list of all 183 markets can be found in our market report. However, here are some of the most notable highlights:

• Markets in Ohio accounted for half of the top 10 markets that saw the greatest increase, with Akron leading the list followed by Sandusky and Cleveland areas.
• At a median home value of $151,000, Orlando-Kissimmee, Fla., remains an affordable area with the median still less than the median a year ago when it was over $210,000. However, the decline has slowed from 8.5 percent in the previous eppraisal.com market report to 3.2 percent in the current report.
• Other notable affordable areas include: Las Vegas-Paradis, Nev., down 6.2 percent to a median value of $140,900; Cape Coral-Fort Myers, Fla., down 1 percent to a median value of $85,100; and the Tampa-St. Petersburg area up 3.3 percent to a median value of $129,000.
• The San Francisco-San Mateo areas of California had the highest median home value on the list at $673,000, which is up 18.1 percent over the first quarter.
• Detroit-Dearborn, Mich., area had the lowest median home value on the list at $14,000, which is up 12.9 percent.
• Of the 139 markets showing increases in median home values, only 24 of those markets remained under $100,000.

See a complete list of real estate market rankings from eppraisal.com

I’ve noticed a lot of news lately regarding homeowners attempting to lower their property taxes due to reduced home values. My first instinct was, “Sign me up!” After all, my home’s value dropped more than 55% in the last few years. On one hand, this could mean thousands of dollars in savings, especially in areas like mine where the decline in home values is significant. On the other, what will it mean for publicly-funded services like fire departments, law enforcement, schools, and libraries?

Perhaps nothing. As the amount of property tax collected decreases, local governments can raise the tax rate to make up for it. Wait, I could actually end up with a tax increase this year?

“Taxes are based on property values times [the tax rate]. We could have declining values but make up for it by raising the rate,” said Bill Donegan, the property appraiser for Orange County, Fla., which includes my hometown, Orlando. (source CNNMoney.com)

But wait, there’s more. He goes on to say that the decline in home values has been so great, it’s unlikely that any increase in tax rate would offset the lower assessments. To make up for it, local governments can raise fees and even taxes in other areas.  In other words, the money is going to come out of your pocket eventually.

In the meantime, if you want to challenge your property tax assessment, eppraisal.com can assist.  Here are some steps to follow:

• Know your home’s property value and compare it to the tax assessment value.
• Verify the information on record (number of rooms, square footage, etc.)
• Research neighborhood property values
• Get an appraisal from a licensed professional appraiser
• Submit your case to the county tax assessor

Today, eppraisal.com launched a new version of its Real Estate Professional Directory, allowing real estate professionals to list their business profiles not only on eppraisal.com, but also on Google Maps, Yahoo! Local, Yellowpages.com, and 80 other search engines and local directories.

Using the advanced directory service, real estate professionals get a profile page on top-ranked eppraisal.com as well as numerous other local directories, improving their online visibility on local search engines and directories.

According to the Kelsey Group, 70 percent of online searchers will use local search to find offline businesses. To support this trend, search engines have dedicated a large portion of their search results page to local search listings. For example, consumers searching for a local professional on major search engines (ie. Appraisers in Orlando) are presented with local business listings and a general map of the area. Additional business listings are shown in the “organic” results from other local directories, like eppraisal.com, Kudzu, and Yellowpages.com. With eppraisal.com’s new Professional Directory, real estate professionals can use one central location to list their business profiles on multiple directories and get greater exposure in both local and organic search engine results.

The eppraisal.com Professional Directory offers a paid service and a scaled-down free service, which is currently available to six real estate professional types: real estate agents, mortgage brokers, home inspectors, appraisers, home stagers, and title and escrow officers. During the next few months, additional professional types will be launched to the site.

Sign up for the eppraisal.com Real Estate Professional Directory.

Today eppraisal.com released its National Real Estate Market Analysis report for 179 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in the fourth quarter of 2008 with homes sold in the first quarter of 2009.

143 markets across the U.S. saw decreases in the median home value from the 4th quarter of 2008 to 1st quarter of 2009. This represents 80 percent of the markets tracked by eppraisal.com. Although this is still a high percentage, this number has remained fairly consistent from the prior report (covering the six months ending February 2009). Smaller markets continue to dominate the positive side of the report with most of the top markets on the list having a population of 400k or less. A few of the smaller markets that saw increases were Missoula, Mont., which is up 9.6 percent to a median value of $228,750; Midland Tex., up 1.8 percent to $166,000, and Fayetteville, N.C., up 6.2 percent to a median value of $138,000.

Of the 179 markets tracked, only two markets – San Francisco-San Mateo, Calif., and Honolulu, HI – had a median home value more than $500,000. Honolulu’s median in the first quarter was $567,000, which is down 2.7 percent from the 4th quarter of 2008. The San Francisco area is down 13.2 percent to a median home value of $590,000. In the $400,000 to $500,000 group, only Santa Cruz, Calif., Santa Ana-Anaheim, Calif., and San Jose-Sunnyvale, Calif., exists with a median value of $435,000 (down 3.1 percent), $437,000 (down 3.6 percent), and $426,500 (down 12.1 percent) respectively. Though most of the markets are seeing continued declines, 8 percent of the markets tracked by eppraisal.com had a median value between $300k and $400k, and 90 percent had a median value of less than 300k.

In the major markets, declines continue. For example in California, San Diego-Carlsbad saw a 3.8 percent decrease to a median home value of $330,000, and Los Angeles dropped 10.3 percent to a median value of $305,000. In Florida, Jacksonville decreased by 1.2 percent to a median value of $169,000, and the Orlando-Kissimmee area declined 5.4 percent to a median home value of $175,000.

See a complete listing of real estate market rankings from eppraisal.com.