A Story of Declining Home Values in Antioch,California

Here's a real life story in Antioch,California.This 3270 Square foot home is now being offered at $399,900.According to Zillow the house sold for $392,000 on 4/24/2002 and $570,000 on 4/26/2004.So,the current owners have lost about 30% in over 3 and half years.But,what's equally amazing is if you bought the home way back in April of 2002(well over 5 and half years)after commissions you didn't make any money.I didn't include real estate taxes,or interest on the mortgage,or other costs.Remember, even $399,900 could be high in today's market.How many more stories like this are out there? Zillow's estimate of the value of the home is $632,915 while the offer price is $399,900.You might say Zillow isn't even in the ballpark.Thanks to Nick Bradley for the heads up on this one.