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Average Livingston home loses more than $200,000 in value
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Once a balloon bursts, can it be pieced back together?
This represents one of the chief economic worries of residents of Livingston, Calif., who saw the value of the average home at $297,100 in early 2006 fall to $81,900 near the end of 2009.
The statistics, compiled by Zillow Real Estate Market Reports, show the average value of a Livingston home is at about where it was 10 years ago.
Home prices continued to decline almost 10 percent in September, according to Zillow, 25 percent in the third fiscal quarter and 49 percent over the past year.
Livingston is located in Merced County in the San Joaquin Valley, adjacent to Fresno County.
The Merced Metropolitan Area saw home prices drop by 38.9 percent over the past year. Fresno County fared better, but saw housing prices fall 14 percent over the past year.
Ten years ago, Livingston had two banks. Bank of America left Livingston, as did Yosemite Bank.
County Bank entered the community, locating on Main Street in the old Bank of America building.
The rupture in the real estate market was a major cause in County Bank going out of business. Federal officials intervened to help transfer County Bank’s assets to Westamerica.
Ranchwood Homes had planned to continue building in Livingston, but halted construction plans, closed its Merced office and returned with a much smaller staff to Los Banos.
Another large developer went belly-up.
As is now the case with the United States as a whole, Livingston suffers from double-digit unemployment.
Hope may be on the horizon in the form of Walmart, which continues to go through the preliminary process with the city to construct a Super Center. If the store is built, it will provide hundreds of new jobs to area residents.
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