Projo 7 to 7 News Blog

For most people, buying a house is the biggest investment they will ever make. And in 12 Rhode Island cities and towns that underwent revaluations last year, most homeowners are learning that the value of that investment is down.

The 2008 revaluations are significant because they are taking place in communities that last revalued properties in 2005, as the state's housing market was hitting its peak. They are therefore the first to reflect how much values have dropped.

According to assessors and private appraisers, assessments in Cranston, Pawtucket, Barrington and East Greenwich have dropped anywhere from 10 percent, on average, in Barrington, to 20 to 30 percent in Pawtucket.

The downward trend is consistent with sales data from the Rhode Island Association of Realtors, which last month reported a 17-percent drop in the median price for a single-family house from 2005 to 2008.

Read a full report on this topic tomorrow in The Providence Journal and on projo.com.

EXTRA: Check property appraisals according to town records across Rhode Island, at:
projohomes.com

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