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08.27.2010 No. 17 Property values down, but bubble remains Residential property values statewide dropped 3.5% during the past year, according to information released in mid-August. Yet when those values are compared to total Wisconsin income, the question arises: Are home values now more in line with our collective ability-to-pay? Or, put another way, does the Badger State continue to face a "bubble" in residential values? Long-term trend The full-market (equalized) value of residential property fell more than the total value of all types of property for the second year in a row. Total valuation dropped 3.1%, from $511.9 billion (b) in 2009 to $495.9b in 2010. Real property (land and buildings) declined 3.2%, while the small personal property category (e.g., business furnishings) was off 1.0%. Both this year and last, state Department of Revenue press materials referred to "stability" in Wisconsin property markets, but the data it released reveal the first two-year drop in values in at least 50 years; the last one-year drop (-2.0%) was in 1986...
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