Average home values for older Americans appear to have halted their slide after remaining flat or falling for 7 straight quarters, according to Golden Gateway Financial.
Golden Gateway, Oakland, Calif., compiles data on housing prices from users of its online reverse mortgage calculator. Its latest quarterly study found the national average self-reported home value of older Americans rose from $369,762 in third quarter 2009 to $381,895 in the fourth quarter. However, significant declines in home values continued in the fourth quarter in many large states, including Florida, Texas and New York, Gateway found.
Overall home values for seniors remain well below 2008 levels, the data showed. Average value of homes in Golden Gateway’s data bank in 2009 was just $390,328, well down from $437,496 in 2008.
“Even a minimal gain in home value is a reassuring sign for older Americans, because many of these individuals live on a fixed income and rely on their home to support their retirement lifestyle,” observed Eric Bachman, founder and CEO of Golden Gateway Financial.
Average age for survey participants was 69.