Eminent Domain and Fair Market Value in a Depressed Real Estate Market (2014) / Chapter Skim
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4 responses are discussed throughout the digest and summarized in Appendix B
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5 values recorded in the second quarter of 2006.17 The decline in the value of residential property from mid-2007 to March 2009 was an estimated $5.9 trillion.18 Housing values that had peaked in the first quarter of 2006 finally reached bottom by the first quarter of 2012 at about 57 percent of their peak values. 19 By the fourth quarter of 2012, housing values had recovered only to around 62 percent of their 2006 highs.20 In the fourth quarter of 2009, at the apex of the financial crisis, approximately 24 percent or 11.3 million home mortgages were "underwater;"21 that is, the values of properties were less than the outstanding balances of the mortgages secured by the properties.
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6 Financial institutions suffer losses when governments condemn properties having under- water-mortgages. When a government takes a mortgaged property by eminent domain, the mortgagee (i.e., the lender or financial institution)
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