I live in an area where home values declined by average 6.5 % sincethe economy fell ,my value dropped $82,000 why

There are many reasons, including less demand for houses, and way too many foreclosures dragging down everyone elses home value.

More info would be needed to properly answer your question, but in general, supply and demand will be the main reason.. if homes are not selling, then the way to attract buyers is to lower the price.. as the price goes lower, it affects all others in the area since your properties value is based on comparable sold properties in your area.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

There are many different reasons as to why your home value could have declined. More details are needed in order to give you an exact reason for the decline in your property's value.

There can be many reasons. Need more information.