This can be explained because $530k rose for ~6 months before stabilizing and then declining in value. 2) the comp property is renovated and yours needs renovation

Over the last 10 plus yrs Hickory Hill has been in decline.  

However, in the end, I declined to not pursue this investment because the estimate did not look right to me.

3 years is a long time and motivations can stay the same or change.If they don't need the money now they might not want to sell at 50 cents on the dollar.In my sellers listings most note buyers haven't touched a second in a few years.The reason is most markets have been declining in value.If they have to foreclose they would lose money on the deal.So some seconds will be bought but only if the appraisal shows a ton of equity left over after the first and second position.With you you own the property so in paying off the second you are just reducing your debt down.If you want to pay 50 cents on the dollar offer 30 cents and work your way up to 50.The owner holding the second may be happy that you have been paying all this time and wants to keep things status quo or they might have other investments they want to pursue.For example the note is for 300k.You payoff at 150k and they use that to buy a distressed apartment building etc. where over time they turn the 150k into 600k.Just make the offer and feel them out.

Declines in closed sales have not tapered off yet, but based on contract activity, I expect to see this closed sales flatten out soon.

This can lead to a decline in the quality of rental housing, making it a less attractive option for tenants.

As a buyer, a strong market analysis from your Realtor can help you understand which neighborhoods are 'hot' or declining.

Never buy in a location with declining or static population growth.✅ Economic stability.

If that home sells for less two years later, that's not a natural decline or crash.Choice homes in choice Phoenix neighborhoods that are priced appropriately will have multiple offers opening weekend.if you're sitting on a doozy off a busy street with peeling paint, busted roof, struggling HVAC, and cast plumbing - yeah, you're not setting any sales records compared to when rates were 3%.You could say I remain bullish on Phoenix.

Here in San Diego, last week we started to see the first decline  in a while week over week.