What is value? The worth of something compared to the price actually paid. Because of the recent down turn in the real estate market, your house might be worth less than what you paid for it. For some of you, you are taking the declined market in stride, as you have no intentions of moving out of your home. For others, you feel trapped. You feel that you want to be able to sell your home at any time without taking a loss. Fortunately, many areas of Oakland and Berkeley are holding strong and in some cases seeing multiple offers. Unfortunately there are communities that are suffering. If the purchase price of your home was more than it is currently worth, there is the possibility you could get your property taxes reassessed. Fidelity National Title has created an informational website regarding Proposition 8 , a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a decline-in-value. Click Here to view the website! Remember home equity is really ghost equity; it doesn't count as money in your pocket until you cash out.