[sam_schneider]

For home value: It's about 5-12% decrease depending on the setup--in extreme cases as bad as 15%. We haven't had a pre-assessment come in lower than 15% (the homeowner still going to make a lot——it's a large property). Most are around 7-8%. Usually there is 50%+ return, so that previously illiquid/non-existing capital has a much higher value, but there is real depreciation.

Lower value homes depreciate less, higher value more--but are offset by larger returns!

It will likely re-appreciate in a few years, and so the loss is temporary/the other capital could be deployed to quickly outpace any depreciation.