5/10/11
Zillow says...Uh Oh!
First Quarter Home Value Declines Match Worst of Housing Recession; Bottom Unlikely to Appear Before 2012
Home Values Show Sharpest Quarterly Decline Since 2008; Negative Equity Rises to 28.4% According to Q1 2011 Zillow® Real Estate Market Reports
Key facts:
- U.S. home values posted their largest quarter-over-quarter decline since Q42008, falling 3 percent. Home values have fallen 29.5 percent from their peak in June 2006.
- Negative equity reached a new high with 28.4 percent of all single-family homes with mortgages underwater, up from 27 percent in Q4 2010, due to accelerating home value declines. Actually, in Florida, 48+% of all homes with a mortgage are underwater...and to top that off, about 1 in 5 are 90 or more days delinquent of their mortgages.
- New data reveals bottom in home values unlikely to appear in 2011. Zillow has revised its forecast and now predicts a bottom in 2012 at the earliest.