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VVance
2489 Posts |
 Posted - 08/12/2008 : 5:46:18 PM
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One Third of New Owners Owe More Than House Is Worth (Update1)
By Bob Ivry
Aug. 12 (Bloomberg) -- Almost one-third of U.S. homeowners who bought in the last five years now owe more on their mortgages than their properties are worth, according to Zillow.com, an Internet provider of home valuations.
Second-quarter home prices fell 9.9 percent from a year earlier, giving 29 percent of owners negative equity, said Zillow, the Seattle-based service that offers values for more than 80 million homes. For those who bought at the 2006 peak of the housing market, 45 percent are now underwater, Zillow said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a3uzhDOF9FXI&refer=worldwide |
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KHufford
6002 Posts |
Posted - 08/12/2008 : 5:46:55 PM
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| I thought you were talking about New Orleans.... |
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sxassy
231 Posts |
Posted - 08/13/2008 : 08:15:52 AM
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| An alalyst on CNBC was saying that we either need a massive 20% ADDITIONAL correction or home prices will just be flat over the next 10 years. I can't say I disagree. In Illinois wages and market rents are still way to low to support even these newly depreciated properties. |
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hertz
859 Posts |
Posted - 08/13/2008 : 09:27:02 AM
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quote:
Originally posted by VVance
One Third of New Owners Owe More Than House Is Worth (Update1)
By Bob Ivry
Aug. 12 (Bloomberg) -- Almost one-third of U.S. homeowners who bought in the last five years now owe more on their mortgages than their properties are worth, according to Zillow.com, an Internet provider of home valuations.
Second-quarter home prices fell 9.9 percent from a year earlier, giving 29 percent of owners negative equity, said Zillow, the Seattle-based service that offers values for more than 80 million homes. For those who bought at the 2006 peak of the housing market, 45 percent are now underwater, Zillow said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a3uzhDOF9FXI&refer=worldwide
Very scary statistic if you can trust Zillow. |
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MBG
257 Posts |
Posted - 08/13/2008 : 09:29:09 AM
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| screw zillow.......... |
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