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Zillow: Price Fall Leaves Many Under Water.
New York -- Home values nationwide declined for the fourth consecutive quarter, down 5.7% year-over-year, the largest year-over-year decline in more than a decade, according to Zillows 3Q07 Home Value Report.
Launched in early 2006, Zillow.com is a Seattle-based online real estate community where homeowners, buyers, sellers, and real estate agents and professionals find and share free information about homes.
According to Zillows report, subsequent declines in value have left many homeowners who bought during the last two years (when most local markets reached their peak) with negative home equity, resulting in them owing more than the home is currently worth.
As of Sept. 30, 15.6% of homeowners nationwide who bought in the last year and 17.5% of those who purchased two years ago have current home values that are less than the original mortgage amount. By comparison, 1.8% of those who purchased a home five years ago have seen their equity slide into the negative.
According to Zillow, markets with the greatest proportion of homes with negative equity were those hit hardest by declining values. For example, people who purchased homes in Californias Central Valley, parts of Florida and Las Vegas during the past year have seen double-digit depreciation and negative equity rates reach up to five times the national median.
The decline in home values picked up steam in the third quarter, posting the largest nationwide year-over-year drop in more than a decade, said Stan Humphries, vice president of data and analytics for Zillow. Continuing depreciation coupled with the downward trend in the size of mortgage downpayments has left many new homeowners 'upside down on their mortgage, meaning they owe more than the current value of their home.
Despite decreasing home values and increasing incidence of negative equity scenarios, most U.S. homeowners still have positive equity in their homes. In fact, many homeowners who purchased in the last two years have seen ...
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