Category
Home Prices
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02.11.09Homeowners still in denialOver at Zillow, they've just released the results of the latest Homeowner Confidence Survey, and wouldn't you just know it, but homeowners are still way out of touch on their own home's value. While now more than half have faced reality and acknowledge that their own home's value has declined over the past year, over 70 percent believe that their homes will either maintain present value, or even appreciate, in the first half of 2009. Pop the champagne, the bottom is in! 'Oh, what have I done?', originally uploaded by NotoriousRaychel.
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01.27.09Case-Shiller: Home prices crashingFrom CNN: An index of home prices in 20 major metropolitan areas fell at a record annual pace in November, to levels not seen since 2004, according to a report released Tuesday. The S&P Case-Shiller Home Price Index, a sampling of 20 cities from across the nation, fell a record 18.2% over the 12 months ended Nov. 30. That brought the index to its lowest point since February 2004. From its peak in mid-2006, the index has plunged a whopping 25.1%. Eleven of the 20 cities showed record declines, and the 12-month price drop for 14 of the cities was a double-digit percentage. "The ...
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12.30.08Real estate prices take a beatingFrom CNN: Home prices posted another record decline in October, falling 18% compared with a year earlier, according to a closely watched report released Tuesday. The 20-city S&P Case-Shiller index has posted losses for a staggering 27 months in a row. In October, 14 of the 20 cities set fresh price decline records. "The bear market continues; home prices are back to their March 2004 levels," says David Blitzer, Chairman of the Index Committee at Standard & Poor's. Sunbelt cities suffered the most, but most of the country is watching home values fall. In Phoenix prices have plunged 32.7% since October 2007, Las Vegas ...
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12.15.08US homes lose $2 trillion in 2008From CNN: American homeowners will collectively lose more than $2 trillion in home value by the end of 2008, according to a report released Monday. The real estate Web site, Zillow.com, calculated that home values have dropped 8.4% year-over-year during the first three quarters of 2008, compared with the same period of 2007. Some 11.7 million Americans are now "underwater," owing more on their mortgage balances than their homes are worth. Zillow collects home values and analyzes home price trends in 163 markets; all but 30 registered price drops over the nine months ended September 30, compared with the same nine-month period of 2007. "This ...
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12.02.08Foreclosures hurting home sellersFrom CNN: Selling a home in this market is hard enough. Competing in a neighborhood flooded with foreclosed homes that are heavily discounted is nearly impossible. There are nearly a million repossessed homes on the market right now. And these homes, dubbed in the industry as REO (real estate owned) properties, are being marketed by the most motivated of all sellers - that is, the lenders stuck holding the bag when homeowners default. On average, foreclosed homes are priced almost 40% lower than normal real estate listings, according to data supplied by Trulia.com, the real estate Web site. "Distressed sales [like foreclosures and short ...
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12.01.087 years until the bottomFrom the Atlanta Real Estate Investor Wire: According to economist Mike Shedlock, and based upon data from Japan, the housing market won’t hit bottom for another seven years. never been to Vegas..., originally uploaded by circulating.
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11.03.0810 Million are upside-downFrom Inman: More than 7.5 million single-family homes are worth less than what's owed on their mortgages, and another 2.1 million were very close to being upside down at the end of September, according to an analysis by First American CoreLogic. First American CoreLogic used automated valuation models to analyze its huge database of public records and produce what it claims is the industry's first state-level assessment of households with negative equity (click to download spreadsheet). The analyses, of 42 million properties with mortgages, found the states with the highest percentage of upside-down mortgages were Nevada (48 percent), Michigan (39 percent), Florida (29 ...
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09.05.08Buy a home, get a BentleyFrom Bloomberg: The U.S. housing crisis arrived on July 14 at Stonebrook Court, the 26,000-square-foot Tudor-style home of California venture capitalist Kelly Porter. On that day, four months after putting the house on the market, he cut the price by $7 million. It's still for sale. The mansion sits on 7.5 acres in Los Altos Hills, a Silicon Valley town where Yahoo! Inc. co-founder and Chief Executive Officer Jerry Yang also lives. It boasts a wine cellar, Venetian- inspired ballroom, Italian statuary and swimming pool. At the reduced price of $38 million, the property is a bargain, the owner says. ``It's worth every bit ...
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08.18.08Home values drop, nearly 1/3 underwaterFrom the Originator Times: U.S. home values in the second quarter posted the largest year-over-year decline in the past 12 years, dropping 9.9 percent from the year-ago quarter and 1.7 percent from the first quarter to a U.S. Zillow Home Value Index (HVI) of $206,919, according to the Q2 Zillow Real Estate Market Reports. The median U.S. home value has not been this low since the fourth quarter of 2004, leaving nearly one-third (29.1%) of homeowners who purchased since 2003 with negative equity. Zillow expanded its Real Estate Market Reports this quarter, adding a number of new measures to monitor 165 metropolitan ...
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08.18.08Prime mortgages get hit, dashing recovery prospectsFrom CNN: Prime mortgages are starting to record disturbingly high default rates, which could slow any potential housing recovery. The delinquency rate for prime mortgages worth less than $417,000 was 2.44% in May, compared with 1.38% during May of 2007, according to LoanPerformance, a unit of First American (FAF, Fortune 500) CoreLogic which compiles and analyzes residential mortgage statistics. Delinquencies jumped even more for prime loans of more than $417,000, so called jumbo loans. They rose to 4.03% of outstanding loans in May, compared with 1.11% a year earlier. And prime loans issued in early 2007 are performing the worst of all, failing at ...