Zillow Reports Large Second Quarter Drop for Home Values – Wall Street Journal Blogs
 Financial Post | Zillow Reports Large Second Quarter Drop for Home Values Wall Street Journal Blogs, NY - 9 hours ago Home values posted their largest year-over-year drop in 12 years in the second quarter, falling nearly 10%, according to Zillow’s Real Estate Market Reports Zillow has added a “Distress Signals” feature to its reports which tracks by quarter the percentage of homes sold for a loss and in Bank REO Bank Foreclosure – REO. In the year that ended June 30, nearly one in four homes registered a loss, while Bank REO Bank Foreclosure – REOs made up 15% of the sales. (In parts of California, both numbers topped 50%.) “You really get a sobering picture about what a lot of homeowners are actually facing,” Mr. Humphries said. Currently, one in three homeowners who purchased in the last five years is underwater on their mortgage, or owes more than the house is worth. “For anyone who’s selling or refinancing, that’s a really precarious position,” Mr. Humphries pointed out. Zillow, which taps public data for info on 165 markets, says its results represent 77% of homes and closely track S&P/Case-Shiller home price information. That frequently cited report just showed price declines continued to worsen in May, with annual losses in 20 metropolitan areas.
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Posted by Carlos Sagastume on August 12, 2008. Filed under HUD Homes.
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