Home Values Fall For 10th Consecutive Quarter

Posted by Orb Staff on August 11, 2009 No Comments
Categories : Residential Mortgage

report from [link=http://zillow.mediaroom.com/index.php?s=159&item=142][u]Zillow.com[/u][/link] has determined that U.S. home values fell for the 10th consecutive quarter. However, Zillow.com also found that for the first time since home values started to fall in 2007, the rate of year-over-year decline has shrunk slightly compared to the previous quarter, with home values falling 12.1% opposed to 12.4% year-over-year in the first quarter. According to Seattle-based Zillow.com, total home sales fell 23.7% in June versus a year earlier. Furthermore, 23% of all owners of single-family homes with mortgages owe more on a mortgage than their home is currently worth. Zillow.com also found that foreclosure re-sales made up 22% of all home sales in June, while 29.2% of sellers sold homes in June for less than the previous purchase price. Total home sales rose 3.8% in June versus May, with increased home-sale activity in 39 markets, including Miami-Fort Lauderdale, Los Angeles and Phoenix. ‘There are still many hurdles to true market recovery, ‘ says Stan Humphries, chief economist. ‘With increasing unemployment and high rates of negative equity, we have a fertile breeding ground for even more foreclosures, which add to the already high level of for-sale inventory that needs to be cleared before values begin to rise.’ SOURCE: Zillow.

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