More than 28 percent of U.S. homeowners owed more than their properties were worth in the first quarter as values fell the most since 2008, Zillow Inc. said today(2011/5/10).
Homeowners with negative equity increased from 22 percent a year earlier as home prices slumped 8.2 percent over the past 12 months, the Seattle-based company said. About 27 percent of homes with mortgages were “underwater” in the fourth quarter, according to Zillow, which runs a website with property-value estimates and real-estate listings.
“We get tired of telling such a grim story, but unfortunately this is the story that needs to be told,” Humphries said in a telephone interview. “Demand is still quite anemic due to unemployment and the fact that home values are still falling. And that tends to make people more cautious about buying.”
The U.S. unemployment rate rose to 9 percent in April, up from 8.8 percent in March, the Department of Labor reported May 6. Home prices have fallen almost 30 percent from their June 2006 peak, wiping out more than $10 trillion in equity, including $667.5 billion in the first quarter, Humphries said.
Dropping Home Values
Other analysts also expect homes to continue losing value this year. Oliver Chang of Morgan Stanley expects prices to fall as much as 11 percent, according to an April 25 report. Prices may fall “another 5 or 10 percent,” Robert Shiller, an economics professor at Yale University, told Fox Business on April 26. Home prices were 33 percent below the July 2006 peak in February, according to the S&P/Case-Shiller Composite 20-City Home Price Index, co-created by Shiller.
In Las Vegas, 85 percent of homes with mortgages were underwater, the most of any city tracked by Zillow. Other metropolitan areas in the top five were Reno, Nevada, at 73 percent; Phoenix at 68 percent; and Modesto, California, and Tampa, Florida, both at 60 percent. Zillow has tracked negative equity since the first quarter of 2009, when more than 22 percent of homes were underwater.
More Bay Area homes are under water -- meaning their value is sunk below the amount of their mortgage -- a survey released Monday by Zillow.com shows.During the first quarter of 2011, Zillow reported, 25.7 percent of homes in the nine-county Bay Area suffered from negative equity, worse than the 22.4 percent in the same quarter last year.Bay Area home values in the January-March quarter of 2011 fell 8.4 percent below the values in the same quarter the year before.
"We won't see a bottom in home values until 2012 or later," said Stan Humphries, chief economist with Zillow, which tracks residential property values.
The weakest region in the Bay Area was Solano County, where 58.4 percent of the homes were under water in the first quarter, Zillow reported. A year ago, 53.4 percent of homes were under water in Solano County.
"Some speculators thought they could buy the homes as an investment and quick profit," Nesbit said. "Others thought they could rent out those houses."An improvement in values could be a ways off because buyers remain wary and sellers are still seeking to recoup the prices they paid.
"Sellers are still trying to adjust to the shock of the decline in home values," Nesbit said. "Buyers don't want to jump into a market that is continuously eroding."
"Home-value declines are currently equal to those we experienced during the darkest days of the housing recession," Humphries said.
【大紀元2011年01月23日訊】
當房屋價值跌到最低點，需要支付的房貸急升時，許多房主很可能選擇棄房違約。Zillow去年底發表的數據顯示，在對待「策略性違約」的態度上，存在著有趣的性別差異：57%的男性顯示傾向違約，而女性的比例僅40%。
Homeowners with negative equity increased from 22 percent a year earlier as home prices slumped 8.2 percent over the past 12 months, the Seattle-based company said. About 27 percent of homes with mortgages were “underwater” in the fourth quarter, according to Zillow, which runs a website with property-value estimates and real-estate listings.
“We get tired of telling such a grim story, but unfortunately this is the story that needs to be told,” Humphries said in a telephone interview. “Demand is still quite anemic due to unemployment and the fact that home values are still falling. And that tends to make people more cautious about buying.”
The U.S. unemployment rate rose to 9 percent in April, up from 8.8 percent in March, the Department of Labor reported May 6. Home prices have fallen almost 30 percent from their June 2006 peak, wiping out more than $10 trillion in equity, including $667.5 billion in the first quarter, Humphries said.
Dropping Home Values
Other analysts also expect homes to continue losing value this year. Oliver Chang of Morgan Stanley expects prices to fall as much as 11 percent, according to an April 25 report. Prices may fall “another 5 or 10 percent,” Robert Shiller, an economics professor at Yale University, told Fox Business on April 26. Home prices were 33 percent below the July 2006 peak in February, according to the S&P/Case-Shiller Composite 20-City Home Price Index, co-created by Shiller.
In Las Vegas, 85 percent of homes with mortgages were underwater, the most of any city tracked by Zillow. Other metropolitan areas in the top five were Reno, Nevada, at 73 percent; Phoenix at 68 percent; and Modesto, California, and Tampa, Florida, both at 60 percent. Zillow has tracked negative equity since the first quarter of 2009, when more than 22 percent of homes were underwater.
More Bay Area homes are under water -- meaning their value is sunk below the amount of their mortgage -- a survey released Monday by Zillow.com shows.During the first quarter of 2011, Zillow reported, 25.7 percent of homes in the nine-county Bay Area suffered from negative equity, worse than the 22.4 percent in the same quarter last year.Bay Area home values in the January-March quarter of 2011 fell 8.4 percent below the values in the same quarter the year before.
"We won't see a bottom in home values until 2012 or later," said Stan Humphries, chief economist with Zillow, which tracks residential property values.
The weakest region in the Bay Area was Solano County, where 58.4 percent of the homes were under water in the first quarter, Zillow reported. A year ago, 53.4 percent of homes were under water in Solano County.
"Some speculators thought they could buy the homes as an investment and quick profit," Nesbit said. "Others thought they could rent out those houses."An improvement in values could be a ways off because buyers remain wary and sellers are still seeking to recoup the prices they paid.
"Sellers are still trying to adjust to the shock of the decline in home values," Nesbit said. "Buyers don't want to jump into a market that is continuously eroding."
"Home-value declines are currently equal to those we experienced during the darkest days of the housing recession," Humphries said.
【大紀元2011年01月23日訊】
當房屋價值跌到最低點，需要支付的房貸急升時，許多房主很可能選擇棄房違約。Zillow去年底發表的數據顯示，在對待「策略性違約」的態度上，存在著有趣的性別差異：57%的男性顯示傾向違約，而女性的比例僅40%。
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