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.
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.
Home prices fell 3 percent in the first quarter and will drop as much as 9 percent this year as foreclosures spread and unemployment remains high
1 comment:
It is depressing. If we were to sell our house right now, we'd lose about 40 grand. Seriously. We bought just before everything went to hell. For our part, we are trying to buy local/Michigan and do our share to help boost the economy when we do spend money. Now if only we handn't bought that gas guzzler! M.
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