Declining Home Values
By: Spencer Rascoff, Zillow COO | November 13, 2008
As part of the coverage of Zillow’s Q3 Real Estate Market Reports, I was on Fox Business yesterday afternoon discussing declining home values. Sometimes I feel like a professional eulogizer. Hopefully in 2009 I’ll have happier tales to tell.
Here are some heartbreaking headlines across the country, all with same grim theme:
- St. Petersburg, FL — “Third of Tampa Bay area homes sold at a loss last year” (St. Petersburg Times)
- San Francisco, CA — “Bay Area homeowners owe more than home’s worth” (San Francisco Chronicle)
- Minneapolis and St. Paul, MN — “One-third of metro homes sold at loss” (The Pioneer Press)
- Chicago, IL – “ ‘06 buyers owe more than home is worth“(Chicago Sun-Times)
- Boston, MA — “Many in Hub area owe more than house is worth” (Boston Herald)
Curious about your area? Click on the Zillow Real Estate Market Report and find the MSA closest to you to see how your region is faring.
- Stumble it!
- Categories: Real Estate Analytics, Real Estate Industry
Comments
2 Comments so far
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DebtFree on November 13, 2008 3:13 pm
All great news! Glad to see increased affordability in home prices:
graphics.nytimes.com/images/2006/08/26/weekinreview/27leon_graph2.large.gif
Those who bought multiple houses, extracted endless “equity,” took out ARMs, all gambled and lost. Perhaps Las Vegas would have been a suitable alternative, one that would have contained the losses ONLY to these risk-taking individuals, rather than socialize their gambling losses among taxpayers, and responsible people who lived within their means.
On with the Housing Correction…
DebtFree on November 14, 2008 9:43 am
Does Zillow have any plans to include foreclosure data into its property details?
Partnering with RealtyTrac, or the counties directly, seems like a natural fit.