According to the first quarter Zillow Negative Equity Report, 31.4 percent of U.S. homeowners with a mortgage are underwater (see figure 1). This is nearly flat on a quarterly basis, up only 0.3 percent, but down 1 percent since the first quarter of 2011. On average, U.S. homeowners owe $75,644 more than what their house FULL BRIEF
In December, monthly depreciation in home values notched up again to -0.9% from November and home values fell 5.9% from levels in December 2009 (see Figure 2). The median home value nationally in December was $175,215, down 27% from its peak in June 2006 (see Figure 1). Monthly home value depreciation was at its highest FULL BRIEF
Zillow’s second quarter Real Estate Market Reports show continuing declines in home values, uncertainty about coming months as we experience payback from the expiration of the homebuyer tax credits. FULL BRIEF