Wednesday, November 12, 2008

Zillow: Seven quarters of declining home prices so far

30% of homes sold for a loss over the past 12 months:
Home values in the United States posted their seventh consecutive quarterly decline, with nearly one-third of Americans who sold in the past year losing money, real estate website said Wednesday.

Home values fell 9.7 percent year-over-year in the third quarter to a Zillow Home Value Index of $202,966, according to the third quarter Zillow Real Estate Market Reports, which encompass 163 metropolitan areas.

Home values have dropped a total 12.8 percent since the market peaked in 2006. ...

Over the past 12 months, 30.2 percent of homes sold were sold for a loss, up from 23.7 percent at the end of the second quarter. ...

One in seven, or 14.3 percent, of all homeowners across the country has negative equity, and of homeowners who bought in the last five years, almost one-third, or 29.5 percent, are 'under water', the reports showed. ...

Foreclosures made up almost one in five, or 18.6 percent, of all transactions in the past 12 months and areas with the highest foreclosure rates are the markets with some of the greatest home value declines.


  1. And for how many quarters in a row did we increase?
    And the last boom in the late 80s... how many did we increase and how long did it take to unwind? The best indicator of the future is the past!

  2. Prices dropped 12.8 percent since the peak in 2006? Should be more like 50 percent.

  3. "Dafox said

    The best indicator of the future is the past!"

    I thought the meme was "past performance does not guarantee future results" :)

  4. Doesn't guarantee them, but it is a good start. From there you need to figure out what is different now to provide a good view on whether it will be better or worse.

  5. Look at some Northern Virginia counties like Fairfax and you'll see around a 33% drop from the peak in the last two years. Did you see that quick of a drop back in the 1980's? No it was a lot more prolongated. So should we expect that the recovery act the same, since the correction certainly hasn't?