Over 16% of Recent Homeowners Are Under Water

Over 16% of Recent Homeowners Are Under Water

Home values nationwide have declined 5.7% during the past 12 months, according to Zillow’s Q3 2007 Home Value Report, leaving many recent homeowners with negative equity.

Zillows, an online real estate data provider, estimates that 16% of homeowners who bought in the last year and almost 18% who bought two years ago have current home values that are below the original mortgage amount.

By comparison, fewer than 2% of owner who bought a home five years ago have seen their equity slide into negative territory, Zillows said.

Housing markets with the greatest proportion of negative equity include California’s Central Valley, parts of Florida and Las Vegas, Zillows said.

No Tags

Original post by Admin