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Home Market Takes a Tumble

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Home Market Takes a Tumble
Topic: Home and Garden 6:27 am EDT, May 10, 2011

Nick Timiraos and Dawn Wotapka:

Home values fell 3% in the first quarter from the previous quarter and 1.1% in March from the previous month, pushed down by an abundance of foreclosed homes on the market, according to data to be released Monday by real-estate website Zillow.com. Prices have now fallen for 57 consecutive months, according to Zillow.

Stan Humphries, Zillow's chief economist, now believes prices won't hit bottom before next year and expects they will fall by another 7% to 9%.

While some analysts have argued that home prices need to fall to "clearing prices" that will attract more buyers, price declines could also complicate any recovery by pushing more borrowers under water. Zillow estimates that more than 28% of borrowers owe more than their homes are worth nationally. Those numbers are much higher in hard-hit markets such as Phoenix, where more than two-thirds of borrowers owe more than their homes are worth.

Decius:

Imagine if they all walked.

John Bird and John Fortune:

They thought that if they had a bigger mortgage they could get a bigger house. They thought if they had a bigger house, they would be happy. It's pathetic. I've got four houses and I'm not happy.

Decius:

Wow, life is boring.

Home Market Takes a Tumble



 
 
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