According to Zillow, US home values fell faster in 1Q:11 than they have in any quarter since 2008. Zillow's Home Value Index fell 3.0% sequentially from 4Q:10 to 1Q:11 and declined 8.2% on a year-over-year basis. The average home in the United States now costs $169,600, according to Zillow, and values have fallen 29.5% from the market's peak in June 2006.
Zillow estimates more than one in four homes in the United States is underwater. Zillow pegs 28.4% of single-family homes with mortgages were underwater at the end of 1Q:11, this is up from 27.0% in 4Q:10. A homeowner is underwater when they owe more on their mortgage than their home is worth.
The increase in underwater homes are fueling foreclosures. In March 2011, one out of every 1,000 homes in the country was foreclosed upon by the lender, according to Zillow. With the increase in distressed properties, I think short sales will pick up as well. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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