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Feb
12
Home Values Continued to Decline in Fourth Quarter, 1/3 of New Homeowners in the Red
By: Stan Humphries, VP, Data & Analytics | February 12, 2008 |
Today Zillow released Home Value Reports for Q4 2007, which show home values are still on the decline with no signs of slowing just yet. Over the past year, Condo values have declined by 7.4% , while single-family homes have declined by 5.5% .
We’re also reporting on home equity which we did last quarter as well. Of those who bought in the last year, 30% have negative equity and for those who bought two years ago 39% now have negative equity - meaning they actually owe more on their mortgages than their homes are currently worth. Compare this grim situation to a survey we recently conducted, which found that 77% of homeowners believe their homes have either stayed the same or increased in value in the past year– clearly there is at least some denial out there (click image to enlarge).
With the recent expansion of our database, this quarter we’re providing Home Value Reports in 125 different metropolitan statistical areas (MSAs). These reports provide details on a given market all the way down to the neighborhood level. To learn more, click the Quarterly Reports link at the bottom of any page on Zillow.com.
Or, join me for a conference call at 11 a.m. PT/2 p.m. ET today, where I will be discussing our quarterly findings in more detail. Simply dial in to 866-250-4375 to listen to a short presentation, followed by some open Q&A. You can download slides to follow along with this call on our press room at http://zillow.mediaroom.com/index.php?s=logo_gallery2. For those unable to make the call we will have audio clips available for download on the site.
Stay tuned for more analysis on this blog later this week.
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[...] Home Values Continued to Decline in Fourth Quarter, 1/3 of New Homeowners in the Red [...]
[...] Humphries presents Home Values Continued to Decline in Fourth Quarter, 1/3 of New Homeowners in the Red posted at Zillow [...]
It is interesting that homeowner still think their property is appreciating, but then again, most homeowners view “their” house as much nicer than it actually is.
I noticed you changed your AVM. The old one worked much better for the area I live in — which is rural adjacent urban. For whatever reason, your former model was able to realize my home was to realize that it would be inappropriate to compare homes of far lesser value to my propery. The result was substantial — a decline in the valuation of my property of $800,000 (about 40%). You may want to check it out. Even if the argument was I’m in denial or am in love with my home — the lowest comp in my neighborhood is $400,000 more than your zuestimate on my place. This wasn’t the case with your previous algorithm.
All those condo investors/speculators are feeling it now. There is no problem with investing in real estate but you have to manage your risk. I predict 2008 will be the time to buy.
I believe that there is a current pinch in real estate but I also believe that real estate is a long term investment. Just because we are seeing a short term drop due to over-speculation doesn’t mean that in 15-20 years you might have a decent value again. Keep your chin up and worry more about gas prices and your job at the moment.