Zillow: 22 percent of mortgages underwater
May 7th, 2009 by Vinny
Take this with a grain of salt, I think its even worse than this. Zillow likes to inflate values alot, I don’t believe it takes into account all of the REO prices we see, especially here in the valley. You can only sell your house for what the market will bear, and if your competing against a ton of REO’s, well then you are out of luck.
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With the housing market mired in a historic slump, a survey from real estate Web site Zillow.com shows that nearly 22 percent of American homeowners owe more on their mortgages than their homes are worth.
That 21.8 percent of U.S. homes equates to more than 20 million residences, according to Zillow. Those households fell into negative equity after prices dropped more than 14 percent nationally in the 12 months ended March 31.
Zillow.com based the numbers on its home price estimates, which it obtains by collecting sales records and applying price trends to other homes in the community.
Zillow: 22 percent of mortgages underwater – Philadelphia Business Journal:.
