38% of Sacramento County Homes Underwater- 20% Nationally

Sacramento Certified Short Sale And Pre-Foreclosure Specialist Report

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Underwater Homeowners in Sacramento County

According to Real estate website Zillow.com one More than one in three Sacramento County Homes are underwater, Zillow also says one of every five U.S. home owners owed more on their mortgage than their home was worth in the fourth quarter.  Nationally, The number of American single-family homes with negative equity rose to 21.4% in the fourth quarter from 21% in the third quarter, according to the Zillow Real Estate Market Reports.  U.S. home values declined again in the fourth quarter, as the Zillow Home Value Index fell 5% year-over-year and down 0.5% quarter-over-quarter, to $186,200. It was the 12th consecutive quarter of year-over-year declines, the reports showed.  “The prevalence of markets in or near a double-dip situation shows that we are not yet at the bottom, in terms of home values,” Stan Humphries, Zillow chief economist, said in an interview. 

One in five, or 29 of the 143 markets tracked by Zillow, had at least five consecutive month-over-month increases in home values during 2009 before values began to flatten or fall again in the second part of the year. These markets included the Boston, Atlanta and San Diego metropolitan areas.  Zillow said it defines a “double dip” as two periods of sustained declines in home values that are separated by a brief period of stabilization or recovery.  Foreclosure resales remained high, making up 20.3% of all U.S. home sales in December. Foreclosure resales also made up the majority of sales in several metropolitan areas, including Merced, California, at 68.3%; Las Vegas, at 64 percent, and Modesto, California, at 62%. Additionally, 28.5 percent of home sales nationwide sold for less than what the seller originally paid.  Home values increased year-over-year in 27 of 143 markets and remained flat in 15.

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  1. Ryan Lundquist

    Interesting article, Forth. So many news sources are reporting such jolly real estate news, but I don’t see the market that way. Sure, prices are low and there are great deals out there, but there is still some damage to sort through and it could be an interesting ride this year. Hold on!!!! 🙂

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