According to a just released report from the Zillow website, U.S. home values fell by $489 billion in the first 11 months of 2009. Although this is a huge value decline, it’s actually an improvement from 2008, when home values shed $3.6 trillion.
Zillow’s chief economist, Stan Humphries said: “Home values stabilized significantly during the second half of 2009, with the total dollar value of U.S. homes increasing since June. Most housing markets across the country had a good summer, spurred largely by the government’s tax credits for homebuyers, combined with very low mortgage rates.”
The Zillow report also showed that the Los Angeles area suffered the largest total loss in home value, at $60.8 billion.
Some ‘insiders’ believe that nationally, 10% of all homes purchased in 2009 are already worth LESS then their purchase price! It may be a good time to see what your real estate advisor forecast for 2009 last year.
I’ve been waiting some time for this bump in our economy to finish well… bumping. I want my house!
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