Thursday, February 11, 2010
The US property market received a severe blow as the home values declined another five percent in the fourth quarter compared to the previous year, reveals zillow.com. With this, the decline has reached the 12th straight quarter in the year-over-year declines.
According to Zillow, more than twenty percent of US home owners are in debt on their mortgages than their properties are worth. This estimates that more than 29 percent of homes sold in the US in the year 2009 went for prices less than what were originally paid for them.
In a statement, Zillow Chief Economist Stan Humphries says that while the next few months are likely to bring further home value declines in most markets, a national bottom in home prices are expected by the middle of the year. After that the home values would likely bounce along the bottom with real appreciation remaining negligible for some time, he said.
According to Zillow, more than twenty percent of US home owners are in debt on their mortgages than their properties are worth. This estimates that more than 29 percent of homes sold in the US in the year 2009 went for prices less than what were originally paid for them.
In a statement, Zillow Chief Economist Stan Humphries says that while the next few months are likely to bring further home value declines in most markets, a national bottom in home prices are expected by the middle of the year. After that the home values would likely bounce along the bottom with real appreciation remaining negligible for some time, he said.
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