Even Zillow is announcing price declines. I got this in an email from them:
“Zillow’s latest Home Value Report shows that over the past year, U.S. single-family home values have decreased by 5.5%, while condo values have declined by 7.4%.”
This may be an indication of why Zillow is still over-priced; last I heard the national average went down 17%. Anyone else?
Zillow also had this:
“39% of Americans who bought a home in 2006, and 30% of those who purchased in 2007, now have negative home equity—meaning they owe more on their mortgage than their home is currently worth. “
That’s okay though, Super Hero Ben Bernanke stands by ready to take action!
