· By Brett Arends, MarketWatch . BOSTON (MarketWatch) – If you thought the housing crisis was bad, think again. It’s worse. New data just out from Zillow, the real-estate information company, show house prices are falling at their fastest rate since the Lehman collapse.
The stats on the Bay Area are even more depressing. Compared to the rest of the country, our housing market is performing slightly worse. From March 2010 to March of this year, values fell by 10.2.
· Those who bought before 2002 are pricing their homes roughly 12 percent over market value, while those who bought from 2002-06 price them about 9 percent over market value. In the analysis, Zillow compared the asking price of one million homes for sale to the homes’ previous purchase price, then factored in the change in the Zillow Home Value.
“Making matters worse, many homeowners. more renter income and cutting into savings that would typically go toward actually purchasing a home. Median listed rent prices in the U.S. ballooned about.
· The number of new-home sales actually rose 6.6% to an adjusted annual rate of 307,000 units, and the median price for those homes climbed from $220,500 to $223,800.
As Housing Market Nears Bottom, Pent-Up Supply Waits. And here is the prediction directly from the article: We forecast that the nation will hit a bottom in home values in the third quarter of this year, (which would have been July-Sept 2010) but that there will be negligible appreciation in home values for three to five years after we’ve.
Zillow’s chief economist, Stan Humphries, said at a rate of 1% a month, home depreciation in 2011’s first quarter was steeper than he’d anticipated, so he doesn’t expect to see a bottom in prices.
Mortgage rates plummet to new lows Mortgage rates fell for the second straight week to the lowest point in five decades, but it may not be enough to jump-start the housing market. mortgage company freddie mac said Thursday the average rate for 30-year fixed loans dropped to 4.57 percent.
Average home prices are down 8% from a year ago, 3% over the quarter, and are falling at about 1% every month, according to Zillow. And the percentage of homeowners in negative-equity positions.
RISMEDIA, April 19, 2010-The february zillow real estate market Reports are out, and show continued depreciation in home values across much of the country. The national Zillow Home Value Index.
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Still, prices fell in 15 of the 20 cities in February compared with the same month in 2011. That indicates that the housing market remains far from healthy despite the best winter for sales in five years. The steady price declines have brought the nationwide index to its late 2002 level. Home prices have fallen 35 percent since the housing bust.