St Louis Mortgage and Real Estate News –
St Louis Finance and Loan Reduction News: Home Values Fall $9 Trillion Since 2006
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The U.S. housing market has taken a hard hit value wise. American homes were worth about $1.7 trillion less in 2010 than they were worth in 2009, according to a report released by real estate website Zillow.
Last year’s drop in home values is 63 percent larger than the $1 trillion dip in 2009, and brings the total value lost since the housing market’s peak in 2006 to a whopping $9 trillion.
While the home buyer tax credit helped revitalize the housing market in the second half of 2009 and the first half of 2010, home values continued their slide in the second half of the year.
Almost $700 billion in value was lost in the first half of the year, compared to Zillow’s estimates of $1 trillion in the second half of 2010.
Only 24 percent of the 129 markets Zillow tracked increased in total home value this year.
Home values increased $10.8 billion in the Boston metropolitan statistical area (MSA), and $10.2 billion in San Diego (MSA).
The areas suffering the biggest drops in home prices include New York City, which lost $103.7 billion in value and Los Angeles, where home values fell $38.6 billion.
The steep declines in home values are pushing Americans further underwater with growing negative equity every year.
In the third quarter of 2010, 23.2 percent of single family homeowners with mortgages owed more on their mortgage than their home was worth which was up from 21.8 percent in 2009.
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