Tuesday, December 16, 2008

$2 Trillion in House Values Lost in 2008

Zillow's latest projection for 2008 is that US home values lost more than $2 Trillion due to the collapse of the housing bubble.

One in seven of all homeowners, or 14.3 percent, were "underwater" by the end of the third quarter, the reports showed, meaning that they owe more on the mortgage than the house is worth.

That's 11.7 million homeowners.
More will be reported during the fourth quarter.

"The U.S. housing market is suffering the worst downturn since the Great Depression as a huge supply of unsold homes, tighter lending standards and record foreclosures."

And unfortunately, there's still "second wave" of defaults expected during the mortgage meltdown, as the great Housing Price Correction continues into 2009 and 2010.

Read Zillow's latest.


Nationwide Median Home Price History:
(includes new homes and resale)

1968 $20,100
1969 $21,800
1970 $23,000
1971 $24,800
1972 $26,700
1973 $28,900
1974 $32,000
1975 $35,300
1076 $38,100
1977 $42,900
1978 $48,700
1979 $55,700
1980 $62,200
1981 $66,400
1982 $67,800
1983 $70,300
1984 $72,400
1985 $75,500
1986 $80,300
1987 $85,600
1988 $89,300
1989 $94,600
1990 $97,300
1991 $102,700
1992 $105,500
1993 $109,100
1994 $113,500
1995 $117,000
1996 $122,600
1997 $129,000

1998 $136,000

1999 $141,200

2000 $147,300

2001 $156,600

2002 $167,600

2003 $180,200

2004 $195,200

2005 $219,000

2006 $221,900

2007 $217,900

2008 $183,300

Source: NAR and US Census, via housingdecline.com

4 comments:

goooooood girl said...

your blog is very nice......

Anonymous said...

And yet, here in Charlottesville, it would appear that this whole home value decline is just a disturbing little rumor. At least based on prices in the city. You silly bubblers are so alarmist!

Brooklyn Bob said...

Patience, Anonymous, patience. It's coming down like the proverbial house of cards.

Don't forget what local realtors association prez Judy Savage said:

"Many of us have seen our incomes fall 75% from just a few years ago. Your article, "A tale of two foreclosures" was a story that could have been written about many of us.... The Realtor in question is only one of many facing foreclosure and bankruptcy...."

The center cannot hold. Public admission of Game Over.

http://tinyurl.com/6kyjpo

wii frik said...

after reading that article, every time i've been at target, walmart, or gone out to eat, i've wondered, is that guy a realtor?

and if they had a "second job" at Best Buy or Circuit City, they're SOOL