Grim Q3 for housing slump: 1 in 7 homes in negative equity — Zillow report

The Saint ReportProperty Development, saintblog0 Comments

negative-equityThe latest batch of grim statistics on the housing slump show that roughly 14 percent of homeowners — one in seven — have negative equity or owe more than their house is worth, The Wall Street Journal reports.

The third quarter report on 163 metropolitan areas from Zillow.com, the Seattle-based firm that informs neighbors on the value of nearby homes, also reported than one third of homes sold last year were sold for a loss.

The Housing Bubble blog adds a report from San Francisco that over 20 percent of homes in the nine-county Bay area are in negative equity — one in five homes!

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