Zillow revised their 4th Quarter report late Thursday the 28th of February that according to Zillow ?MORE EXPLICITLY DESCRIBES THE RATES OF NEGATIVE EQUITY FOR ALL HOMEOWNERS IN THE U.S. IN EACH OF THE YEARS 2003, 2006 AND 2007.? The original report had been released on February 12th as reported on PRNewswire.
In that report the key news was with regards to Condos where Zillows stated that Condos had posted the largest Year-over-Year value declines; down 7.4% compared to single family housing that was down by 5.5%.
This is the 3rd News Release by Zillow for the month of February. I strongly believe, that the main reason for this clarification was the confusion and somewhat dissolution by most home owners at the report posted on February 7th, where Zillow reported the findings of a survey that revealed, that Home Owners were in Denial or Inattention to what was happening in their markets with many indicating that other houses had lost value but not theirs. Actually I think Zillow was spot on here.
The new report does add some clarification to the 3rd Paragraph as detailed below:
?The continued decline in home values means many U.S. homeowners saw equity slip away while more homeowners were pushed into negative equity situations, meaning they owe more on their mortgage than the home is currently worth. Nationwide, those at most risk of being underwater on their mortgage are those who bought in the last two years when most markets peaked. Of those who bought in 2006, 39 percent now have negative home equity as do 30 percent of those who purchased in 2007. By comparison, only 3 percent of those who purchased five years ago, in 2003, and less than one percent of all homes in the U.S., in each of the years 2003, 2006 and 2007, have negative equity.?
What really puts this into perspective are the graphic images from Zillows Zindex Home Value Estimator
Hers is the link for the full size US Map version below:
I have also compiled a quick look at the Greater Tampa Bay Real Estate scene including Sarasota so you can gain a good perspective of the shape that we are in locally in Florida.
Click on the thumbnail picture (below) to pull up a larger view: