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Loss seen on nearly 1 in 3 June sales
August 11th, 2009 1:43 PM

Loss seen on nearly 1 in 3 June sales

Zillow index shows slowdown in price declines

Inman News

Home values essentially held steady from May to June as the volume of sales picked up by 3.8 percent, according to an index compiled by real estate search and valuation site Zillow.com.

But nearly one in four owners of single-family homes (23 percent) were "underwater" during the second quarter -- owing more on their mortgage than their homes were worth -- and foreclosure resales made up 22 percent of all home sales in June, Zillow said.

"While the abundance of affordable foreclosure properties is a boon for many first-time homebuyers, I don't believe we'll see significant recovery until demand-side fundamentals improve, and more move-up and move-across buyers re-enter the market," said Stan Humphries, Zillow chief economist, in a press release.

About 29 percent of homes that changed hands in June sold for less than their owner originally paid, Zillow said. The Zillow Home Value Index showed prices falling by 0.9 percent from May to June, and 2.7 percent from the first quarter to the second.

Looking back a year, the index showed home values falling by 12.1 percent during the second quarter. At $186,500, the median home value was down 22.3 percent from its peak.

The annual decline registered in the second quarter was smaller than the 12.4 percent hit home valuations took in the first three months of the year, marking the first decrease in the rate of annual decline since prices started falling in the fall of 2007, Zillow said.

The Zillow Home Value Index includes the value of all single-family residences, condominiums and cooperatives in a given area, whether they were sold or not.

Some areas may be closer to hitting bottom than others, Zillow said, noting that 18 of 142 metropolitan statistical areas (MSAs) seeing price declines have posted at least three consecutive quarters of smaller year-over-year home-value declines. Nine of those markets were in California: Los Angeles, San Diego, Stockton, Oxnard, Santa Rosa, Modesto, Vallejo, Yuba City and Napa.


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Posted by Roch Lemieux, III on August 11th, 2009 1:43 PMPost a Comment

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