Zillow reports another drop in home values
[Chicago Sun Times]
In Chicago, 45.7% of homes in the first quarter had a negative equity, according to a new report released today by real estate Website Zillow.com. This number also represents a 13.8% drop from last year’s numbers. When a home has a negative equity, it means that current homeowners are paying more in mortgage than what their home is actually worth.
Since home values have fallen so rapidly, Zillow has also revised their forecast for the rest of the year; they now predict that the housing market won’t reach bottom in 2011.
The nation as a whole is doing no better in terms of home values; the Zillow report also reported that in 137 metropolitan areas, home values fell in 97% .
In the largest 25 metropolitan areas, the Windy City ranked 8th in terms of number of homes with negative equity.
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