It's land values falling that is responsible for the drop, not "home values". Harry ****************************** Henry George School of Los Angeles Box 655 Tujunga CA 91042 (818) 352-4141 ****************************** From: [email protected] [mailto:[email protected]] On Behalf Of D and N Sent: Friday, May 13, 2011 7:35 PM To: RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION Subject: [Futurework] 28% homeowners owe more on mortgage than home worth http://www.cnbc.com/id/42955097
CNBC - U.S. home values fell in the first quarter at the fastest rate since late 2008, real estate data firm Zillow said on Monday, suggesting that a bottom will not be seen until 2012 at the earliest. Zillow said its home value index fell 3 percent in the first three months of the year from the previous quarter, and was down 8.2 percent year-over-year. The number of homeowners under water- or, those who owe more on the mortgage than their house is currently worth -amounted to 28.4 percent of single-family homeowners, representing a peak since Zillow began calculating the data in 2009. ..... Almost all of the 132 markets covered by Zillow saw home value declines. Only Fort Myers in Florida, Champaign-Urbana in Illinois, and Honolulu, Hawaii, managed quarterly increases.
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