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1/3 of New Owners Owe More Than House Is Worth

bloomberg.com — Second-quarter home prices fell 9.9 percent from a year earlier, giving 29 percent of owners negative equity, said Zillow, the Seattle-based service that offers values for more than 80 million homes. For those who bought at the 2006 peak of the housing market, 45 percent are now underwater, Zillow said.

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  • edstate, on 08/12/2008, -0/+3In other news, despite "real estate always going up", 1/3 of new homeowners bought bubble homes. Go figure.
  • deadmoo, on 08/12/2008, -0/+2That is what I call upside down hardcore. At least now I do.
  • philipl411, on 08/12/2008, -1/+3So what. Almost 100% of Americans that owns cars, owe more then its worth.
  • edstate, on 08/13/2008, -0/+1Not quite yet.
  • zelig, on 08/12/2008, -1/+1This is called a buyers' market.

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