Massive Blow To US Home Owners….Zillow.com Report Just Released.
Nationally, if you’ve purchased your home in the past five years, there’s a one-in-three chance that you’re “underwater” on your mortgage.
That’s the study of U.S. home values conducted by Seattle’s Zillow.com, which indicated that the median U.S. home value has plummeted to a level not seen since the fourth quarter of 2004.
In the U.S., 29.1 percent of homeowners who purchased a home since 2003 owe more money on their home than what it’s worth, which is called being “underwater” on the mortgage. Some U.S. real estate markets are faring much worse. Nearly every buyer (95 percent) in the Stockton, Calif., market, for example, who bought a home in 2006 owes more money on their mortgage than what the home is worth. Zillow said home values in Stockton fell 38.2 percent this quarter from a year earlier.
In the Seattle-Tacoma-Bellevue market, it’s not as bleak. According to Zillow research, home values have appreciated 8 percent since 2003, although in the past year, home values fell 7.3 percent to a current home value of $355,945. According to Zillow, of the homeowners who bought in 2003, only 0.3 percent have negative home equity. But those who bought in 2007 aren’t faring so well, Zillow reports, with 27.9 percent of those buyers with negative home equity.
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I am in Calif. Our reading of this $8,000 tax credit is 1% of the sales price up to $8,000 The way this reads you would have to buy a $800,000 home to get the full credit If they raise it to $10,000 that would be a $1.000,000 home If they can afford that why do they need a credit????
Our best selling range is $100/$200 so that is only $1,000 to $2,000 and the lenders are not using it at all.
We are in Stanislaus County and our drop here has been 40 to 70% depending on area and condition. Prices are still forcast to go down and appraisals are coming in short
How are you handling this tax credit?
Pat,
Nationally the first time buyer credit is as follows•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
thanks Mary!