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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  May 10, 2011  |   1 in 4 Homes With Mortgages Are Underwater
The number of home owners who owe more on their mortgage than their house is worth continues to increase. About 28 percent of homes with mortgages are now underwater, according to Zillow.com’s latest Home Value Index. That is up from 27 percent reported during the last three months of 2010.

A flood of foreclosures continues to weigh on many markets and is putting downward pressure on home prices.

Zillow’s latest index, which covers 132 markets, showed that 97 percent of home owners saw a decrease in home values.

However, three real estate market bright spots were uncovered: Fort Myers, Fla., Champaign-Urbana, Ill., and Honolulu, which all posted quarterly increases. Home values in those cities increased 2.4 percent, 0.8 percent, and 0.3 percent, respectively.

Source: “Zillow Index: Accelerating Real Estate Price Declines,” Inman News (May 9, 2011)

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