From California Real Estate Magazine, Member Benefits
Last year, 20 percent of home sales in California involved short sales. With the number of homeowners who owe more than their home is worth hovering around 30 percent, that number is bound to increase in 2011 and 2012.
Unfortunately, only three of five short sales transactions close, according to statistics from a recent survey of 2,150 California REALTORS, even when there is an interested and qualified buyer. That’s why the California Association of Realtors launched the Califonia Short Sales website ….
According to Zillow, 28.4 percent of all homes in the United States at the end of Quarter One in 2011 are underwater. Here is the list Zillow provided. Note: Las Vegas isn’t included on this list, but according to CoreLogic, Nevada has the highest percentage of homes with negative equity. I have read as high as 90 percent in some blogs.
| Largest 25 Metropolitan Statistical Areas Covered by Zillow | Zillow Home Value Index | |||||
| Q1 2011 | QoQ Change | YoY Change | Change From Peak | Negative Equity* | ||
| United States | $169,600 | -3.0% | -8.2% | -29.5% | 28.4% | |
| New York, N.Y. | $346,600 | -1.6% | -5.3% | -24.2% | 17.1% | |
| Los Angeles, Calif. | $386,400 | -3.0% | -7.6% | -36.1% | 21.0% | |
| Chicago, Ill. | $167,900 | -4.8% | -13.8% | -38.1% | 45.7% | |
| Dallas, Tex. | $125,400 | -1.2% | -6.9% | -13.2% | n/a | |
| Philadelphia, Pa. | $187,600 | -3.2% | -10.3% | -20.5% | 22.1% | |
| Miami-Fort Lauderdale, Fla. | $137,300 | -1.8% | -12.8% | -55.4% | 47.7% | |
| Washington, D.C. | $305,900 | -1.5% | -7.0% | -30.3% | 29.5% | |
| Atlanta, Ga. | $121,100 | -4.4% | -17.3% | -33.7% | 55.7% | |
| Detroit, Mich. | $70,600 | -5.2% | -17.3% | -55.5% | 36.3% | |
| Boston, Mass. | $305,800 | -2.6% | -5.3% | -23.2% | 16.9% | |
| San Francisco, Calif. | $467,000 | -3.8% | -10.2% | -33.9% | 25.7% | |
| Phoenix, Ariz. | $126,100 | -2.3% | -11.2% | -55.3% | 68.4% | |
| Riverside, Calif. | $185,800 | -1.8% | -3.2% | -53.8% | 50.7% | |
| Seattle, Wash. | $259,200 | -1.7% | -11.7% | -32.1% | 34.4% | |
| Minneapolis-St. Paul, Minn. | $159,000 | -4.8% | -15.1% | -35.6% | 46.2% | |
| San Diego, Calif. | $347,500 | -2.1% | -5.5% | -35.3% | 26.0% | |
| St. Louis, Mo. | $127,900 | -4.0% | -9.6% | -18.7% | 31.2% | |
| Tampa, Fla. | $107,200 | -3.8% | -10.9% | -50.6% | 59.8% | |
| Baltimore, Md. | $218,300 | -2.5% | -9.8% | -27.5% | 29.6% | |
| Denver, Colo. | $192,300 | -2.7% | -9.6% | -17.2% | 41.0% | |
| Pittsburgh, Pa. | $105,800 | -0.2% | -0.1% | -5.1% | 6.8% | |
| Portland, Ore. | $203,300 | -3.0% | -12.1% | -30.6% | 35.9% | |
| Cleveland, Ohio | $108,500 | -3.9% | -9.1% | -24.7% | 41.4% | |
| Sacramento, Calif. | $207,400 | -4.2% | -11.0% | -50.1% | 51.2% | |
| Orlando, Fla. | $115,700 | -2.9% | -7.8% | -55.2% | n/a | |
| *Negative equity refers to the % of single-family homes with mortgages. | ||||||
Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.
Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.
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