Sometimes I feel I can be a bit too negative but it is hard to be in this business and not be over whelmed by all the not so happy news. This last week or so saw as much negative press as I have seen in quite awhile. Just a few of the stories and headlines:
Zillow reports 28.4% of all single family homes with mortgages are underwater
Zillow feels the bottom for home prices will no longer occur in 2011 and revising this to happening 2012 “at the earliest”
Zillow quarter of quarter has home prices falling 3% and year over year 8.2%
As of 4th quarter of 2010, 11.1 million, or 23.1%, of all residential properties with a mortgage were in negative equity (note Zillow’s estimate for the current %)
April 2011 home prices were .7% below levels reached in March 2009 (prior to this consider the bubble low)
From the San Francisco Chronicle
Homeowners have not paid an estimated $50 billion on mortgages in foreclosure, from JP Morgan Chase
6.3 million homeowners weren’t current on their mortgages at the end of March
2.2 million of these homeowners loans are in the process of foreclosure
Loans in foreclosure were an average 549 days late
27% of single family homes with mortgages, or 15.7 million, were underwater end of 2010
Cities with highest percentage of underwater homes: LasVegas 82% followed by Phoenix at 70%
Overwhelming is putting it lightly. In the future, I will continue you to bring you current statistics but I am going to make a sincere effort to offset this with positive news stories about local events here in the Napa Valley and elsewhere in the Bay Area. If you are anything like me, then you too have to be aware of what is going on but it is time to put a little more sunlight in our lives.
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.