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Zillow: Foreclosures Slowing But Home Prices Dropping
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You're Now Reading:
Zillow: Foreclosures Slowing But Home Prices Dropping
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
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Zillow: Foreclosures Slowing But Home Prices Dropping
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February 9, 2011 (Jeff Alan)
mortgage-handle-with-care-image
Zillow Real Estate Research joined CoreLogic and Lenders Processing Services by releasing its December Home Value Index (HVI). According to the data collected from 132 metropolitan areas, monthly depreciation in home values increased 0.9 percent in December 2010 from the previous month. The median home value nationally was $175,215, down 27 percent from the housing bubble peak in June 2006.

Of all the metropolitan regions tracked in the fourth quarter Real Estate Market Report, 123 metropolitan areas experienced monthly declines in home values (93%), only 8 metropolitan areas saw monthly increases (6%), and one area was flat from the prior month. On a year-over-year basis, 115 metros were down, 9 regions were flat, and 8 regions were up.

The report also disclosed that the number of underwater homes, where the mortgage balance is greater than the current value of the home, jumped to 27% in the fourth quarter, up from 23.2 percent in the third quarter.

The increase in negative equity was attributed to a substantial slowdown in foreclosure liquidations accompanied with the increase in depreciating home values.

Foreclosure liquidations dropped to 9.1 out of every 10,000 homes in December down from the peak in October which experienced a rate of 12 out of every 10,000 homes being liquidated.

The report attributes the slowdown in liquidations to the delays and lengthened process times resulting from the numerous “robo-signing” controversies.

“While it’s never good to see monthly depreciation rates this high, we have been saying that the 54-month long housing recession would strongly reassert itself in the post tax credit period. And it has. I suspect that this is near the peak monthly depreciation rates that we’ll see and I expect depreciation to start to improve in early 2011,” Stan Humphries from Zillow said.

The report also went on to say that Zillow expects January to remain about the same as December with depreciation rates decreasing in the months to follow through at least the first half of the year with depreciation stabilizing the second half of the year.

Unfortunately, Zillow also predicts that they expect home values to bounce around the bottom and not see appreciation rates that will outpace inflation for at three years after home prices bottom out.

Tags: zillow, home value index, home prices, housing bubble, home values, underwater homes, negative equity, depreciating home values, robo-signing

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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

February 9, 2011 (Jeff Alan)
mortgage-handle-with-care-image
Zillow Real Estate Research joined CoreLogic and Lenders Processing Services by releasing its December Home Value Index (HVI). According to the data collected from 132 metropolitan areas, monthly depreciation in home values increased 0.9 percent in December 2010 from the previous month. The median home value nationally was $175,215, down 27 percent from the housing bubble peak in June 2006.

Of all the metropolitan regions tracked in the fourth quarter Real Estate Market Report, 123 metropolitan areas experienced monthly declines in home values (93%), only 8 metropolitan areas saw monthly increases (6%), and one area was flat from the prior month. On a year-over-year basis, 115 metros were down, 9 regions were flat, and 8 regions were up.

The report also disclosed that the number of underwater homes, where the mortgage balance is greater than the current value of the home, jumped to 27% in the fourth quarter, up from 23.2 percent in the third quarter.

The increase in negative equity was attributed to a substantial slowdown in foreclosure liquidations accompanied with the increase in depreciating home values.

Foreclosure liquidations dropped to 9.1 out of every 10,000 homes in December down from the peak in October which experienced a rate of 12 out of every 10,000 homes being liquidated.

The report attributes the slowdown in liquidations to the delays and lengthened process times resulting from the numerous “robo-signing” controversies.

“While it’s never good to see monthly depreciation rates this high, we have been saying that the 54-month long housing recession would strongly reassert itself in the post tax credit period. And it has. I suspect that this is near the peak monthly depreciation rates that we’ll see and I expect depreciation to start to improve in early 2011,” Stan Humphries from Zillow said.

The report also went on to say that Zillow expects January to remain about the same as December with depreciation rates decreasing in the months to follow through at least the first half of the year with depreciation stabilizing the second half of the year.

Unfortunately, Zillow also predicts that they expect home values to bounce around the bottom and not see appreciation rates that will outpace inflation for at three years after home prices bottom out.

Tags: zillow, home value index, home prices, housing bubble, home values, underwater homes, negative equity, depreciating home values, robo-signing

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

February 9, 2011 (Jeff Alan)
mortgage-handle-with-care-image
Zillow Real Estate Research joined CoreLogic and Lenders Processing Services by releasing its December Home Value Index (HVI). According to the data collected from 132 metropolitan areas, monthly depreciation in home values increased 0.9 percent in December 2010 from the previous month. The median home value nationally was $175,215, down 27 percent from the housing bubble peak in June 2006.

Of all the metropolitan regions tracked in the fourth quarter Real Estate Market Report, 123 metropolitan areas experienced monthly declines in home values (93%), only 8 metropolitan areas saw monthly increases (6%), and one area was flat from the prior month. On a year-over-year basis, 115 metros were down, 9 regions were flat, and 8 regions were up.

The report also disclosed that the number of underwater homes, where the mortgage balance is greater than the current value of the home, jumped to 27% in the fourth quarter, up from 23.2 percent in the third quarter.

The increase in negative equity was attributed to a substantial slowdown in foreclosure liquidations accompanied with the increase in depreciating home values.

Foreclosure liquidations dropped to 9.1 out of every 10,000 homes in December down from the peak in October which experienced a rate of 12 out of every 10,000 homes being liquidated.

The report attributes the slowdown in liquidations to the delays and lengthened process times resulting from the numerous “robo-signing” controversies.

“While it’s never good to see monthly depreciation rates this high, we have been saying that the 54-month long housing recession would strongly reassert itself in the post tax credit period. And it has. I suspect that this is near the peak monthly depreciation rates that we’ll see and I expect depreciation to start to improve in early 2011,” Stan Humphries from Zillow said.

The report also went on to say that Zillow expects January to remain about the same as December with depreciation rates decreasing in the months to follow through at least the first half of the year with depreciation stabilizing the second half of the year.

Unfortunately, Zillow also predicts that they expect home values to bounce around the bottom and not see appreciation rates that will outpace inflation for at three years after home prices bottom out.

Tags: zillow, home value index, home prices, housing bubble, home values, underwater homes, negative equity, depreciating home values, robo-signing

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.