Report: Most who bought home in 2005 owe more than it’s worth
November 13th, 2008 by Post StaffHome values in the United States posted their seventh consecutive quarterly decline, falling 9.7 percent year-over-year according to the third quarter Zillow Real Estate Market Reports.
The report showed parts of the Treasure Coast posted even higher losses than the nationwide average.
For the Vero Beach metropolitan statistical area, data from Zillow show home values fell 15.9 percent year-over-year, bringing the average price of a home to $152,058, according to the Zillow Home Value Index.
The report said 20.8 percent of all homeowners in Vero Beach now have negative equity in their homes — meaning they now owe more on the mortgage than the home is currently worth.
For buyers who purchased at the peak of the market in 2005, 66.1 percent now have negative equity.
In the Port St. Lucie-Fort Pierce metropolitan statistical area, the report shows that home values fell 21 percent year-over-year, bringing the average price of a home to $153,516, according to the Zillow Home Value Index.
The report said that 24 percent of all homeowners in the Port St. Lucie-Fort Pierce region now have negative equity. For buyers who purchased real estate in that area at the peak of the market in 2005, 77.3 percent now have negative equity.
Additionally, 35.8 percent of homes that sold in that region during the past year were sold for a loss.
- By Nadia Vanderhoof, TCPalm.com
Tags: property, treasure coast, value, zillow
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November 13th, 2008 at 1:05 pm
More mean spirited DISTORTIONS from the news media TO SCARE AWAY HOMEBUYERS! Of course, the foreclosure figures reported are COMPLETELY INFLATED. In fact, they are inflated by 400% to 800% according to REALTY TRAC. That’s because FORECLOSURE FILINGS are NOT actual homes being foreclosures since there are MULTIPLE FILINGS for home. So when The Palm Beach Post reports 54,352 homes in Florida “received at least one foreclosure notice” IT’S A COMPLETE FRAUD and means absolutely nothing. JEFF OSTROWSKI and his editor know it’s a fraud and are telling half-lies by dancing on the head of a pin. Furthermore, JEFF OSTROWSKI is even MISLEADING READERS more because Realty Trac stats ONLY APPLY TO HOMES WITH A MORTGAGE and 42% of Florida homes are owned free and clear. So JEFF OSTROWSKI is lying when he reports that 1 in every 157 Florida homes rec’d a foreclosure notice last month. That’s a LIE WITHIN A LIE…in reality he means 1 home in every 157 THAT HAVE A MORTGAGE. So it’s easy to see how The Palm Beach Post HAS DECLARED WAR on South Florida homeowners by trying to make matters look worse then than they really are to scare away homebuyers!
November 13th, 2008 at 1:17 pm
Yes, I’m just another one of millions of drive by media victims. The “Drive By Media” has been waging war on the Florida real estate market for the past 4 years by masquerading foreclosure and distressed property consultants as fair and impartial real estate experts whose fabricated real estate horror stories are designed to simply scare away home buyers! We have all seen the media headlines “100,000 Condos Being Built in Miami”, of course, there were never more than 5,000 condo starts a year in all of Miami-Dade County a fact recently supported by Miami Herald reporter M. Haggman who concluded that ONLY 22,000 condo’s were built in Miami-Dade county in the past 5 years years…a far cry from 100,000 just in the City of Miami. Further, as the Old Real Estate Lawyer points out The Palm Beach Post has deliberately destroyed the local housing market with INFLATED and DISTORTED monthly foreclosure stats. Nothing like an INFLATED foreclosure scare to make sure that NOBODY BUYS A HOUSE! When will this assault on homeowners end…when The Palm Beach Post finally closes it’s doors and goes out of business thanks to Jeff Ostrowski and Linda Rawls CAREER of bashing real estate!!