70% Of Arizona Home Owners Are Now Underwater!
Recent survey conducted by Zillow shows that 70% of Phoenix home owners are now underwater!
by Charlie Shorter Tuesday, April 19, 2011
70% Of Arizona Homeowners Underwater!
Phoenix, Arizona – Tuesday April 19th, 2011 – Recent survey conducted by Zillow shows that 70% of Phoenix home owners are now underwater!
According to a recent report issued by Zillow, 69.90% of Phoenix Homeowners have more mortgage than home. Now, there has been some question to the validity of Zillow’s numbers yet even if they are off 25%, that is an enormous portion of the Arizona population.
Zillow’s latest data (again, not the most reliable) shows 70 percent of Valley homes had negative equity in the fourth quarter and nationally the negative equity percentage stood at about 27 percent. The Zillow data is backed by a separate report from CoreLogic showing similarly high rates of underwater home owners.
The Arizona housing market has suffered badly since the beginning of the financial turmoil… Acceleration in home values declining, and a slowdown in the nation’s foreclosure rate following the late-2010 robo-signing debacle, has contributed to the increase in negative equity according to representatives at Zillow.com.
Phoenix-area prices have dropped nearly 12% to an average of $129,300 at the end of 2010, according to Zillow.com. Basically, a 53.6 percent drop from the Phoenix real estate market’s peak.
Nationally prices have dropped 5.9 percent to an average of $175,200 or 26.7 % from peak levels.
About Arizona Short Sale Tips:
Arizona Short Sale Tips is an online resource providing the latest in Arizona short sale information. We are a division of Secure Real Estate in Phoenix and assist those in need of help avoiding foreclosure through the use of short sales.
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