Buy high, sell low... by Claudia Sonea

The fourth-quarter Zillow (housing market research company) report covers 67 million homes and offers data for the nation and 125 metro markets. On Tuesday it shoed that more than 30 percent of U.S. homeowners who bought in the last two years pay more on the mortgage than the house is currently worth. According to the report in the past two years the housing market peaked in most U.S. markets. 39 percent of those who bought in 2006 a house with a median 10 percent down mortgage, now have negative home equity. In 2007 the figures show that 30 percent are in the same situation. Still, this is not the worst thing possible and things are bound to get worse before going better, says Stan Humphries, Zillow vice president of data and analytics. U.S. home prices fell 3 percent last year from 2006 with condos (around $229,017) and single-family residence values that dropped 7.4 percent, respectively 5.5 percent, said online company Zillow in its quarterly home value report. There was a nationwide slip in the last three months of 2007 and all home types dropped 3.3 percent from the third quarter and 3 percent year-over-year. Even markets from Pacific Northwest were affected and reported a notable value declines in the fourth quarter. Overall home values fell in the fourth quarter of 2007 to around $224,890 and there is still a long way until any improvements will be made. Don't go away, this item of news will surely interest you. Enjoy!

related story: http://news.yahoo.com/s/nm/20080212/bs_nm/usa_housing_zillow_dc;_ylt=ApglkTz4iQCDSpR4K6E4UVSs0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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Edited by Katarina Rastocna