Home Value drop
Nationally, if you’ve purchased your home in the past five years, there’s a one-in-three chance that you’re “underwater” on your mortgage.
That’s the study of U.S. home values conducted by Seattle’s Zillow.com, which indicated that the median U.S. home value has plummeted to a level not seen since the fourth quarter of 2004.
In the U.S., 29.1 percent of homeowners who purchased a home since 2003 owe more money on their home than what it’s worth, which is called being “underwater” on the mortgage. Some U.S. real estate markets are faring much worse. In the Seattle-Tacoma-Bellevue market, it’s not as bleak. According to Zillow research, home values have appreciated 8 percent since 2003, although in the past year, home values fell 7.3 percent to a current home value of $355,945. According to Zillow, of the homeowners who bought in 2003, only 0.3 percent have negative home equity. But those who bought in 2007 aren’t faring so well, Zillow reports, with 27.9 percent of those buyers with negative home equity.
Read More: Business Journal
ShortSale Testimonial
Accepted: $245,000
Time to Negotiate: 60 Days
Dear Ankur,
Thank you for all the help you have provided us on our loan with B of A loan. In the beginning of the process we were worried, skeptic and over whelmed with all the paper work.
But, you and your team made the process smoothly. The bank did take a long time on our paper work, being persistence and calling them day in and out was troublesome, after 4 long months of determination it was worth it. I especially appreciate the hard work and dedication you and your team have provided us. Your assistance has been invaluable to me during this process.
Again, thank you so much. I am greatly appreciated for all your dedication in what you do for us and all others out there.
