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Author: Subject: Home Values drop 1.7 Trillion in 2010

Sublime Peach





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  posted on 12/9/2010 at 09:27 AM
Home values tumble $1.7 trillion in 2010
By Blake Ellis, staff reporter
December 9, 2010


NEW YORK (CNNMoney.com) -- Can't sell your home for a decent price? You're not alone.

American homes are expected to be worth $1.7 trillion less in 2010 than they were worth last year, according to a report released Thursday by real estate website Zillow.

This year's drop in home values is 63% bigger than the $1 trillion dip in 2009, and brings the total value lost since the housing market's peak in 2006 to a whopping $9 trillion.

While the homebuyer tax credit helped prop up the housing market in the second half of 2009 and the first half of 2010, home values continued their slide in the second half of the year. Almost $700 billion in value was lost in the first half of the year, compared to Zillow's estimates of $1 trillion in the second half of 2010.

"It's a testament to the nearly irresistible force of the overall market correction that government incentives can only temporarily hold back the tide, and that the market will ultimately find its natural equilibrium of supply and demand," said Zillow Chief Economist Dr. Stan Humphries.

And it may not get much better.

"Unfortunately, with foreclosures near an all-time high in late 2010 and high rates of negative equity persisting, it does not appear that the first part of 2011 will bring much relief," Humphries said.

Only 24% of the 129 markets Zillow tracked increased in total home value this year. Home values increased $10.8 billion in the Boston metropolitan statistical area (MSA), and $10.2 billion in San Diego MSA.

America's most overvalued cities
The areas suffering the biggest drops in home prices include New York City, which lost $103.7 billion in value and Los Angeles, where home values fell $38.6 billion.

The steep declines in home values are pushing Americans further under water every year. In the third quarter of 2010, 23.2% of single family homeowners with mortgages owed more on their mortgage than their home was worth -- up from 21.8% in 2009.



It feels great not to own the debt that was associated with my home ownership. I wish I had owned my own home outright, but I didn't. Even though home values are going down, I would love to outright own my home one day. I just did not want to own the debt on a $250,000 home that I could not buy outright. I was lucky to be able to convince my wife that it was the right move to sell our home, rescue our equity, and sit on the sidelines until this thing works itself out. We sold within a few months of the crash. I knew my equity could end up dwindling away and I could end up, like many Americans, paying more for their mortgage than what their homes are really worth, or for that matter, what they are going to end up being worth. I feel for those that are now trapped and in a bad spot. I was just lucky to get out when I did. I know I was doing the right thing for me and my family. It has worked out to be a great move for us.

I won't even get into what the price of Silver has done this year!


[Edited on 12/9/2010 by jerryphilbob]

 

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Zen Peach



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  posted on 12/9/2010 at 01:15 PM
The Great Reset continues.

 

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Zen Peach



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  posted on 12/9/2010 at 01:56 PM
Fortunately home values in our area are pretty secure. As soon as we finish up Mom's house and sell it, ours will be paid off. And yeah, the prospect is a good feeling.

 

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Universal Peach



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  posted on 12/9/2010 at 02:06 PM
As painful as this, to use Bhawk's description, "reset" is, in some ways it was long overdue. Real estate prices in some parts of the country were, for too long, way too high. Here in my part of the world, real estate has not declined, but in fact has risen due to a shortage of housing. However, most of the real estate here was not astronomical to begin with. That seems to be the pattern all over the country where real estate hadn't "ballooned" in value in such a relatively short time.
 

World Class Peach



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  posted on 12/9/2010 at 03:03 PM
My house alone is worth 1.7 trillion less! Everyone else's is OK. I got this one.
 

Banned


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  posted on 12/9/2010 at 03:06 PM
quote:
The Great Reset continues.


x 2

 

Extreme Peach



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  posted on 12/9/2010 at 04:25 PM
What? No talk about silver prices? Is that because they've declined around 5%?
 

Zen Peach



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  posted on 12/9/2010 at 04:30 PM
quote:
What? No talk about silver prices? Is that because they've declined around 5%?


We only talk about the ups, not the downs.

 

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Extreme Peach



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  posted on 12/9/2010 at 04:43 PM
Thanks Hawk, I was just wondering. I'm still in at $1 an ounce, so I think I'll hold.
 

Zen Peach



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  posted on 12/9/2010 at 06:24 PM
quote:
My house alone is worth 1.7 trillion less! Everyone else's is OK. I got this one.
Hey, thanks for having our back!

 

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Zen Peach



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  posted on 12/9/2010 at 06:25 PM
quote:
quote:
My house alone is worth 1.7 trillion less! Everyone else's is OK. I got this one.
Hey, thanks for having our back!


You beat me to it....what a guy!

 

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Sometimes we can't choose the music life gives us - but we damn sure can choose how we dance!


 

Peach Head



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  posted on 12/10/2010 at 01:47 AM
Wait a minute, Oback says it's all good...what gives?
 
 


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