Housing Market Continues to Flounder

According to Bloomberg, Zillow, Inc. reports that the number of homes with negative equity increased from 22 percent a year ago to 28 percent Q1 2011.  There were 16.2 million homes worth less than the amount owed, compared to 13.1 homes in that situation one year ago.  Home prices dropped three percent in the first quarter, and Zillow anticipates they will fall to nine percent this year because of more foreclosed properties entering the market.  Zillow Chief Economist Stan Humphries says they will not bottom out until 2012.  The first quarter drop was the highest since home prices fell 3.9 percent in the fourth quarter of 2008.  Out of 132 regions surveyed by Zillow, only three showed an increase in property values. Those were Fort Myers, Florida, Champaign-Urbana, Illinois, and Honolulu, Hawaii.

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