Jeff Ostrowski
Alexandra Clough
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If you bought a home in ‘06 or ‘07, you’re upside down, Zillow says
A report today from Zillow slices and dices the real estate numbers in all their depressing glory. The lowlights:
In the metro area that includes Palm Beach, Broward and Miami-Dade counties, 76.2 percent of people who bought homes in 2006 have lost equity. And 29.2 percent of homes sold in the second quarter of this year were sold for a loss.
And in the Treasure Coast, 80.5 percent of 2006 buyers are in the red, while 36.2 percent of homes sold in the second quarter changed hands for a loss.
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By delray dude
August 12, 2008 4:46 PM | Link to this
What do you call a 30% drop in real estate values? A good start.
Another 30-40% to go……
Economics cant hide the old truism of 3:1. Once the prices drop to what the workers /doctors/accountants can afford to pay, then we will sales pick up.