U.S. homes set to lose nearly $700 billion in value during 2011
U.S. homes are expected
to lose more than $681 billion in value during 2011 – 35 percent less than the
$1.1 trillion lost in 2010 – according to analysis of a recent Zillow Real
Estate Market Reports.
The bulk of the total
value lost during 2011 was in the first half of the year. From January to June,
the U.S. housing market lost $454 billion. From July to December, Zillow
projects residential home value losses will total a significantly lower $227
Regionally, only nine
out of 128 markets showed gains in home values during 2011.
The majority (92
percent) of markets analyzed for the report showed home value losses for 2011.
The biggest home value losses, in terms of total dollars lost in 2011, were in
the large MSAs of Los Angeles (down $75.5 billion), New York (down $44.8
billion), and Chicago (down $41.7 billion). The large overall losses were due
to the high number of homes in these metro areas, along with decreases in
median home values.