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Sign into your accountA Closer Look: U.S. Homes Expected to Lose Nearly $700 Billion in Value This Year
December 26 2011
Further insights from the Zillow Research blog . . .
Homes in the United States are expected to lose more than $681 billion in value during 2011, which is 35 percent less than the $1.1 trillion lost in 2010, according to recent analysis of the 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 housing market lost $454 billion. From June to December, Zillow projects that residential home value losses will be $227 billion.
Only 7 percent (9 markets) of the 128 markets tracked by Zillow showed gains in total home values during 2011. Among those were the New Orleans metropolitan statistical area (MSA), which gained $3.5 billion in value, and the Pittsburgh MSA, which gained $2.7 billion.
Nationally, the total market value peaks in Q2 of 2006 which is different from the peak of Zillow Home Value Index (ZHVI) in Q2 of 2007. This is caused by the different measurements namely average vs. median. While the median of Zestimates is the core component of the ZHVI, the average of Zestimates is the core component of the total market value.
A breakdown of the results by metropolitan statistical area can be viewed here.