Thursday, December 22, 2011 / by Raul Pineyro
Zillow: S. Fla. homes to lose $6.5 billion in value this year
South Florida homes and condominiums are expected to lose an astonishing $6.5 billion in value this year, real estate website Zillow.com said Thursday.
As bad as that is, it was more than four times worse in 2010, when homes and condos across Palm Beach, Broward and Miami-Dade counties lost $28.6 billion in value.
Nationally, U.S. properties are on pace to lose $681 billion in value, down 35 percent from 2010.
“While homeowners suffered through another year of steep losses, the good news is that homes are losing value at a substantially slower pace as the market works its way (to) the bottom,” Zillow Chief Economist Stan Humphries said in a statement.
Just nine of 128 markets showed gains in home values during 2011, Zillow said. Metro New Orleans led the way with $3.5 billion in gains. Pittsburgh was second ($2.7 billion).
As bad as that is, it was more than four times worse in 2010, when homes and condos across Palm Beach, Broward and Miami-Dade counties lost $28.6 billion in value.
Nationally, U.S. properties are on pace to lose $681 billion in value, down 35 percent from 2010.
“While homeowners suffered through another year of steep losses, the good news is that homes are losing value at a substantially slower pace as the market works its way (to) the bottom,” Zillow Chief Economist Stan Humphries said in a statement.
Just nine of 128 markets showed gains in home values during 2011, Zillow said. Metro New Orleans led the way with $3.5 billion in gains. Pittsburgh was second ($2.7 billion).
