Wednesday, May 06, 2009

still floating over the Mon

It is a remarkable statistic in the headlines that 20% of US homes are 'underwater'... worth less than what was is owed on their mortgage. That's not less than what was paid, less than the mortgage. Much scarier is that in Las Vegas that number is 67% via Zillow does not seem to even report a comparable number for Pittsburgh in its profile for us. I suspect our 'underwater' metric has to be one of the lowest in the nation, not just because home values have not declined as much if at all.. but that compounds with higher and longer ownership patterns as well. The Las Vegas metrics are just plain scary all around. An estimated 99.5% of homes losing value over the last 12 months. 46.9% of home transactions were foreclosures. How is that possible?

But if you look at that zillow profile for Pittsburgh there are a few interesting things. The weakest part of the local real estate market according to them is for condos. There is continued appreciation in the lowest end of the local market.


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