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Wake Up America—Home Prices ARE Falling

Diana Olick
CNBC [1]
Wednesday, October 29, 2008

Am I not doing my job? Or is nobody listening? How is it possible, in the midst of the worst credit crisis in history, which is predicated on one of the biggest housing crashes in history, that nearly half of all Americans still don’t get that home prices are falling?

A new survey from Zillow.com finds that a full 49 percent of those surveyed think their home has either retained its value or even gained value in the past year. According to Zillow, 74 percent of all U.S. homes have lost value in the last year. Don’t believe Zillow? How about the National Association of Realtors: Home prices down 9 percent nationwide in the past year. How about the government’s Office of Federal Housing Enterprise Oversight: Home Prices down 5.9 percent since last year. How about any real estate agent in the phone book??



Ok, I get it, all real estate is local, and a lot of folks simply believe that those national numbers don’t apply to their neighborhood. Yep, there’s some truth to that, there are some neighborhoods in some cities that are still strong. But not half the homes in the country!!!

Who’s most deluded? Many of you folks in the Northeast. Apparently about 55 percent of you think your home would sell for the same or more than it would a year ago. Zillow says 71 percent of homes in the Northeast have lost value. Thankfully Westerners are a little more grounded in their property valuations…but not all of you! Despite the fact that home prices in California, Nevada and Arizona have fallen upwards of 40 percent regionally, 35 percent of Westerners think they haven’t lost a dime in their homes. According to Zillow, 85 percent of all homes in the West have lost value.

Full story here. [1]