Zillow has just released its Q1 market report and used the word "dismal" in the headline. The Wall Street Journal follows up with a piece that contains the word "tumble" in the headline. National home values, in other words, are failing at winning. But there ain't no market-watch party without a side of melodrama, so in that spirit here are the 10 most overtly depressing facts, figures, and quotes compiled from both articles:
10: "[H]ome values fell at a pace we haven’t seen since 2008 — the darkest days of the housing recession." [Zillow]
9: "[M]edian home values...fell 3 percent during the first three months of the year." [Zillow]
8: "We now believe a bottom will come in 2012, at the earliest." [Zillow]
7: "The quickly-falling home values caused more homeowners to slip into negative equity." [Zillow]
6: "By the end of the first quarter, 28.4 percent of single-family homeowners with mortgages were underwater..." [Zillow]
5: "Prices have now fallen for 57 consecutive months..." [WSJ]
4: "Prices are decelerating in large part because the many foreclosed properties that often sell at a discount force other sellers to lower their prices." [WSJ]
3: "On Friday, Fannie [Mae] reported a $6.5 billion net loss, largely as it boosted loan-loss reserves in anticipation of falling home prices." [WSJ]
2: "Paul Dales, a senior U.S. economist with Capital Economics, says prices could fall by as much as 10%, down from his previous forecasts of around 5%." [WSJ]
1: "Zillow estimates that more than 28% of borrowers owe more than their homes are worth nationally." [WSJ]
· First Quarter Brings More Dismal News for Housing Market [Zillow]
· Home Market Takes a Tumble