July home sales and Zillow's take on the local market
More interesting stats -- and economist forecasts -- in today's story about the Baltimore-area housing market. C'mon, you know you want to read it.
For all you nice folks who've already been there and done that, here are new statistics from Zillow's second-quarter Real Estate Market Report:
--A quarter of borrowers with single-family homes in the Baltimore metro area are "under water" on their mortgages, Zillow estimates. This stat relies on "Zestimates" of home values and compares current estimated value to the original mortgage amount. (So this does count people whose principal payments have put their heads above water, but it doesn't count homeowners who owe more than they could sell their home for because they tapped their equity in the go-go days.)
--Seventeen percent in the metro area -- about one in six -- sold for a loss in June. By that, Zillow means homeowners who sold for less than they bought, foreclosures not included.
--Just under 9 percent of homes that changed hands were foreclosure resales, Zillow says. That's up from about 3.5 percent a year earlier. (Zillow's figures range widely. For instance, 2 percent in Towson and 21 percent in Middle River.)
Zillow's figures show about the same percentage of negative equity nationally as here, but more homes sold at a loss and more foreclosure resales.
The company said that nearly 30 percent of U.S. homes sold in June changed hands at a loss for the seller (which seems really high to me, but then California and Florida have a way of skewing national numbers). And foreclosure resales added up to 22 percent of homes sold, the company said.
Zillow said its separate Homeowner Confidence Survey found that 29 percent of homeowners "say they would be at least somewhat likely to put their home on the market if they see signs of a turnaround, ... signaling an abundance of potential shadow inventory waiting in the wings." (The July survey was conducted online.)