Zillow: Fewer underwater mortgages, home prices flat

2009 November 9

Home values in the United States stabilized in the third quarter and fewer mortgages were “underwater,” but impending foreclosures could threaten to delay a housing market recovery, real estate website Zillow.com said on Monday.

Stabilization of the hard-hit U.S. housing market is seen as key to an economic turnaround so a delayed rebound would likely prolong a recovery for the world’s largest economy.

The amount of single-family homes with mortgages underwater, or in negative equity, dipped to 21 percent in the third quarter, down from 23 percent in the second quarter, as home values stabilized in the short term and more underwater homeowners lost their homes to foreclosure, according to the recent quarter’s Zillow Real Estate Market Reports, which encompass the national data and 156 metropolitan areas.

U.S. home prices flat in Q3, fewer “underwater”: Zillow

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