Housing-value loss smaller in 2011
Zillow says housing values lost less in 2011 than in 2010; mortgage rates at record low; foreclosures up 21 percent in third quarter; shadow inventory at 2009 levels
Zillow expects houses across the nation to lose more than $681 billion in value during 2011, which is 35 percent less than the $1.1 trillion lost in 2010.
From January to June, $454 billion was lost. From July to December, Zillow projects residential home value losses will be $227 billion.
What about Philadelphia? Zillow says metro area houses lost $28.3 billion in 2010, but will only be down $21.8 billion this year. The region's 2011 housing value is $496.1 billion.
What else? Thirty-year fixed interest rates are at a record low 3.91 percent this week, Freddie Mac says.
The Office of the Controller of the Currency said foreclosures by major banks jumped 21.1 percent in the third quarter, primarily because moratoriums initiated by the lenders as a result of robo-signing investigations. The percentage of delinquent loans fell from the previous year's third quarter, however.
"Shadow inventory," or yet-to-be listed for sale foreclosures or bank repossessions, totaled 1.6 million, or a seven-month supply, in October, CoreLogic reported.