Altadena Real Estate

3rd Quarter ’08 Statistics

I recently came across some rather dire data…

According to the National Association of Realtors, U.S. home values continued to slide for the seventh consecutive quarter, declining 9.7 percent from a year ago, and falling 12.8 percent since the market peak in 2006. This is also the first quarter a significant number of markets show flat or negative five-year annualized change. Additionally, one-third of homes sold in the past 12 months sold for a loss, and 14.3 percent of all homeowners have negative equity.

The latest Zillow Real Estate Market Report states that home values in Altadena decreased 13.81% in the third quarter of 2008, compared to the third quarter of 2007. Nationally, home values decreased 9.7% during this same period.

While all this talk of declines in home values is not at all what owners want to hear, it does represent an amazing opportunity for people looking to purchase a home. Whether you’re currently renting, or you’re looking to “move up”, your purchasing power has vastly increased. Talk about a silver lining!

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