In the past 12 months, more than 86 percent of homes in the Seattle area lost value, and 11. 1 percent of homes sold at a loss, according...
In the past 12 months, more than 86 percent of homes in the Seattle area lost value, and 11.1 percent of homes sold at a loss, according to a second-quarter home-values report released Tuesday by Zillow.
As of the end of June, 5.5 percent of homes sold in the Seattle-Bellevue-Everett area were in some stage of foreclosure, the report said, and overall home values had fallen 7.3 percent from their peak.
But the Seattle area fared much better than the U.S. as a whole.
Nationwide, almost one in four homeowners, or 24 percent, who sold their property in the past year lost money on the deal, the report said, while foreclosures made up 15 percent of all sales.
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In California, more than three of five homes sold for a loss, and half of all sales were foreclosures.
Seattle-based Zillow breaks out home values by metropolitan area and drills down by county, neighborhood, ZIP code, price range and more.
The Seattle area’s market peak was the second quarter of 2007, the report says, which means that any data comparing this quarter to the year-earlier quarter is comparing data from the highest point.
Despite gloomy housing headlines and dismal data, homeowners nationwide remain oddly optimistic about the value of their homes, a separate Zillow survey found.
Sixty-two percent think their home value increased or stayed the same in the past year and three-fourths expect their home value to increase or stay the same in the next six months.
By all measures, home prices have fallen nationally in the past year.
The states that saw the biggest run-ups in prices during the boom — California, Nevada, Florida and Arizona — are now posting the sharpest declines.
Information from The Associated Press in included in this report.