Sunday, November 16, 2008

Zillow reports Ann Arbor Homes selling at a loss


Nearly half of all homes sold in the Ann Arbor metropolitan area over the last year were sold at a loss or less than the original purchase price, according to online real estate information company Zillow.

Slightly more than one out of four Ann Arbor area homes sold were foreclosures, the Web site reported this week. The figures come from Zillow.com's third quarter market report.

Every three months, the company releases a report detailing various real estate statistics for 163 metropolitan statistical areas, including Ann Arbor's, which covers virtually all of Washtenaw County. Zillow was launched in 2006 by the founders of travel Web site Expedia.

The latest report also says the median home value in Ann Arbor fell 4.6 percent to $200,293, compared to 2007 numbers. About 5.6 percent of local homeowners have negative equity - meaning they owe more on the home than it's worth, according to Zillow.

Nationwide, Zillow said home values fell 9.7 percent in the third quarter from 2007, marking the seventh consecutive quarter of decline. Nearly one-third of homes sold in the U.S. in the past year sold at a loss.

Read more at Mlive

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