What’s your Seattle area home worth today?

 

About what it was worth in 2004

Oops. That means if you bought your home after 2004, your home value is likely less than what you paid for it.

In their latest report, Zillow.com estimates that more than 28 percent of all houses and condos that sold in the Seattle metropolitan area in December sold for a loss

Snohomish County was the hardest hit with the sellers of nearly 42 percent of all Snohomish homes sold in December got less than what they had paid for their home.

At the end of 2010, about 34 percent of all single-family homeowners with mortgages in King, Snohomish and Pierce counties owed more than their homes are worth – higher than the national figure of 27 percent.

While the percentage of houses with negative equity in the Seattle area is climbing, it still doesn’t compare with Sun Belt markets: about 82 percent of all houses in Las Vegas, 70 percent in Phoenix, and 62 percent in Orlando, Fla., are underwater according to estimates by Zillow.

One explanation: Since home values in the Seattle metro market kept rising for a year after values began falling in most of the rest of the country, Seattle is now seeing steeper price drops, even as price declines in many other metropolitan areas are moderating.

The Northwest marches to its own drummer.

Source: The Seattle Times

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