Real estate website Zillow.com said real estate home values in the United States stabilized in the third quarter and fewer mortgages were "underwater," but impending foreclosures could threaten to delay a real estate housing market recovery. According to the recent quarter's Zillow Real Estate Market Report, which encompass the national data and 156 metropolitan areas, the number of single-family real estate homes with mortgages underwater, or in negative equity, dipped to 21 percent in the third quarter, down from 23 percent in the second quarter, as home values stabilized in the short term and more underwater homeowners lost their homes to foreclosure.
Negative equity has been one of the biggest problems for homeowners, disqualifying many from home loan refinancing and preventing them from selling their homes. U.S. home values posted their 11th consecutive quarterly decline, falling 6.9 percent year-over-year to a Zillow Home Value Index of $190,400. But the rate of year-over-year decline shrank for the third quarter in a row, meaning home values did not decline as dramatically compared with the third quarter of 2008 as they did in the second or the first quarters. In addition, the Zillow Home Value Index, which measures the value of all homes and not just those that sold in a particular period, remained relatively flat in the short term, declining 0.4 percent from the end of the second quarter to the end of the third. "The next several months will be critical to the housing market," Stan Humphries, Zillow chief economist, said. "Previously, we'd been expecting to see increasing foreclosure rates during the real estate market's slow winter season, a confluence of events that would likely drive inventory up and prices down."
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