December 23, 2011
Housing Market Lost Billions In 2011
Sales levels are improving, but homes in the United States are expected to lose $681 billion in value for 2011, according to Zillow, a real estate information service.
The loss is well below the $1.1 trillion the housing market lost during 2010.
The majority of the 2011 loss occurred during the first half of the year, when the market lost $454 billion. Zillow projects the market will lose another $227 billion by Dec. 31.
Only nine of 128 markets around the country showed gains during the year. The Boston market is projected to lose $9.5 billion, a slight improvement over $9.9 billion in 2010.
WBJ Web Partners
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