Business

<< Previous   of   Next >>   ADVERTISEMENT   Related Stories • Local foreclosure rate low but rising 8/14/08 • New tax credit is no deal for most 8/14/08   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Thursday, August 14, 2008 15 percent of area homes sold for a loss, Zillow says Herald Staff About 15 percent of the region's home sellers during the past year lost money, according to a report offered Tuesday by Zillow Inc. Zillow, the Seattle-based real estate information company, said that number was up to 25 percent nationally, with foreclosures making up 15 percent of sales. In the Seattle metropolitan area, which includes Snohomish County, the median value for all homes, including condominiums, was $355,945. The value dropped by 7.3 percent in comparison to a year ago, according to Zillow. Most owners in the area had $54,587 worth of equity in the homes, or about 20 percent of their homes value. In Snohomish County, the median value of all homes was $334,962, which was a 2.3 percent drop during the last three months and a 7.4 percent drop during the past year. In Pierce County, the median was $267,362. In King County, it was $413,690. In some parts of California, the data showed that more than three of five homes sold for a loss, and half of all sales were foreclosures. Despite gloomy housing headlines and dismal data, homeowners nationwide remain 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 with the states that saw the biggest run-up in prices during the boom -- California, Nevada, Florida and Arizona -- now posting the sharpest declines. The Associated Press contributed to this story.

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