Fewer Underwater As Housing Market Limps
Home values were on the increase in the Worcester and Boston areas during the second quarter as the number of "underwater" mortgages nationwide declined, according to real estate tracking firm Zillow.
In the Worcester area, second quarter home values increased 1.2 percent from the previous quarter, but fell 0.8 percent from the same period a year ago. Home prices in the area have fallen 24.6 percent since their peak and 20.2 percent of single-family home loans were underwater during the quarter.
The Boston area finished the quarter with home values that increased to $331,568, a 3.2 percent increase from the prior quarter and 3.4 percent better than a year earlier. Values in Boston have fallen 16.8 percent from their peak and 8.3 percent of home loans are considered underwater.
Zillow said the national housing market is limping toward stabilization. However, foreclosures reached a new peak in June with more than one out of every 1,000 homes in the country being foreclosed upon during June.
WBJ Web Partners
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