Zillow: 72% of 2006 home buyers in L.A. now under water
Zillow.com now estimates that home values in Los Angeles have rolled back to late 2004 levels, falling 18.6% from their peak. More from the Zillow.com report on trends in home values in the first quater:
By Zillow's calculations:
--Nationwide, home values dropped nearly 8% from first quarter 2007 to first quarter 2008.
--In Los Angeles, home values are down 16.4% over the same period, to levels last seen in the fourth quarter of 2004.
--72% of L.A. homeowners who purchased in 2006 now have negative equity -- that is, they owe more than their home is worth.
--In Los Angeles, large single-family homes (more than 3,000 square feet) and large condos (more than 1,600 square feet) have depreciated the least, at 6.6% and 9.4%, respectively.
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Photo Credit: 4424 S. Slauson Ave., Culver City. Sold for $900,000 in 2006, now in foreclosure and listed for $649,000, a decline from peak pricing of 27.9%. From Leo Nordine Realtors.