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Report finds 24.8 percent of Summit, Portage owners have negative equity
Published on Thursday, May 07, 2009
Beacon Journal staff report
Nearly a quarter of all homeowners in Summit and Portage counties owe more on their mortgage than their home is currently worth as values fell from a year ago, according to the latest research by the online real estate firm Zillow.
Home values in the Akron metropolitan statistical area — defined as Summit and Portage counties — fell 7 percent in the first three months this year compared to a year ago, according to the Zillow Home Value Index. The Zillow Real Estate Market Reports look at 161 metropolitan areas and cover the value changes in all homes, not just homes that have recently sold.
The average home price in the greater Akron area for the first quarter this year was $115,682, down 14.9 percent since the Akron market peaked in 2006, Zillow announced in a release Wednesday.
The results for Summit and Portage counties showed:
• 24.8 percent of all Akron-area homeowners now have negative equity, meaning they owe more on their mortgage than their home is currently worth. The local area still fared better than the nation overall, according to Zillow.
• Homes in the Akron area lost $815.3 million in value during the first quarter of 2009, and have lost $3.2 billion in the past 12 months.
• 28.8 percent of transactions in the past 12 months were foreclosures.
• 8 percent of homes sold were ''short sales,'' meaning the proceeds fell short of the balance owed on the mortgage.
Nationally, home values fell in the first quarter, declining 14.2 percent from the first three months of 2008 to an average of $182,378.
Declining home values left 28.9 percent of all American homeowners with negative equity by the end of the first quarter, Zillow said.
''Slowing declines in select markets are a bright spot or, at least, what passes for one given current market conditions,'' Stan Humphries, Zillow vice president of data and analytics, said in a prepared statement. ''Unfortunately, given the magnitude of the current rates of decline, we're still many months away from a bottom even as depreciation slows.''
Get the full article here.
Comments
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Akron, OH
Posted 02:46 AM, 05/07/2009
Perhaps we can sell a few extra copies of today's ABJ.
Everyone, cut out this article and mail a copy of it to the following address:
John A. Donofrio
Fiscal Officer - County of Summit
175 S. Main Street
Akron, OH 44308
akron, oh
Posted 07:55 AM, 05/07/2009
get a clue, our city and county leaders don't care. Donofrio is going to retire soon and they will appoint Danny Horrigan (another do nothing moron). Then the Mayor will soon anounce his retirement and Marco (another hack) will be appointed to serve out his term. The summit/city democrats are getting in their "boys" so when the next election cycle comes around it will be business as usual. You Akron morons will follow these "new" leaders around like the sheep that you are.
Akron, OH
Posted 08:13 AM, 05/07/2009
Maybe the mayor will buy my house for 10 times what it is worth like he does with the properties downtown?
Anti-Politically Correct & Anti-GOP, OH
Posted 08:29 AM, 05/07/2009
Mail it? Hell, I'm going to fax it right to the source!
Akron, , OH
Posted 10:02 AM, 05/07/2009
If that's the case?? Should the city lay off the balk of their Klingons? No,No just raise property taxes and put it on the back of the taxpayer to make up for the leaders wisdom.
Isn't it true, if your elected to office?
Forget it.....Mendenhall will save us!!!!!!
Akron, OH
Posted 11:44 AM, 05/07/2009
Don't pin your hopes on one man. If Americans, and Akronites are included, did not go on a borrowing frenzy then we wouldn't be in this mess would we? I don't appreciate being called a moron, Dduckster, or are you just talking about yourself? Hmmm, if someone would step up to the plate that is half competent to run this city, then maybe, just maybe I would vote for them. I'm not fond of Donny or his boys but unfortunately, there isn't anyone, Mendenhall included, that I would want to vote for that has ran for an elected office.
Tepplin, DC
Posted 02:17 AM, 05/08/2009
Look! It's a bird! No, a blimp! No... it's... it's... Warner Mendenhall to the rescue!!! He'll beat that bad ol' Donnie Boy and... and... um... save the city!! Yeah, that's it!!
Akron, OH
Posted 02:20 AM, 05/08/2009
One more reason to RECALL MAYOR DON PLUSQUELLIC!
