That's Trillion with a "T"

The forth quarter numbers from all the usual sources started coming out last week, but yesterday’s numbers from online property estimator Zillow left the nation and this blogger stunned. Zillow’s Zestimates, for homes in 161 metro areas, reported $6.1 trillion in home values have been lost since 2006 and 17.6 percent of all homeowners were underwater at the end of 2008.

Even more stunning that more than half, of $6.1 Trillion loss, an estimated $3.3 trillion in home values came in 2008. And almost half of 2008’s losses, $1.4 trillion, came in the fourth quarter.

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Zillow reviewed homes in nine Bay Area counties to measure the equity lost. Regionally, Bay Area homes lost $202 billion in value in 2008. Anyone who has been listening or watching the news has seen the real estate values have continued to fall as foreclosures increased and the mortgage market fell apart. Adding to the pressure on the housing market now is job loss.

Alameda has held up well in the region and Zillow reinforces that with their estimate. Even though Alameda saw a year-over-year loss it was number 11 of all Bay Area Cities. Cities that have high home values and are affluent were ahead of the Island. The cities of Woodside, Menlo Park, Albany and Sausalito saw positive change in value. Rounding out the top 10 was: Belvedere/Tiburon, Berkeley, Piedmont, Lafayette, Hillsborough, and Orinda. Over five years, Alameda came in number #35 in annualize change of value.

 

Zillow Numbers for Alameda

Alameda (both 94501 and 94502)

Zillow Home Value Index:                              $577,500

Quarter-Over-Quarter Change:                       -4.4%

Year-Over-Year                                            -5.3%

5-Year Annualized Change                            0.9%

10-Year Annualized Change                          7.6%

 

94501

Zillow Home Value Index:                              $573,165

Quarter-Over-Quarter Change:                       -3.6%

Year-Over-Year                                            -5.2%

5-Year Annualized Change                            1.1%

10-Year Annualized Change                          7.9%

 

94502

Zillow Home Value Index:                              $594,839

Quarter-Over-Quarter Change:                       -5.0%

Year-Over-Year                                            -5.5%

5-Year Annualized Change                            0.4%

10-Year Annualized Change                          7.1%

 KPIX Video Link (They do not ave an embed feature) on the Zillow Story

http://tinyurl.com/bkhotv

San Francisco Chronicle Story on the Zillow Story

http://tinyurl.com/c3tz6x