The Housing Market Just Had Its Worst Quarter Since 2008

A new survey from Zillow shows that the US just had its worst quarter for home sales since 2008.

Some key datapoints:

  • Nearly 75% of homes in the US lost value from Q1 2010 to Q1 2011. That’s up from 69% the quarter before.
  • Negative equity hit a brand new high of 28.4%.
  • Foreclosure re-sales hit a brand new high, representing 23.7%.

  • Meanwhile, the supply of distressed home continues to be massive. 2 million homes are in the foreclosure process, with another 1.5 million seriously delinquent.

Here are a couple of charts from the report:

housing

[credit provider=”Zillow.com” url=”http://www.zillow.com/blog/research/2011/05/08/no-respite-from-housing-recession-in-first-quarter/”]

housing

[credit provider=”Zillow.com” url=”http://www.zillow.com/blog/research/2011/05/08/no-respite-from-housing-recession-in-first-quarter/”]

Click here to see the 10 cities where houses are hitting brand new lows, according to Case- Shiller >