The Economic Collapse has put together a stupendous list of 20 startling facts about the US housing market:
1. According to Zillow, 28.4% of all single-family homes with a mortgage in the United States are now underwater.
2. Zillow has announced that the average price of a home in the U.S. is about 8% lower than it was a year ago;
3. U.S. home prices have now fallen a whopping 33% from where they were at during the peak of the housing bubble.
4. During the first quarter of 2011, home values declined at the fastest rate since late 2008.
5. According to Zillow, more than 55% of all single-family homes with a mortgage in Atlanta have negative equity and more than 68% of all single-family homes with a mortgage in Phoenix have negative equity.
6. U.S. home values have fallen an astounding 6.3 trillion dollars since the housing crisis first began.
7. In February, U.S. housing starts experienced their largest decline in 27 years.
8. New home sales in the United States are now down 80% from the peak in July 2005.
9. Historically, the percentage of residential mortgages in foreclosure in the United States has tended to hover between 1 and 1.5 percent. Today, it is up around 4.5 percent.
10. According to RealtyTrac, foreclosure filings in the United States are projected to increase by another 20 percent in 2011.
11. It is estimated that 25% of all mortgages in Miami-Dade County are “in serious distress and headed for either foreclosure or short sale“.
12. Two years ago, the average U.S. homeowner that was being foreclosed upon had not made a mortgage payment in 11 months. Today, the average U.S. homeowner that is being foreclosed upon has not made a mortgage payment in 17 months.
13. Sales of foreclosed homes now represent an all-time record 23.7% of the market.
14. 4.5 million home loans are now either in some stage of foreclosure or are at least 90 days delinquent.
15. According to the Mortgage Bankers Association, at least 8 million Americans are currently at least one month behind on their mortgage payments.
16. In September 2008, 33% of Americans knew someone who had been foreclosed upon or who was facing the threat of foreclosure. Today that number has risen to 48 percent.
17. During the first quarter of 2011, less new homes were sold in the U.S. than in any three month period ever recorded.
18According to a recent census report, 13% of all homes in the United States are currently sitting empty.
19. In 1996, 89% of Americans believed that it was better to own a home than to rent one. Today that number has fallen to 63 percent.
20. According to Zillow, the United States has been in a “housing recession” for 57 straight months without an end in sight.
Source: The Economic Collapse: :”Don’t Buy A House In 2011 Before You Read These 20 Wacky Statistics About The U.S. Real Estate Crisis“