Are Home Prices Drowning?

By Alec Foege   | Posted Nov 10th 2010 5:37PM
2 Comments
Updated Nov 12th 2010 5:27PM

Underwater homes remain a growing problem and home prices are still falling, despite already having slid substantially.

The third quarter of 2010 registered a decline of 4.3 percent year-over-year and dropped 1.2 percent as compared to the same quarter last year, according to Zillow.com.

Underwater homes -- those with negative equity, when a home's mortgage is larger than its value -- grew to 23.2 percent of single-family homes carrying mortgages. The markets with highest percentage of underwater mortgages in the third quarter were Las Vegas (80.2 percent) and Phoenix (68.4 percent).

These AOL Real Estate guides can help, whether you're in the market to buy or sell:

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
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Get property tax help from our experts.
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