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Fewer of us are upside down in our mortgages

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There's finally some good news: housing prices are stabilizing.

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By SHANNON BEHNKEN | The Tampa Tribune

Published: November 9, 2009

TAMPA - Many of us know we owe more on our mortgages than our homes are worth. But here's a little bit of good news: Values show signs of stabilizing.

The number of homeowners nationwide with negative equity – meaning their mortgages are higher than their home's value – fell to 21 percent in the third quarter, according to a report released today from Zillow.com.

That's down from 23 percent in the second quarter.

"The decline in the percentage of homeowners with negative equity is a positive sign, and is directly attributable to the stabilization of home values from the second quarter to the third," said Zillow Chief Economist Stan Humphries.

Values continued to fall across the nation, however. Values fell 6.9 percent in the third quarter, marking the 11th consecutive quarter of decline.

The Zillow Home Value Index hit $194,000, but the rate of decline shrank for the third consecutive quarter.

The short-term outlook was better.

Values fell 0.4 percent from the second to third quarters.

Locally, the Tampa metro area had an index value of $126,000, for a yearly drop of 16.6 percent. Values fell 2.2 percent from the second quarter, but just 0.7 percent from the August to September.

Zillow's index looks at the value of all homes in 156 metro areas.

Reporter Shannon Behnken can be reached at (813) 259 7804.

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