Thursday, December 22, 2011
Nearly all housing markets in the U.S., including San Diego, will lose value in 2011.
The housing analysis from Zillow.com shows U.S. homes are expected to lose nearly $700 billion in value this year. But the good news is losses in 2010 exceeded $1 trillion, and this year nine markets, including New Orleans and Pittsburgh, actually gained value.
Gary London, a San Diego real estate consultant, said Zillow paints a picture of a home market that's beginning to turn around.
"So this represents sort of the bottom of the bargain market. And now we're going to see a turnup, probably beginning next year," said London.
This year, Zillow reports San Diego will lose $9.7 billion in real estate value. According to Zillow, the L.A. market will lose $75 billion.