Highlights:
- Nationwide, there has been a 29% decrease in home values since the peak. Zillow expects another 3-5% decrease over the next year with prices then stabilizing for the next few years.
- 30% of homeowners with mortgages are "upside-down" meaning that their mortgage is greater than the value of their home. No real problem with this situation if you and/or your spouse have stable employment. Loss of a job and the inability to meet mortgage payments can quickly put the homeowner in jeopardy of a home foreclosure.
