The third-quarter underwater number rose from 22.5 percent in the second quarter and is the highest it’s been since Zillow began tracking negative equity in 2009. The subtle hints of stabilization in home values that started emerging earlier in the year began to wane last quarter.

With home values nationally 25 percent below their June 2006 peak, the current housing downturn is approaching Great Depression-era declines, when home values fell 25.9 percent in five years (between 1929 and 1933), Zillow pointed out in its report.

Home values fell from the second to the third quarter in 77 percent of markets covered in Zillow’s study. In five of those markets – the California metropolitan areas of Los Angeles, San Diego, San Francisco, San Jose, and Ventura – home values began to drop again after five consecutive quarters of increases.

Additionally, more than one-quarter (27.3 percent) of homes sold in September were sold for a loss, marking a near-peak level, Zillow reports. The peak was hit in February 2010, when 27.7 percent of homes sold went for a loss.

Part II – Michael Corradini

Part III – Michael introduces Panel Members and talks with Tony Constable

Part IV – Panel member Michael Shields

Part V – Panel member Faby Gonzalez

Part VI – Panel member Jim Abbott

Part VII – Short Sale Pros Broker of Record and Real Estate Attorney Spencer Lugash

Part VIII – Spencer Lugash continued..

Part IX – Jim Abbott speaks about Abbott Realty Group going exclusive with Short Sale Pros!

Part X – Guest speaker Greg Reid, Author of 3 Feet from Gold

Part XI – Greg Reid continued..

Part XII – Closing remarks – Meet the Company

You will have the opportunity to meet the entire Short Sale Pros team and get to know everyone behind the scenes who are dedicated to making sure you and your homeowners have a successful short sale!

We will be giving away a chance to receive DOUBLE COMMISSION on your next short sale and a new Apple i-Pad!

RSVP now by emailing events@shortsalepros.com or Call Now and Get Registered Today –> (858) 346-1600

The latest performance report shows that nearly half of the homeowners approved for trial modifications have fallen out of the program. As of the end of July, 616,839 HAMP trials have been canceled, out of the 1,307,489 trials started since the program began.

The government and “distressed” homeowners are seeing Short Sales more and more as a viable option. Statistics like these released Friday compliment our feelings that the free market and capitalism will ultimately provide the solution to this unprecedented market correction.

To learn how you can earn Double Commission, call us at 866-975-PROS(7767) or email us at support@shortsalepros.com.

Michael Corradini and Jasleen Nelson

First American Core Logic says there are 130 million homes in the United States. If 20% of them are upside down, or 26 million homes, and 41% walk, then 10.4 million homes would go into default.

The National Association of Realtors says the median home price is $166,100, so if you take 10.4 million homes by $166,100, you have over $1,727,400,000,000 in foreclosures ahead.

Let’s hope strategic defaults reach no where near the 41% level. It is a big problem and Short Sale Pros always advises against it.