The so-called negative equity for the Charlotte County-North Port market approaches 85 percent, says Zillow, the Seattle-based Internet company that calculates its "Zestimates" on house prices for millions of American homes using market data and proprietary software.
Zillow said that median home values in the United States "experienced the most significant year-over-year decline in 12 years, pushing values back to 2005 levels."
"Meanwhile, one out of every two homeowners who purchased during the market peak in 2006 is now underwater on their mortgage," the company said in first-quarter 2008 analysis released on Tuesday.
