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August 13th, 2008
Posted: 02:45 PM ET
NEW YORK (CNNMoney.com) — More homeowners than ever are selling at a loss, propelling the real estate market deeper into crisis. In the 12 months that ended June 30, nearly 25 percent of all homes sold nationwide fetched less than sellers originally paid, according to real estate Web site Zillow.com. While the nation’s double-digit decline in home prices has been well documented, the new report underscores the economic force of those price declines. Homeowners are walking away with much less in their pocket when they sell. And that affects more than the real estate market. –By CNNMoney.com’s Les Christie |
 
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