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In the 12 months that ended June 30,
nearly 25% of all homes sold nationwide fetched less than sellers originally paid,
More than $200 billion in adjustable rate mortgages are scheduled to reset during the second half of 2008.
"With $3.9 million unsold homes on the market, prices will have to come down even more before the market stabilizes," said Zillow's Humphries.
Prime mortgages are starting to default at disturbingly high rates
Prices are already off nearly 20% from their 2006 highs,
according to the S&P/Case-Shiller Home Price index.
Prime loans are just the latest class of mortgages to suffer a spike in failure rates.
The /banking/ insolvency crisis will come to an end only as home prices in the US begin to stabilise
Home prices will stabilise only when the absorption of the huge excess of single-family vacant homes is much further advanced