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Charlotte homes to lose $1.3B in value in 2010

Homes in the Charlotte metropolitan area are expected to lose $1.3 billion in value in 2010, according to a report released Thursday by Seattle-based real estate website Zillow.

That’s much lower than in the $8.7 billion lost in in 2009.

Overall, homes in the Charlotte metro area have an estimated value of $102.3 billion.

Home values fell 5.2 percent from October to the same month last year.

Nationwide, homes are expected to lose more than $1.7 trillion in value during 2010, higher than the $1 trillion lost in 2009.

Only 31 of the 129 markets tracked by Zillow showed gains in total home values in 2010. Those markets included the Boston and San Diego metro areas, which each gained more than $10 billion in value.

Declines in home values have led to increases in the percentage of homeowners in negative equity. At the end of 2009, 21.8 percent of single-family homeowners with mortgages were in negative equity, meaning they owed more on their mortgage than their home was worth. That’s also known as being underwater. In the third quarter of 2010, the last time Zillow calculated negative equity, 23.2 percent were underwater.

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