Zillow: 40% of home sellers took a loss in March

The Chicago Tribune reports:

Forty percent of all homes sold in the Chicago area in March sold for less than the seller paid, according to a new report scheduled to be released Monday.
The study by Zillow.com also found that 31.8 percent of all single-family, detached homes with mortgages in the Chicago area were underwater at the end of March, meaning the homeowners owned more on the loans than the properties were worth. At the end of December, 27.5 percent of local home mortgages had negative equity.

Nationally, 23.3 percent of single-family homes with mortgages were underwater in March, up from 21.4 percent in December. Zillow's data is based on public records.

I guess not everyone makes money on real estate.