Zillow: Home Values Continue to Drop

HousingWire reports Zillow says home values declined in October 0.3 percent from the previous month. Home values have declined 23.7 percent since 2007, and on a year-over-year basis, the Zillow home value index fell 5.1 percent to $147,900. On a regional basis, of the 156 metropolitan statistical areas covered by Zillow, 95 show home value decline and 39 metro areas showed increase. Twenty-two areas showed no change. The foreclosure liquidation rate dropped over 20 percent October 2010 to October 2011—8.1 homes of 10,000 this year compared to 10.7 homes per 10,000 October 2010. Zillow anticipates home values will fall an additional two to four percent before bottoming out in 2012. “As expected, home values continue to fall in the back half of this year due to an abundance of housing supply relative to demand,” said Stan Humphries, Zillow chief economist.

(Photo credit: RealtorMag)

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