April 12, 2011 (Shirley Allen)
Zillow.com states in a recently released report that national home values continued to decline in February of 2011, but at a slower pace. Nationwide, monthly home depreciation was -1.1 percent in February, down from -1.3 percent in January. However, year over year depreciation increased to -8.2 percent in February compared to – 7.4 percent in January.
Nationally, the median home value was $170,097 in February which is down 29.1 percent from the market peak in June 2006.
The metropolitan area that suffered the worse month over month decline in home value was Medford Oregon (-3.1%), while the metropolitan area that suffered the worse year over year home value decline was Mobile, Alabama, which saw home values decline 20.0 percent.
Zillow’s Home Value Index Report also showed that 130 out of 132 to metropolitan regions experienced monthly declines in home values with two markets, Fort Myers, Florida, and Fayetteville, North Carolina, seeing monthly increases.
In year over year comparisons, Zillow says that 127 metro regions experienced declines in home values, two metro regions saw annualized increases (Honolulu and Utica), and three metro regions were flat from year ago levels.
The report states that foreclosure liquidations increased to 0.095 percent, up from 0.093 percent in January, which they attributed to increased foreclosure activity following the slowdown caused by the “robo-signing” controversy. Zillow believes that as a result, they expect foreclosure liquidations to increase in the future.
Zillow also predicts that national home values will bottom out in the fourth quarter of 2011 or the first quarter of 2012 as the declining rate of depreciation that they predicted in December is beginning to materialize.
Read the whole report at zillow.com.
Tags: zillow, home value index report, median home value, home depreciation, metropolitan regions, foreclosure liquidations, robo-signing