Q3 Home Values Decline: Zillow

November 14, 2008 | Filed Under Real Estate News 

Third-quarter home values declined 9.7 percent from a year ago, marking the seventh straight quarter that home values have fallen, according to the Q3 2008 Zillow Real Estate Market Report.

Over the past year, nearly one-third of homes sold (30.2 percent) were sold for a loss, up from the 23.7 percent reported at the end of the second quarter. Nearly three-fourths (74 percent) of all U.S. homes lost value in the past year, Zillow says.

The survey also finds that one in seven households nationwide has negative equity. Of the homeowners who bought in the last five years, almost one-third (29.5 percent) are under water, owing more on the mortgage than the home is worth. Almost one in five transactions (18.6 percent) over the past year was a foreclosure.

Of the 163 metro areas surveyed, 27 showed negative value changes over the past five years and 12 other markets had flat returns over the same period. The markets hit hardest by long-term depreciation are Stockton, Calif., (3.8 percent), Detroit (3.1 percent), Boston (1 percent) and Cleveland (0.8 percent).

There are a few bright spots in the country:12 of the 163 markets had a year-over-year gain in value of more than 1 percent. Most of those areas were in the Carolinas and upstate New York — regions that did not experience the extreme appreciation seen during the real estate boom. Year-over-year home values rose 5.6 percent in Ithaca, N.Y. and 3.1 percent in Rochester, N.Y. while values rose 3.9 percent in Jacksonville, N.C. and 3.4 percent in Winston-Salem, N.C.

Share This

Comments

Search

As Boston Real Estate professionals, our mission is to provide you with the best home-buying or home-selling experience in Boston. Search MA properties through MLS on our website, www.bushari.com. We pride ourselves on exceptional customer service, and look forward to sharing that service with you.

Bostonian Lofts is the premiere website for information about Boston Lofts. Read about Boston Loft Developments and how we can help you purchase or sell your Boston Loft.

We write the quarterly Boston Real Estate Market Report to help our clients better understand the real estate market in some of Boston's most popular neighborhoods. The Boston Real Estate Market Report breaks down the real estate market of each Boston neighborhood into categories based on the number of bedrooms. The report gives clients a detailed look at localized market trends. Subscribe for FREE today!

MLS Search

Property Types

Condo / Townhouse Single Family Multi Family Commercial Land All     Attributes Parking Fireplace Waterfront Pool Penthouse Full Service Price / Region Any Price 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 900,000 950,000 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000   to  Any Price 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 900,000 950,000 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 10,000,000+ Select an Area Any Arlington Belmont All of Boston Allston Back Bay Beacon Hill Brighton Charlestown Chinatown Dorchester East Boston Financial District Fort Hill Hyde Park Jamaica Plain Leather District Mattapan Midtown Mission Hill North End Roslindale Roxbury Seaport District South Boston South End The Fenway Theatre District Waterfront West End West Roxbury Brookline All of Cambridge Agassiz Cambridge Highlands Cambridgeport Central Square East Cambridge Harvard Square Inman Square Kendall Square Mid Cambridge North Cambridge Porter Square Riverside West Cambridge Chelsea Dedham Everett Framingham Lexington Malden Medford Milton Natick Needham All of Newton Auburndale Chestnut Hill Newton Center Newton Highlands Newton Upper Falls Newtonville Nonantum Waban West Newton Peabody Quincy Revere Somerville Waltham Watertown Wellesley Weston Advanced MLS Search