U.S. home values remained unchanged in October from the previous month, and they were 5.7 percent lower than a year ago, reports Zillow, the Web-based home listing and valuation service. That marks the lowest level of annual depreciation since December 2007.
The Zillow Home Value Index was $190,600 at the end of October, down 20.4 percent from its peak value of $239,500 in June 2006. Seven out of 10 U.S. homes have lost value since October 2008, and 27 percent of the homes sold in October sold for a loss relative to their purchase price. Overall, U.S. homes lost $489 billion in value during the first 11 months of this year, significantly less than the $3.6 trillion lost during 2008, according to the recent Zillow Real Estate Market Reports.
Las Vegas, Detroit, Riverside, Calif., Phoenix and Miami suffered the most depreciation in October, while Boston, Los Angeles, San Diego and San Francisco posted the largest monthly gains.