Zillow’s first quarter Real Estate Market Reports, released today, show home values decreased 0.5 percent from the fourth quarter of 2011 to the first quarter of 2012 to $146,200 (Figure 1). On an annual basis, home values are down 3.1 percent from March 2011 levels (Figure 2). Despite showing quarterly and annual depreciation, the quarter FULL BRIEF
Nineteen of the 30 metro areas covered by the Zillow Home Value Forecast will reach a bottom in 2012, or have already reached a bottom. Several of those are expected to see significant home value increases in the next 12 months, including the Phoenix (6.5 percent), Miami-Ft. Lauderdale (5.6 percent) and Tampa (2.5 percent) metros, FULL BRIEF
The Zillow Real Estate Market Reports, released today, show home values decreased 1.1 percent from the third to the fourth quarter of 2011 to $146,900 (Figure 2). On an annual basis, this represents a 4.7 percent decline (Figure 1). December’s data show that sequential improvements in year-over-year numbers have stopped, and the pace of monthly FULL BRIEF
Despite recent economic turmoil around the European debt crisis, dragging levels of domestic consumer confidence, and high unemployment and negative equity, home values have remained essentially flat over the last quarter. According to the Q3 Zillow Real Estate Market Reports, released today, home values fell only 0.2 percent from the second to the third quarter FULL BRIEF
Home values in June fell 0.08% relative to May levels and fell 6.2% relative to June 2010 levels (see Figures 1 and 2). This is the lowest depreciation rate nationally since the start of the housing recession in June 2006. Let’s start with the positive interpretation aspects of this development. First, we’re seeing this improving FULL BRIEF
Home values fell three percent in the first quarter of this year, marking a pace of decline not seen since 2008 when the housing recession was at its worst. Home values fell one percent between February and March and 8.2 percent from March 2010. The cumulative decline in home values since the market peak is FULL BRIEF
In December, monthly depreciation in home values notched up again to -0.9% from November and home values fell 5.9% from levels in December 2009 (see Figure 2). The median home value nationally in December was $175,215, down 27% from its peak in June 2006 (see Figure 1). Monthly home value depreciation was at its highest FULL BRIEF
In November, the decline in home values from the national peak in June 2006 officially surpassed the magnitude of declines experienced during the Great Depression, falling 26% from peak levels compared to the 25.9% decline in the five years between the end of 1928 and the end of 1933. And November marked the 53rd consecutive FULL BRIEF
Home value depreciation began to accelerate in the third quarter, according to the Zillow Real Estate Market Reports. With home values 25% below their peak and 17 consecutive months of depreciation, the length and severity of the current downturn is approaching the housing recession of the Great Depression. FULL BRIEF
Zillow’s second quarter Real Estate Market Reports show continuing declines in home values, uncertainty about coming months as we experience payback from the expiration of the homebuyer tax credits. FULL BRIEF