Zillow: First Quarter 2011 Median Home Values Continue to Decline; Down 8.2% Past 12 Months

More than 28 percent of U.S. homeowners owed more than their properties were worth in the first quarter 2011 as values fell the most since 2008, according to Zillow Inc.

Home prices slumped 8.2 percent over the past 12 months. About 27 percent of homes with mortgages were “underwater” in the fourth quarter 2010. Homeowners with negative equity were at 22 percent in the first quarter of 2010.


Arlington Heights Zillow Home Value Index


The Zillow home price index for Arlington Heights (60004) has dropped
from just over $375,000 in 2006 to $246,000 in 2001 through 3/31/2011.

Home prices fell 3 percent in the first quarter and are forecast to drop as much as 9 percent this year as foreclosures spread and unemployment remains high, according to Zillow Chief Economist Stan Humphries. He predicts prices won’t find a floor until 2012 at the earliest.

60005 Zillow Home Value Index


60004 and 60005 compared for past year.

60005 Zillow Home Value Index


60004 and 60005 compared for past 10 years.

SOURCE:
Zillow Blog First Quarter Brings More Dismal News for Housing Market