The FINANCIAL -- Home values in the United States continued their decline in October
2011, falling 0.3 percent from September, according to this month's
Zillow Real Estate Market Reports.From Zillow News.
However, the rate of monthly depreciation has stabilized as the housing market heads towards the bottom. On a year-over-year basis, the Zillow Home Value Index declined 5.1 percent to $147,900. Home values have fallen 23.7 percent since their peak in May 2007.
Regionally, 95 of the 156 of the metropolitan statistical areas covered by Zillow experienced monthly home value depreciation and 39 metros showed monthly home value increases. Twenty-two metros remained flat. Encouragingly, there were some positive signs in some of the harder hit areas. In Miami, home values were flat on a monthly basis while Phoenix and Detroit both saw monthly gains of 0.2 percent and 1.0 percent, respectively.
Only ten metros saw home value appreciation on a yearly basis with seven of those metros also having monthly appreciation, including Fort Collins, Colo., Madison, Wis. and Oklahoma City.
The foreclosure liquidation rate continued to decline in October with 8.1 out of every 10,000 homes in the country being liquidated. This is down significantly from the all-time high of 10.7 out of every 10,000 in October 2010 -- just prior to the robo-signing controversy.
New to the Zillow Real Estate Market Reports this month, Zillow has substantially increased the coverage of the Zillow Home Value Index by adding 18 million homes to the Index and increasing the number of counties covered from 750 to nearly 3,000. Nationally, the addition of homes in more rural locations results in a lower national ZHVI. The full historical ZHVI time series for this new data footprint has been re-computed back to 1996 so there is no discontinuity.
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