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Bobby Lehmkuhl & Danielle Dutcher's Blog

By Bobby LehmKuhl | Broker in 90265

Home values drop 6.2% from last year - www.4Malibu.com


Home values across the United States fell 6.2% in the second quarter from a year earlier with a slight 0.4% gain from the first quarter, according to Zillow.

The average home values hit $171,600 during the three months ended June 30, but remain nearly 30% below the peak of June 2006, according to the online real estate services firm.

Values dropped in 142 of the 154 metropolitan statistical areas covered by Zillow. About two-thirds of the MSAs experienced home value appreciation.

At the same time, the rate of foreclosure resales fell from the peak in March when 21.4% of all sales were classified as foreclosures. In June, 19.7% of sales involved foreclosures.

The report concluded the double-dip decline in home prices that began in 2010 continued in the first quarter of this year, with prices dropping in 302 of the 384 markets surveyed.

 

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