Home values remained relatively unchanged in the third quarter, declining 0.2 percent compared with the second quarter, according to Zillow’s third quarter Real Estate Market Report. The Zillow Home Value Index declined 4.4 percent year over year to $171,500. Home values have fallen 28.8 percent since they peaked in June 2006.
A lower rate of foreclosure liquidations, coupled with relatively flat home values, led to an increase to 28.6 percent of single-family homeowners with mortgages underwater, compared with 26.8 percent in the second quarter. While the pace of foreclosures has slowed, liquidations remained high in September, with 8.7 out of every 10,000 homes being liquidated.
Regionally, home values have weakened in the majority of the metropolitan statistical areas (MSAs) covered by Zillow, with 105 out of 157 markets declining from the second to the third quarter. Comparatively, 66 out of 157 markets declined between the first and second quarters of this year.
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