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Zindex: Home values drop 7.7% year-over-year

One-third of metros tracked in Q1 see double-digit-percentage declines

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Home values in the first quarter fell 7.7 percent compared to the same quarter last year, according to an index based on Zillow.com's automated home valuations. It was the steepest year-over-year drop in the past 12 years, according to Zillow's Zindex report, released today. The Zindex, which was expanded in the first quarter to cover 160 U.S. metropolitan areas, found that the median U.S. Zindex value for those markets was $213,000 -- the lowest since second-quarter 2005. The Zindex value declined 33.5 percent year-over-year in the first quarter in Stockton, Calif. The Zindex is based on automated price valuations, dubbed Zestimates, for all homes in a given market area. The Zindex counts all homes for which Zillow has records, including for-sale and not-for-sale homes. One-third of the 160 markets had double-digit-percentage declines in value in the first quarter compared to the same quarter last year, Zillow reported, and 130 of 160 markets had year-over-year value depreci...