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Foreclosure slowdown stabilizes real estate values

Zillow: Home values down year-over-year in August

Home values were down on a yearly basis in August, but showed relative stability in the near term, according to indices that track home values nationwide. Home values fell 4.5 percent year over year in August, to $172,600, and remained essentially flat compared to July, according to the Zillow Home Value Index, released today. CoreLogic's Home Price Index showed a similar drop year over year, down 4.4 percent, with month-to-month prices also remaining virtually flat.Overall, prices have dropped 30.5 percent since an April 2006 peak, according to CoreLogic. When distressed sales (bank-owned homes and short sales) are excluded, the drop from peak stood at 21 percent in August. Zillow's index report showed a somewhat similar drop from a June 2006 peak: 28.3 percent. That index tracks 157 metropolitan areas nationwide. Of the 25 largest metros tracked, all saw their index values remain virtually the same on a monthly basis.On a yearly basis, Sacramento, Calif., saw the biggest drop (-1...

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