Industry News

Zillow shows home-value declines in first quarter

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Home-valuation and real estate marketing site Zillow announced that first-quarter home values dropped about 0.83 percent compared to values in first-quarter 2006, according to its latest Zindex. The Zindex is a measure of median house values, based on the company's estimated values -- dubbed Zestimates -- in its database of U.S. properties. The Zindex is based on automated values for properties in a given area on a given day -- whether or not those properties are for sale. Home values fell about 1.01 percent in the first quarter compared to fourth-quarter 2006, according to the latest quarterly Zindex. Zillow also released a comparison of 46 metropolitan areas, with individual reports revealing county, city, ZIP code and neighborhood Zindex information. Also, the company has released cost comparisons of a typical home -- 1,500 square feet with three bedrooms and two bathrooms -- in various market areas. The five metro areas tracked by Zillow with the highest year-over-year appreciation...