Industry News

Zillow: California, Florida metros rank high in home-value losses

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Home values declined about 5.7 percent in the third quarter compared to the same quarter last year, according to a report by Zillow, an online real estate valuation and marketing company. Zillow's nationwide Zindex, which is based on the median of automated value estimates for individual homes, was $244,000 in the third quarter for all home types. It was the fourth consecutive quarter of decline for the U.S. Zindex. Merced, Calif., had the largest year-over-year drop in Zindex value among a group of 84 metro areas reported by Zillow. The third-quarter Zindex, at $233,000 for Merced, fell 28.6 percent compared to third-quarter 2006. Stockton-Lodi, Calif., was next on the list with a 24.8 percent year-over-year Zindex drop in the third quarter, followed by Naples, Fla., down 22.3 percent; Fort Pierce-Port St. Lucie, Fla., down 21.3 percent; and Santa Barbara-Santa Maria-Lompoc, Calif., and Punta Gorda, Fla., down 20.1 percent. At the other end of the spectrum, the Zindex ro...