Industry News

Home values decline in fourth quarter

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Home values continued to decline in the fourth quarter of 2007, leaving one in three new homeowners with negative equity, according to a report of national home values released today by Zillow. In the fourth quarter, home values fell 3.5 percent from the previous quarter to a national indicator of $224,890, and declined 3 percent from the same period a year earlier. Condos posted the largest year-over-year declines, down 7.4 percent to $229,017, followed by single-family homes, down 5.5 percent to $230,908. Condos also saw quarterly declines of 4 percent, while single-family homes saw quarterly declines of 4.4 percent. The report is based on the median "Zestimate" valuation, and measures the value of all homes in an area, not just those that have sold during the quarter. "Zestimates" are Zillow's coined term for home valuations the company has compiled via county records and other information sources. The company uses an algorithm to aid in calculating the Zestimate numb...