Industry NewsMarkets & Economy

Zillow: Estimated home values fall 14%

About 1 in 3 sales are foreclosures, short sales

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017, which offers online automated home valuations and other real estate information, this week announced that its index for estimated U.S. home values plunged 14.2 percent year-over-year in the first quarter, to $182,378. The company's latest quarterly Zillow Home Value Index is based on estimated value changes for homes in 161 U.S. metro areas. While estimated values fell or remained flat in 85 of the 161 markets in first-quarter 2009 compared to the same quarter last year, the index also found that 17 markets have experienced a rising value for at least the past two quarters. Zillow reported that eight regions -- including Modesto and Stockton, Calif., and Fort Myers, Fla. -- have experienced nine consecutive quarters of decline in estimated median value, which has slipped more than 50 percent. An estimated 21.9 percent of U.S. homeowners had negative equity at the close of the first quarter, Zillow reported, compared with 17.6 percent at the close of fourth-quar...