For the 12th straight quarter, home values declined year-over-year, according to property search and valuation site Zillow. The site released its fourth-quarter 2009 real estate market report Wednesday.
Home values declined 5 percent between fourth-quarter 2008 and fourth-quarter 2009, and 0.5 percent from the third quarter of 2009 to the fourth, to a median valuation of $186,200. More than 1 in 5 mortgaged single-family homes, 21 percent, were "underwater," meaning the owners owed more on the house that it was worth. That negative equity rate remained virtually unchanged quarter-over-quarter.