Flickr/photosteve101

Real estate markets in California dominate a list of metro areas with the steepest percentage-based decline in home values over the past five years.

Data prepared by online real estate valuation and search company Zillow — based on the company’s home-value estimates and its Zillow Home Value Index, which is generated from those value estimates — reveals that six of the 10 metros with the most severe 5-year fall in value are in California, while two are in Florida and the other markets are in Arizona and Nevada.

The five-year declines in estimated value range from 67.6 percent to 55.6 percent, while the estimated dollar-value declines range from to $382,115 to $125,243.

Methodology: Zillow’s Zestimate home valuations are the basis for the Zillow Home Value Index. A Zestimate is Zillow’s estimate of the current market value for a home. The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Zillow generates valuations several times a week on more than 70 million homes, or roughly three out of four homes in the U.S., and calculates historical values dating back to 1997.


Flickr/photosteve101

Real estate markets in California dominate a list of metro areas with the steepest percentage-based decline in home values over the past five years.

Data prepared by online real estate valuation and search company Zillow — based on the company’s home-value estimates and its Zillow Home Value Index, which is generated from those value estimates — reveals that six of the 10 metros with the most severe 5-year fall in value are in California, while two are in Florida and the other markets are in Arizona and Nevada.

The five-year declines in estimated value range from 67.6 percent to 55.6 percent, while the estimated dollar-value declines range from to $382,115 to $125,243.

See related report: "10 metros with greatest 5-year gain in real estate values."

Methodology: Zillow’s Zestimate home valuations are the basis for the Zillow Home Value Index. A Zestimate is Zillow’s estimate of the current market value for a home. The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Zillow generates valuations several times a week on more than 70 million homes, or roughly three out of four homes in the U.S., and calculates historical values dating back to 1997.

The statistical models underlying the Zestimates control for the mix of housing for sale by finding patterns in the types of homes that are selling and then applying these patterns to all homes. If only a few homes of a certain type sell in a given period, the models can extract the information from those sales and apply that information to all homes of that type. Source: Zillow.

Merced, Calif.

 

July 2011 Zillow Home Value Index $106,514
ZHVI 5 years ago $328,813
Value difference (by percent) -67.6%
Value difference (in dollars) -$222,299


Merced tower. Flickr/Justin Marty.

…CONTINUED

Modesto, Calif.

 

July 2011 Zillow Home Value Index $128,777
ZHVI 5 years earlier $352,599
Value difference (by percent) -63.5%
Value difference (in dollars) -$223,822


FSBO in Modesto. Flickr/Casey Serin.

…CONTINUED

 

Stockton, Calif.

 

July 2011 Zillow Home Value Index (ZHVI) $150,061
ZHVI 5 years ago $404,036
Value difference (by percent) -62.9%
Value difference (in dollars) -$253,975


Foreclosed home in Stockton. Flickr/inman news.

…CONTINUED

Las Vegas

 

July 2011 Zillow Home Value Index (ZHVI) $117,084
ZHVI 5 years ago $303,656
Value difference (by percent) -61.4%
Value difference (in dollars) -$186,572


Hotels and casinos in Las Vegas. Flickr/http2007.

…CONTINUED

Vallejo, Calif.

 

July 2011 Zillow Home Value Index (ZHVI) $190,521
ZHVI 5 years ago $468,071
Value difference (by percent) -59.3%
Value difference (in dollars) -$277,550


Cranes at the closed Mare Island Naval Shipyard in Vallejo, Calif. Flickr/cosmic tito.

…CONTINUED

Salinas, Calif.

 

July 2011 Zillow Home Value Index (ZHVI) $282,289
ZHVI 5 years ago $664,404
Value difference (by percent) -57.5%
Value difference (in dollars) -$382,115


Theater in Salinas, Calif. Flickr/BWChicago.

…CONTINUED

Daytona Beach, Fla.

 

July 2011 Zillow Home Value Index (ZHVI) $95,193
ZHVI 5 years ago $220,436
Value difference (by percent) -56.8%
Value difference (in dollars) -$125,243


Daytona Beach, Fla. Flickr/vlitvinov.

…CONTINUED

Bakersfield, Calif.

 

July 2011 Zillow Home Value Index (ZHVI) $120,113
ZHVI 5 years ago $273,854
Value difference (by percent) -56.1%
Value difference (in dollars) -$153,741


Bakersfield, Calif. Flickr/Egan Snow.

…CONTINUED

Fort Myers, Fla.

 

July 2011 Zillow Home Value Index (ZHVI) $125,575
ZHVI 5 years ago $289,671
Value difference (by percent) -56%
Value difference (in dollars) -$162,097


Fort Myers, Fla. Flickr/cletch.

…CONTINUED

Phoenix

 

July 2011 Zillow Home Value Index (ZHVI) $122,880
ZHVI 5 years ago $276,888
Value difference (by percent) -55.6%
Value difference (in dollars) -$154,008


Phoenix, Ariz. Flickr/Show Appeal Realty.

See related report:

10 metros with greatest 5-year gain in real estate values

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