Zillow.com just released a new report assessing the trend in home values across the country. Granted, you could question the accuracy of Zillow’s findings, since it isn’t based just on home sales but on Zillow’s proprietary assessment of home values, but it’s still a fun exercise.
The bottom line: Zillow says nationwide, home values were down 0.5% year-over-year and values declined 4.77% in the fourth quarter alone. The folks at Seattle-based Zillow say it’s the first 12-month decline they’ve seen in their data, which goes back as far as 1997.
The three highest-appreciating metro areas over the past 12 months were:
-Lakeland-Winter Haven, FL (25.88%)
-Yuma, AZ (25.66%)
-Myrtle Beach, SC (21.24%)
And the three metro markets that suffered the largest year-over-year decline:
-Panama City, FL (-11.84%)
-San Luis Obispo-Atascadero-Paso Robles, CA (-11.35%)
-Punta Gorda, FL (-9.23%)
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.