Report: Home values suffer sharpest decline in three years

Home values values are in rapid decline.According to a recent Zillow report, home values recently suffered their worst downward shift in nearly three years, leading experts to predict a bottoming out in 2012.Zillow's Real Estate Market Report for the first quarter of 2011 discovered that average values fell by 3 percent quarter-over-quarter and 8.2 percent year-over-year, settling at $169,000. Since their high mark in June 2006, home values have fallen 29.6 percent in all. The 3 percent quarter-over-quarter drop was the worst on record since the fourth quarter of 2008.Negative equity figures were also affected by the sharp decline in value. Those with mortgages worth more than their home now represent 28.4 of the total, a slight quarter-over-quarter growth from 27 percent in Q4 2010.Foreclosures also rose during the quarter. During March, nearly one in every 1,000 homes in the country was foreclosed. The robo-signing controversy had led foreclosures to stall in the latter half of 2010.Despite the decline in value, experts do not believe the market will hit rock bottom during 2011. However, the bottom maybe found in 2012, after which the Houston real estate market, and those across the country, may begin to grow steadily. ?Courtesy of 2M Realty News

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