Nov 042011

California cities have seen their home values drop by the largest percentage in the last five years, with some metro areas posting losses of up to 67 percent in that time period. California cities occupied six of the top 10 metro areas with the largest drops, according to a recent Zillow study based on its home-value estimates and Zillow Home Value Index. 

Overall, “there will be many ups and downs in home values before this is over, and we continue to expect a true bottom in 2012, at the earliest,” says Stan Humphries, Zillow’s chief economist. “There are still hazards in the form of a full foreclosure pipeline, high negative equity, and fluctuations in demand.”

The following are seven cities that have seen home values drop the most since the housing boom, according to Zillow: 

1. Merced, Calif.

July 2011 Zillow Home Value Index: $106,514

Zillow Home Value Index 5 Years ago: $328,813

Value difference (by percent): -67.6%

 

2. Modesto, Calif.

July 2011 ZHVI: $128,777

ZHVI 5 Years Ago: $352,599

Value difference: -63.5%

 

3. Stockton, Calif.

July 2011 ZHVI: $150,061

ZHVI 5 Years Ago: $404,036

Value difference: -62.9%

 

4. Las Vegas

July 2011 ZHVI: $117,084

ZHVI 5 Years Ago: $303,656

Value difference: -61.4%

 

5. Vallejo, Calif.

July 2011 ZHVI: $190,521

ZHVI 5 Years Ago: $468,071

Value difference: -59.3%

 

6. Salinas, Calif.

July 2011 ZHVI: $282,289

ZHVI 5 Years Ago: $664,404

Value difference: -57.5%

 

7. Daytona Beach, Fla.

July 2011 ZHVI: $95,193

ZHVI 5 Years Ago: $220,436

Value difference: -56.8%

 

8. Bakersfield, CA

July 2011 ZHVI: $120,113

ZHVI 5 Years Ago: $273,854

Value difference: -56.1%

 

9. Fort Myers, FL

July 2011 ZHVI: $125,575

ZHVI 5 Years Ago: $289,671

Value difference: -56 %

 

10. Phoenix, AZ

July 2011 ZHVI: $122,880

ZHVI 5 Years Ago: $276,888

Value difference: -55.6 %

 

Complete article from http://realestate.glozal.com/profiles/blogs/markets-where-home-prices?xg_source=msg_mes_network

Picture curtosey of http://www.nevadacounty.com/2011/03/home-prices-drop-february/ 


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