Home Values Decline Nationwide

Homeowners are experiencing a slight decline in home values on a year-over-year basis for the second consecutive quarter, according to Zillow.com, which has released its quarterly home value reports nationally and in 46 metropolitan areas.
Home values are down one percent (-1.01%) quarter-over-quarter and have dropped by just under a percentage point (-0.83%) from first quarter 2006.
According to the report, the five highest-appreciating metropolitan areas were Corvallis, Ore. (17.26%), Grand Junction, Colo. (16.57%), Seattle-Tacoma-Bremerton, Wash. (12.03%), Bellingham, Wash. (11.68%) and Portland-Salem, Ore. (10.72%).
The report listed the five most depreciating metropolitan areas as Sarasota-Bradenton, Fla. (-15%), Punta Gorda, Fla. (-12.43%), Santa Barbara-Santa Maria-Lompoc, Calif. (-11.83%), Pittsfield, Mass. (-8.62%) and Reno, Nev. (-8.5%).
Zillow also listed the five most expensive metropolitan areas (by average home price) as San Francisco-Oakland-San Jose, Calif. ($680,868), Honolulu, Hawaii ($626,110), Santa Barbara-Santa Maria-Lompoc, Calif. ($596,702), Los Angeles-Riverside-Orange County, Calif. ($541,572) and San Diego, Calif. ($513,695)
The least expensive metropolitan areas were Peoria-Pekin, Ill. ($90,116), Tulsa ($95,382), Rockford, Ill. ($108,811), Columbia, S.C. ($111,763) and Champaign-Urbana, Ill. ($123,448).

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