SEATTLE, Oct. 11, 2011 /PRNewswire/ — Home values in the United States
showed minimal monthly appreciation in August of 2011, according to the Zillow®
Real Estate Market Report(i). The Zillow Home Value Index(ii) increased 0.1
percent from July to August. On a year-over-year basis home values declined 4.5
percent to $172,600. Home values have fallen 28.3 percent since they peaked in
June 2006.
Regionally, 68 of the 157 metropolitan statistical areas (MSAs) covered by experienced monthly home value appreciation, though minimal in many
areas. Most notably, two of the hardest hit markets, Detroit and Ft. Myers, Fla., have now seen five and nine consecutive months of appreciation,
respectively. Seventy-four markets saw home value depreciation and 15 markets, including Los Angeles, Dallas and Miami-Ft. Lauderdale, Fla., remained flat.
The foreclosure liquidation rate, which measures the number of homes lost to the bank, stayed steady at around 9.2 out of every 10,000 homes foreclosed in
August. This is down from the rate of 10.9 out of every 10,000 homes in October 2010, before the robo-signing lawsuits slowed the pace of foreclosures in most
states. However, foreclosure liquidations remained high in many of the hardest hit metros in California, Nevada, and Arizona. In Las Vegas and Phoenix
more than 30 out of every 10,000 homes were liquidated in August.
“Due to the robo-signing controversy, the pace of foreclosure liquidations has been slower than it would be otherwise, which is impacting
home value trends positively. Eventually the pace will pick up again, putting more bank-owned homes into local markets and putting additional downward
pressure on prices,” said Zillow Chief Economist Dr. Stan Humphries. “We remain encouraged about the organic stabilization in home values that
we have been seeing absent the federal home buyer tax credits, but we remain concerned about the impact that recent economic turmoil and continued weak
economic indicators will have on future home sales and home value trends.”
“At this point, we maintain the expectation that a definitive bottom will not occur until 2012 at the earliest.”
|
Largest Statistical Areas Covered by Zillow |
Zillow |
Foreclosures |
|||||
|
August 2011 |
MoM Change |
YoY Change |
Change From Peak |
Homes Foreclosed (out of every 10,000 homes) |
Foreclosure Re-sales |
||
| United States |
$172,600 |
0.1% |
-4.5% |
-28.3% |
9.2 |
19.5% |
|
| New York |
$350,700 |
0.2% |
-2.9% |
-23.3% |
0.4 |
2.5% |
|
| Los Angeles |
$389,900 |
0.0% |
-6.1% |
-35.6% |
12.9 |
25.4% |
|
| Chicago |
$172,800 |
0.1% |
-9.1% |
-36.3% |
— |
— |
|
| Dallas |
$128,000 |
0.1% |
-2.8% |
-11.4% |
8.8 |
18.6% |
|
| Philadelphia |
$194,300 |
0.2% |
-4.2% |
-17.7% |
3.2 |
7.2% |
|
| Miami-Fort Lauderdale, Fla. |
$139,900 |
-0.1% |
-3.3% |
-54.5% |
— |
— |
|
| Washington |
$315,400 |
0.1% |
-1.6% |
-28.1% |
5.7 |
14.1% |
|
| Atlanta |
$121,700 |
-0.5% |
-10% |
-33.3% |
— |
— |
|
| Detroit |
$75,000 |
0.6% |
-6.5% |
-52.8% |
— |
— |
|
| Boston |
$316,200 |
-0.1% |
-3% |
-20.6% |
— |
— |
|
| San Francisco |
$474,700 |
-0.2% |
-7.1% |
-32.8% |
13 |
25.5% |
|
| Phoenix |
$123,100 |
-0.3% |
-8% |
-56.4% |
32.3 |
44.2% |
|
| Riverside, Calif. |
$184,300 |
-0.3% |
-4.4% |
-54.2% |
25.9 |
46.1% |
|
| Seattle |
$259,800 |
-0.3% |
-6.3% |
-31.9% |
13.6 |
22.2% |
|
| Minneapolis-St. Paul, Minn. |
$159,600 |
-0.2% |
-10.7% |
-35.4% |
11.9 |
19.6% |
|
| San Diego |
$347,300 |
-0.3% |
-5.8% |
-35.3% |
12.6 |
27.2% |
|
| St. Louis |
$130,700 |
-0.2% |
-7.3% |
-16.9% |
— |
— |
|
| Tampa, Fla. |
$106,400 |
-0.7% |
-9.0% |
-51% |
— |
— |
|
| Baltimore |
$224,000 |
0.2% |
-3.9% |
-25.6% |
3.2 |
12% |
|
| Denver |
$198,000 |
0.3% |
-4.2% |
-14.7% |
11.4 |
23.9% |
|
| Pittsburgh |
$110,500 |
0.5% |
2.8% |
-0.8% |
3.8 |
8.9% |
|
| Portland, Ore. |
$211,400 |
0.3% |
-4.6% |
-27.9% |
7.9 |
16.5% |
|
| Cleveland |
$112,300 |
0.3% |
-4.9% |
-22.1% |
7 |
19.7% |
|
| Sacramento, Calif. |
$202,400 |
-0.5% |
-11.3% |
-51.3% |
22.7 |
40.8% |
|
| Orlando, Fla. |
$117,400 |
-0.1% |
-5.1% |
-54.5% |
— |
— |
|
| *Negative equity refers to the % of single-family homes with mortgages. |
|||||||
The full national report, in its interactive format, will be available at www.zillow.com/local-info at 8:00am
ET on Tuesday, Oct. 11. Additionally, in most areas data is available at
the state, metro, county, city, ZIP code and neighborhood level.
About Zillow, Inc.
Zillow (NASDAQ: Z) is the leading real estate information marketplace,
providing vital information about homes, real estate listings and mortgages
through its website and mobile applications, enabling homeowners, buyers,
sellers and renters to connect with real estate and mortgage professionals best
suited to meet their needs. More than 24 million unique users visited Zillow’s
websites and mobile applications in September 2011. Zillow, Inc. operates
Zillow.com®, Zillow Mortgage Marketplace, Zillow Mobile and Postlets. The
company is headquartered in Seattle.
Zillow.com, Zillow, Zestimate and Postlets are registered trademarks of
Zillow, Inc.
(i) The data in Zillow’s Real Estate Market Reports is aggregated from
public sources by a number of data providers for 157 metropolitan statistical
areas dating back to 1996. Mortgage and home loan data is typically recorded in
each county and publicly available through a county recorder’s office.
(ii) The Zillow Home Value Index is the median Zestimate® valuation for a given
geographic area on a given day and includes the value of all single-family
residences, condominiums and cooperatives, regardless of whether they sold
within a given period. The Home Value Index at the national level is calculated
using a weighted average of the median home value for each county and includes
data from 440 metropolitan statistical areas. It is expressed in dollars and is
for a particular geographic region.
SOURCE Zillow, Inc.
