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Home values around the nation suffered their biggest drop since recessionary 2008 in this year's first quarter, according to Zillow in a report released today (May 9). First quarter 2011 home values nationally fell 3% from the fourth quarter and 8.2% from a year earlier. San Diego values fell 2.1% from the fourth quarter and 5.5% from a year ago, bettering the national figures. Now, a stunning 28.4% of single-family homes in the nation are underwater -- the house is worth less than the mortgage. In the San Diego metro area, the figure is 26%. In Phoenix it's 68.4%, Sacramento 51.2%, Chicago 45.7%, Miami 47.7%, and Riverside 50.7%. San Diego home values are down 35.3% from the peak -- worse than the national drop of 29.5% for the 25 largest metro areas. Sacramento is down 50.1%, Riverside 53.8%, and Los Angeles 36.1%. Zillow now says housing prices won't hit bottom this year; the trough will come in 2012 at the earliest. Some economists say this is more evidence of a double dip in housing.
Home values around the nation suffered their biggest drop since recessionary 2008 in this year's first quarter, according to Zillow in a report released today (May 9). First quarter 2011 home values nationally fell 3% from the fourth quarter and 8.2% from a year earlier. San Diego values fell 2.1% from the fourth quarter and 5.5% from a year ago, bettering the national figures. Now, a stunning 28.4% of single-family homes in the nation are underwater -- the house is worth less than the mortgage. In the San Diego metro area, the figure is 26%. In Phoenix it's 68.4%, Sacramento 51.2%, Chicago 45.7%, Miami 47.7%, and Riverside 50.7%. San Diego home values are down 35.3% from the peak -- worse than the national drop of 29.5% for the 25 largest metro areas. Sacramento is down 50.1%, Riverside 53.8%, and Los Angeles 36.1%. Zillow now says housing prices won't hit bottom this year; the trough will come in 2012 at the earliest. Some economists say this is more evidence of a double dip in housing.